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  • Thu, Mar 22 2012
  • 9:00 AM » Unemployment benefit claims fall to four-year low
    Published Thu, Mar 22 2012 9:00 AM by CNN
    The number of first-time filers for unemployment benefits fell to a four-year low last week, hinting that strong job growth likely continued in March.
  • 8:58 AM » US Housing Market to Hit Bottom Soon: Savills CEO
    Published Thu, Mar 22 2012 8:58 AM by CNBC
    The housing market in the United States is set to hit a low if monetary policy in the country is tightened, according to the CEO of Savills, John Lyons.
  • 8:58 AM » 'Worst Still to Come' for Europe: Citigroup
    Published Thu, Mar 22 2012 8:58 AM by CNBC
    Despite high-profile measures such as the Greek debt deal and mass pumping of liquidity into the banking system, Europe's problems have merely been delayed for another day, Willem Buiter, chief economist at Citigroup, told CNBC.
  • Wed, Mar 21 2012
  • 5:34 PM » Georgia Senate Unanimously Approves Bill Criminalizing Foreclosure Fraud
    Published Wed, Mar 21 2012 5:34 PM by law.ga.gov
    Georgia Senate Unanimously Approves Bill Criminalizing Foreclosure Fraud<br/>http://law.ga.gov/00/press/detail/0,2668,87670814_180301954_182524239,00.html
  • 5:33 PM » National foreclosure rescue scheme permanently enjoined
    Published Wed, Mar 21 2012 5:33 PM by www.coloradoattorneygeneral.gov
    The United States Attorney for the District of Colorado, John F. Walsh, and the Colorado Attorney General, John W. Suthers, announce the end of a national foreclosure rescue scheme. The perpetrators, operating through Bella Homes LLC, had promised hundreds of distressed homeowners that Bella Homes would help homeowners avoid foreclosure. Instead of helping homeowners, the perpetrators helped themselves to a lavish lifestyle replete with fancy cars, vacations, and even gold coins. read more
    Click Here to Read the Full Article

    Source: www.coloradoattorneygeneral.gov
  • 5:32 PM » AMID RISING RENTS AND RECORD-LOW PRICES, HOMEOWNERSHIP MORE AFFORDABLE THAN RENTING IN 98 OUT OF 100 MAJOR METROS
    Published Wed, Mar 21 2012 5:32 PM by info.trulia.com
    Trulia's New Rent vs. Buy Study Takes an In-Depth look at the San Francisco Bay Area and New York's Five Boroughs
    Click Here to Read the Full Article

    Source: info.trulia.com
  • 5:31 PM » Cordray Says US Banks Should Use 'Simple' Terms With Customers - Bloomberg
    Published Wed, Mar 21 2012 5:31 PM by Bloomberg
    Cordray Says US Banks Should Use 'Simple' Terms With Customers Bloomberg Banks have an obligation to deal with their customers in "simple and clear" terms so they can gauge risk and compare products, said US Consumer Financial Protection Bureau director Richard Cordray. "We strongly believe that financial institutions can ...
  • 5:30 PM » Annualized rate of US new-home groundbreakings in February - Bloomberg
    Published Wed, Mar 21 2012 5:30 PM by Bloomberg
    Bloomberg Annualized rate of US new-home groundbreakings in February Bloomberg By Karl Cates | March 21, 2012 The US housing market is showing signs of recovery. New-home sales have been rising since August, existing single-family home sales in January logged their biggest increase in two years and homebuilder confidence in March ...
  • 5:29 PM » Higher Mortgage Rates May Hamper Obama's Housing Plan
    Published Wed, Mar 21 2012 5:29 PM by CNBC
    The idea of the President's plan was not only to help underwater borrowers stay afloat with payments but also to put more money in their pockets, which in turn could serve as a wider economic stimulus. That's all well and good when interest rates are hovering around record lows. Now, thanks to an improving economy, mortgage rates are rising.
  • 3:53 PM » Financial Services Committee Begins In-Depth Look at "The Future of Money"
    Published Wed, Mar 21 2012 3:53 PM by House Financial Services
    Cell phone-based retail payments, the metallic content of circulating coins and other issues involved with value transfers in retail settings will be featured in a series of hearings that begin this week in the Financial Services Committee. Dubbed "The Future of Money," the series starts Thursday at 10 a.m. in the Financial Institutions and Consumer Credit Subcommittee with a hearing entitled "The Future of Money: How Mobile Payments Could Change Financial Services." The Committee's in-depth look at the future of money will examine the technology used to conduct mobile payments, identify potential security problems, and consider whether statutory changes are necessary as mobile payment systems become more widely available, said Financial Services Committee Chairman Spencer Bachus. Bachus said the purpose of the hearings will be to ensure that consumers, retail establishments and financial institutions all have access to the broadest range of forms of payment and that each form available is as robust, safe and practical as possible. "Advances in technology give consumers and businesses new options on how to make and receive payments.  It's up to Congress to ensure that each one of these options is safe and secure, that regulation is carefully crafted to allow innovation but prevent abusive practices, and that the mobile payment system operates as efficiently as possible," said Chairman Bachus.  Subcommittee Chairman Shelley Moore Capito said Thursday's hearing is the first of three planned this spring in her subcommittee that will focus on the opportunities and challenges presented by mobile payment technology that is rapidly becoming available. The hearing will feature five experts on mobile payments. Later hearings will focus on the various business and technology models for mobile payments and on regulatory and security issues. "The idea that you could make a payment at the grocery store or restaurant...
    Click Here to Read the Full Article

    Source: House Financial Services
  • 1:29 PM » SIFMA Market Close Recommendations for Good Friday and U.K. Easter Monday Holidays in the US, the UK and Japan
    Published Wed, Mar 21 2012 1:29 PM by SIFMA
    SIFMA Market Close Recommendations for Good Friday and U.K. Easter Monday Holidays in the US, the UK and Japan<br/>http://www.sifma.org/news%2fnews.aspx%3fid%3d8589937971
  • 1:29 PM » The SEC Rule That Broke Wall Street
    Published Wed, Mar 21 2012 1:29 PM by CNBC
    In a recent column for Reuters, Bethany McLean does an excellent job of demolishing one of the most widespread urban legends regarding the causes of the financial crisis.
  • 1:28 PM » FDIC Extends Comment Period on Stress Test Proposal
    Published Wed, Mar 21 2012 1:28 PM by content.govdelivery.com
    Press Release FDIC Extends Comment Period on Stress Test Proposal   FOR IMMEDIATE RELEASE March 21, 2012 Media Contact: David Barr (202) 898-6992 Email:  dbarr@fdic.gov   The Federal Deposit Insurance Corporation (FDIC) extended until April 30, 2012, the comment period on a proposal to implement the requirements in Section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act to require state, non-member banks and savings associations with more than $10 billion in consolidated assets to conduct annual stress tests. Due to the scope and complexity of the proposal, the FDIC decided to extend the comment period to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by March 23, 2012. The proposed rule was approved at the January 17, 2012, FDIC Board meeting and was published in the Federal Register on January 23, 2012. # # # Attachment: FDIC Extension of Comment Period Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,359 banks and savings associations, and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars — insured financial institutions fund its operations. FDIC press releases and other information are available on the Internet at  www.fdic.gov , by subscription electronically (go to  www.fdic.gov/about/subscriptions/index.html ) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200).  PR-31-2012 The FDIC does not send unsolicited e-mail. If this publication has reached you in error, or if you no longer wish to receive this service, please  unsubscribe .  
    Click Here to Read the Full Article

    Source: content.govdelivery.com
  • 11:43 AM » Daily Housing News Round-Up
    Published Wed, Mar 21 2012 11:43 AM by blog.hud.gov
    Joanna Stern, technology editor at ABC News noted, "fighting homelessness with technology seems to be a trend this month" referencing Project REACH, an effort sponsored by the VA, HUD and and Jon Bon Jovi's Soul Foundation to create an app to fight the national issue of homeless veterans. HUD Assistant Secretary John Trasviña traveled to [...]
  • 11:16 AM » CoreLogic Reports Shadow Inventory as of January 2012 Remains Flat
    Published Wed, Mar 21 2012 11:16 AM by www.corelogic.com
    - For Every Two Homes Available for Sale, There Is One in the "Shadow" - CoreLogic (NYSE: CLGX) , a leading provider of information, analytics and business services, reported today that the current residential shadow inventory as of January 2012 was 1.6 million units (6-months' supply), approximately the same level reported in October 2011 . On a year-over-year basis, shadow inventory was down from January 2011, when it stood at 1.8 million units, or 8-months' supply. Currently, the flow of new seriously delinquent (90 days or more) loans into the shadow inventory has been offset by the roughly equal flow of distressed sales (short and real estate owned). "Almost half of the shadow inventory is not yet in the foreclosure process," said Mark Fleming, chief economist for CoreLogic. "Shadow inventory also remains concentrated in states impacted by sharp price declines and states with long foreclosure timelines." "The shadow inventory remains persistent even though many other metrics of the housing market show signs of improvements. In some hard-hit markets the demand for REO and distressed property is now outstripping supply. As we move into what is traditionally the peak selling season for real estate, servicers will certainly be watching closely to see if now is the time to move more inventory out of the shadows," said Anand Nallathambi, president and CEO for CoreLogic. CoreLogic estimates the current stock of properties in the shadow inventory, also known as pending supply, by calculating the number of distressed properties not currently listed on multiple listing services (MLSs) that are seriously delinquent, in foreclosure and real estate owned (REO) by lenders. Transition rates of "delinquency to foreclosure" and "foreclosure to REO" are used to identify the currently distressed non-listed properties most likely to become REO properties. Properties that are not yet delinquent, but may become delinquent...
    Click Here to Read the Full Article

    Source: www.corelogic.com
  • 11:10 AM » Existing Home Sales Fell 0.9% in February
    Published Wed, Mar 21 2012 11:10 AM by CNBC
    U.S. home resales unexpectedly fell in February and the supply of properties on the market rose, underscoring the many hurdles for the housing recovery.
  • 11:09 AM » Dallas Fed president says break up big banks
    Published Wed, Mar 21 2012 11:09 AM by Market Watch
    WASHINGTON (MarketWatch) - A secure financial system requires breaking up the biggest banks, according to a report released Wednesday by the Federal Reserve of Dallas. In a letter with the report, Dallas Fed president Richard Fisher said the Dodd-Frank Act, written in response to the financial crisis of 2008, may actually perpetuate a dangerous trend of increasing banking industry concentration. "In my view, downsizing the behemoths over time into institutions that can be prudently managed and regulated across borders is the appropriate policy response," Fisher said. The largest U.S. banks significantly hamper the Federal Reserve's ability to properly conduct monetary policy, Fisher added.
  • 10:54 AM » Private Lending: High Reward, Higher Risk?
    Published Wed, Mar 21 2012 10:54 AM by CNBC
    Peer-to-peer lending is gaining in popularity. Find out how to protect yourself against scams like the one a former mortgage broker in Hawaii pulled on his victims.
  • 10:54 AM » Busch: Volcker Rule Delayed is an Upside for Banks
    Published Wed, Mar 21 2012 10:54 AM by CNBC
    When Brookings and bi-partisan support is for a delay, then the forces of nature are lining up against regulators on Volcker.
  • 8:07 AM » FHA Watch, March 2012
    Published Wed, Mar 21 2012 8:07 AM by www.aei.org
    Though its capital position improved slightly over last month, the FHA is still firmly in the red, with a current net worth of –$13.45 billion. Particularly alarming is the growth of the Ginnie/USDA division, which has a higher default rate than the FHA.
  • 8:06 AM » Truth in government lending is long overdue
    Published Wed, Mar 21 2012 8:06 AM by www.aei.org
    Truth in government lending is long overdue<br/>http://www.aei.org/article/truth-in-government-lending-is-long-overdue/
  • 8:04 AM » Deutsche Bank quantifies legal risks at $4B: WSJ
    Published Wed, Mar 21 2012 8:04 AM by Market Watch
    TEL AVIV (MarketWatch) -- Deutsche Bank AG, in its annual report, quantified the cost of its legal risks at €3 billion, or nearly $4 billion, a figure that analysts said might be conservative, The Wall Street Journal reported on Tuesday. The problems stem in part from the Frankfurt banking firm's business -- including mortgage-backed securities -- before the financial crisis of 2008, the Journal reported. And Germany's largest lender by assets said that it is one of several lenders under scrutiny as regulators in the U.S. and Europe look into what they suspect was manipulation of the London interbank offered rate from 2007 through 2010, the Journal reported.
  • 8:03 AM » Mortgage Applications Drop as Rates Jump
    Published Wed, Mar 21 2012 8:03 AM by CNBC
    Mortgage Applications Drop as Rates Jump<br/>http://www.cnbc.com//id/46478226
  • 8:02 AM » ABI Remains Positive for Fourth Straight Month
    Published Wed, Mar 21 2012 8:02 AM by The American Institute of Architects
    ABI Remains Positive for Fourth Straight Month<br/>http://www.aia.org/press/releases/AIAB093699
    Click Here to Read the Full Article

    Source: The American Institute of Architects
  • 8:01 AM » US Stocks Seen Higher Ahead of Housing Data
    Published Wed, Mar 21 2012 8:01 AM by CNBC
    U.S. stock index futures pointed to a higher open for Wall Stree, rebounding after stocks finished lower in trade on Tuesday following slightly disappointing housing data.
  • Tue, Mar 20 2012
  • 9:06 PM » BofA's McNiff Said to Resign From Mortgage-Trading Unit - Bloomberg
    Published Tue, Mar 20 2012 9:06 PM by Bloomberg
    BofA's McNiff Said to Resign From Mortgage-Trading Unit Bloomberg Bank of America Corp.'s John McNiff, a managing director who served as co-head of trading in commercial mortgage securities, resigned yesterday amid the latest staff cuts, said two people with knowledge of the move. Managing directors Seth Jackier in ...
  • 9:06 PM » Apartment Nation: Trend to Multi-Family Housing Continues
    Published Tue, Mar 20 2012 9:06 PM by Business Week
    Americans who have to scale back are turning more to apartment rentals, triggering a surge in the construction of multi-family housing
    Click Here to Read the Full Article

    Source: Business Week
  • 9:06 PM » Geithner Says Housing Market Is Still `Tough' - Bloomberg
    Published Tue, Mar 20 2012 9:06 PM by Bloomberg
    Bloomberg Geithner Says Housing Market Is Still `Tough' Bloomberg US Treasury Secretary Timothy F. Geithner talks about the US economy and the European debt crisis. Mark Crumpton reports on Bloomberg Television's "Bottom Line. (Source: Bloomberg) Running Time: 01:12 LinkedIn Google +1 Print QUEUE Geithner Says ...
  • 9:05 PM » Geithner Agrees to Give Testimony in Lehman's JPMorgan Suit - Bloomberg
    Published Tue, Mar 20 2012 9:05 PM by Bloomberg
    Geithner Agrees to Give Testimony in Lehman's JPMorgan Suit Bloomberg US Treasury Secretary Timothy Geithner agreed to answer questions in writing in Lehman Brothers Holdings Inc. (LEHMQ)'s lawsuit against JPMorgan Chase & Co. (JPM) , which alleged the bank siphoned $8.6 billion out of Lehman in the 2008 credit crisis, ...
  • 9:05 PM » A history the Fed — with 50 slides — by Professor Bernanke
    Published Tue, Mar 20 2012 9:05 PM by Washington Post
    There were a few anachronistic moments in Professor Ben S. Bernanke's lecture to college students at George Washington University on Tuesday. But in his disquisition on the history of central banking in the United States, he was clearly speaking not only to the past but also to the present. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 9:03 PM » CNBC EXCLUSIVE: CNBC TRANSCRIPT: STEVE LIESMAN SPEAKS WITH FEDERAL RESERVE CHAIRMAN BEN BERNANKE TODAY
    Published Tue, Mar 20 2012 9:03 PM by CNBC
    WHEN: TODAY, TUESDAY, MARCH 20, 2012 WHERE: CNBC'S "FAST MONEY HALFTIME REPORT" Following is the unofficial transcript of a CNBC EXCLUSIVE interview with CNBC's Steve Liesman and Federal Reserve chairman Ben Bernanke ahead of his lecture at George Washington University School of Business. All references must be sourced to CNBC.
  • 8:53 PM » HUD ANNOUNCES MORE THAN $42 MILLION IN COUNSELING GRANTS TO HELP FAMILIES FIND AND KEEP HOUSING
    Published Tue, Mar 20 2012 8:53 PM by HUD
    WASHINGTON - As part of its continuing effort to help families find decent housing and to prevent future foreclosures, the U.S. Department of Housing and Urban Development (HUD) today announced more than $42 million in housing counseling grants to 468 national, regional and local organizations. As a result of this funding, hundreds of thousands of households will have a greater opportunity to find housing or keep their current homes. See list of all counseling agencies awarded funding today.
  • 2:26 PM » Former Chief Financial Officer of Taylor, Bean & Whitaker Pleads Guilty to Fraud Scheme
    Published Tue, Mar 20 2012 2:26 PM by www.justice.gov
    Delton de Armas, a former chief financial officer of Taylor, Bean & Whitaker Mortgage Corp. (TBW), pleaded guilty today to making false statements and conspiring to commit bank and wire fraud for his role in a more than $2.9 billion fraud scheme that contributed to the failures of TBW and Colonial Bank.
    Click Here to Read the Full Article

    Source: www.justice.gov
  • 12:21 PM » You'll Never Guess the New Big Thing in Housing (Think: Not Big)
    Published Tue, Mar 20 2012 12:21 PM by moneyland.time.com
    The next big thing in residential real estate isn’t big at all. It’s small. Because of cost and aesthetic considerations, a strong “anti-McMansion attitude” has surfaced among home designers and buyers, according to one of the judges of an annual home design contest. Forget about ornate rooflines, gigantic kitchens, and much of the unnecessarily wasted [...]
    Click Here to Read the Full Article

    Source: moneyland.time.com
  • 12:21 PM » Breaking Down the Mortgage Settlement
    Published Tue, Mar 20 2012 12:21 PM by The Big Picture
    Terrific X-Ray of the mortgage settlement from Cora Currier of Pro-Publica: $3 billion: total for which banks can be credited for offering refinancing to underwater homeowners who owe more than their homes are worth. (There are questions about exactly how the credits will work and why the banks are being given incentives rather than punishment.) [...]
    Click Here to Read the Full Article

    Source: The Big Picture
  • 12:21 PM » Fed Sent $75.42 Billion in Profit to Treasury in 2011
    Published Tue, Mar 20 2012 12:21 PM by WSJ
    The Fed said its net income fell slightly last year to $77.38 billion amid declines in earnings from some of its financial crisis rescue programs as they wind down. The Fed's combined financial statement showed a net income of $77.38 billion in 2011, compared with $81.74 billion the previous year. Still, the Fed is generating much more money than it did before the financial crisis, the result of a vast portfolio of Treasury and mortgage securities holdings it took during the recovery as part of a broader effort to stimulate economic growth. The securities portfolio generates interest income for the central bank.
  • 12:16 PM » First and second mortgage default rates fall again in February 2012
    Published Tue, Mar 20 2012 12:16 PM by S&P/Case Shiller
    On March 20th, S&P Indices and Experian released February data for the S&P/Experian Consumer Credit Default Indices, which measure consumer credit default rates. The data showed a decline in the composite index, led by a six basis point drop in first mortgage default rates. Second mortgage and bank card default rates fell by even more [...]
    Click Here to Read the Full Article

    Source: S&P/Case Shiller
  • 12:15 PM » Q&A with Sheila Bair on the Fed's stress tests
    Published Tue, Mar 20 2012 12:15 PM by Market Watch
    Some of the biggest banks in the U.S. including Goldman Sachs Group Inc. and J.P. Morgan Chase passed the Federal Reserve's stress test but would be considered over-leveraged if Sheila Bair was running the examinations, she tells MarketWatch in an interview.
  • 12:14 PM » Ex-CFO pleads guilty in mortgage fraud case
    Published Tue, Mar 20 2012 12:14 PM by Reuters
    ALEXANDRIA, Virginia (Reuters) - Taylor, Bean & Whitaker Mortgage Corp's former chief financial officer pleaded guilty on Tuesday to charges he helped mislead investors and cover up shortfalls that led to the collapse of one of the largest mortgage companies during the recent U.S. financial crisis.
  • 12:13 PM » Geithner Says No 'Meaningful' Liquidity Risk From Volcker Rule - Bloomberg
    Published Tue, Mar 20 2012 12:13 PM by Bloomberg
    Geithner Says No 'Meaningful' Liquidity Risk From Volcker Rule Bloomberg Treasury Secretary Timothy F. Geithner said he doesn't think the Volcker rule ban on proprietary trading will present a "meaningful risk" to liquidity or credit availability in European countries. "I don't believe, that despite the concerns expressed ...
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Mortgage Rates:
  • 30 Yr FRM 3.72%
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  • 15 Yr FRM 2.99%
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  • Jumbo 30 Year Fixed 3.73%
MBS Prices:
  • 30YR FNMA 4.5 108-27 (-0-02)
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  • 30YR FNMA 5.0 110-27 (-0-05)
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  • 30YR FNMA 5.5 111-31 (-0-03)
Recent Housing Data:
  • Mortgage Apps 0.43%
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  • Refinance Index 0.51%
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  • Purchase Index 0.38%