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  • Wed, Nov 23 2011
  • 8:30 AM » How Might Increased Transparency Affect the CDS Market?
    Published Wed, Nov 23 2011 8:30 AM by Google News
    Kathryn Chen*, , John Jackson*, Ada Li* and The credit default swap (CDS) market has grown rapidly since the asset class was . In recent years, and especially since the onset of the financial crisis, policymakers both in the United States and abroad have begun to strengthen regulations governing derivatives trading, with a particular focus on the decentralized and opaque nature of current trading arrangements. For example, the Dodd-Frank Act will require U.S.-based market participants to publicly report details of their CDS trades. In this post, we discuss the possible impact of increased transparency in the CDS market, based on our recent on the trading activity of major dealers. (See also of our findings.) The introduction of mandatory trade reporting rules for CDS has a number of potential costs and benefits. Providing more information on traded prices may be valuable to investors who wish to transact at a fair price; it can also enable risk managers to more accurately measure the riskiness of their positions. Regulators also believe that greater transparency, together with increased trading on organized platforms and clearing by a central counterparty, will improve market stability and functioning along a number of dimensions. The most notable potential cost is the risk that market participants will adjust their prices to take advantage of the knowledge that a dealer involved in a trade will need to hedge a position. This result could increase the costs of market making, causing trading costs for customers to rise. The benefits of transparency in the CDS market are likely to be greater to the extent that reported prices are comparable over time for similar CDS transactions. For this to happen, contractual terms of CDS contracts, which are negotiated bilaterally between buyers and sellers, cannot vary substantially from trade to trade. In fact, our analysis of single-name CDS trades (which provide protection against the default of a specific bond issuer) reveals an...
  • 8:30 AM » Please, stop saying that lending standards are tight!
    Published Wed, Nov 23 2011 8:30 AM by
    The continued sluggishness of the residential real estate market is maddening and, very likely, holding back other sectors of the economy. We’d all like to find a solution, of course. But in our frustration, it seems, we have a tendency to reach for overly simplistic solutions that don’t get us any closer to the real [...]
    Click Here to Read the Full Article

  • 8:30 AM » Why Some Homes Sell Faster
    Published Wed, Nov 23 2011 8:30 AM by The Big Picture
    In light of yesterday’s , this seemed pretty timely: > Source : >
    Click Here to Read the Full Article

    Source: The Big Picture
  • Tue, Nov 22 2011
  • 7:07 PM » Financial Services Committee Announces Additional Hearings for December
    Published Tue, Nov 22 2011 7:07 PM by House Financial Services
    The Financial Services Committee announced its planned schedule for the week of December 12 th . The list of Committee hearings and mark ups is tentative and is contingent upon the House of Representatives being in session that week. Witnesses for the hearings will be announced at later dates. Tuesday, December 13: The Capital Markets and Government Sponsored Enterprises Subcommittee and the Financial Institutions and Consumer Credit Subcommittee will hold a joint hearing on the proposed Volcker rule. The hearing will begin at 10 a.m. in room 201 of the Capitol Visitor Center. Wednesday, December 14: The Capital Markets and Government Sponsored Enterprises Subcommittee will meet to mark up the Private Mortgage Market Investment Act and a bill to improve the whistleblower provisions of the Dodd-Frank Act. The mark up will begin at 10 a.m. in room 201 of the Capitol Visitor Center. Thursday, December 15: The Capital Markets and Government Sponsored Enterprises Subcommittee will convene a hearing to examine oversight, regulation and current issues facing the accounting and auditing profession. The hearing will begin at 10 a.m. in room 201 of the Capitol Visitor Center. The Insurance, Housing and Community Opportunity Subcommittee will meet for a hearing on H.R. 32, the Homeless Children and Youth Act of 2011. The hearing will begin at 10 a.m. The Oversight and Investigations Subcommittee will delve into the collapse of brokerage firm MF Global at a hearing that will begin at 2 p.m. in room 201 of the Capitol Visitor Center. The Subcommittee will focus on decisions and events leading to the collapse of MF Global, the effectiveness of regulators in overseeing MF Global’s activities, and the impact MF Global’s bankruptcy will have on its customers. Jon Corzine, who resigned as the firm’s chairman and chief executive officer earlier this month, has been called by the Subcommittee to testify at the hearing.
    Click Here to Read the Full Article

    Source: House Financial Services
  • 3:50 PM » Dodd-Frank Law May Hinder Crisis Response by Policy Makers
    Published Tue, Nov 22 2011 3:50 PM by Business Week
    Federal Reserve Chairman Ben S. Bernanke and fellow U.S. policy makers may find themselves hampered in restoring financial stability should the European debt crisis spread to America.
    Click Here to Read the Full Article

    Source: Business Week
  • 3:50 PM » Pimco’s El-Erian Says U.S. Economic Setting ‘Terrifying’
    Published Tue, Nov 22 2011 3:50 PM by Business Week
    Pacific Investment Management Co.’s Chief Executive Officer Mohamed A. El-Erian said U.S. economic conditions are “terrifying” as the nation struggles to recover from recession.
    Click Here to Read the Full Article

    Source: Business Week
  • 3:50 PM » Is It Really That Hard to Get a Mortgage?
    Published Tue, Nov 22 2011 3:50 PM by CNBC
    The realtors say it, the home builders say it, the architects say it, I've said it: For better or worse, tight mortgage lending standards are one of the big roadblocks to housing's recovery. Now one economist is saying that's not true.
  • 3:47 PM » Freddie Mac Maximum Loan Limits Set For 2012
    Published Tue, Nov 22 2011 3:47 PM by Freddie Mac
    MCLEAN, Va., Nov. 22, 2011 /PRNewswire/ -- Freddie Mac (FMCC.OB) said today its maximum conforming loan limits for 2012 will generally remain at existing levels as the result of new calculat...
  • 3:45 PM » ABA Statement on FDIC Bank Earnings Report
    Published Tue, Nov 22 2011 3:45 PM by American Bankers Assoc.
    Washington, November 22, 2011 -- "While economic difficulties remain, higher capital levels, increased liquidity and lower losses signal a positive trajectory as the banking industry continues to gain strength."
    Click Here to Read the Full Article

    Source: American Bankers Assoc.
  • 3:44 PM » Looking Back at Four Years of Federal Reserve Actions
    Published Tue, Nov 22 2011 3:44 PM by
    Thank you for that generous introduction. It’s a huge pleasure to be back in Winnipeg. I’ve been gone a long time. How long? After living here for 13 years, I moved back to the States right after the Winnipeg Jets won their last AVCO Cup as champions of the World Hockey Association—that is, 1979. Consequently, my words today will be those of an American policymaker speaking on American policy issues. More specifically, I’ll provide a look back at Federal Reserve decision-making over the past few years. However, I’ll close with my views on how I think that the Federal Open Market Committee—the FOMC—can work to reduce the level of uncertainty surrounding future monetary policymaking. As always, any views I express here today are my own, and not necessarily those of others in the Federal Reserve System, including my colleagues on the Federal Open Market Committee. Some FOMC Basics Let me begin with some basics about the Federal Reserve System. The Federal Reserve Bank of Minneapolis is one of 12 regional Reserve banks that, along with the Board of Governors in Washington, D.C., make up the Federal Reserve System. Our bank represents the ninth of the 12 Federal Reserve districts, and by area, we’re the second largest. Our district includes Montana, the Dakotas, Minnesota, northwestern Wisconsin and the Upper Peninsula of Michigan. Eight times per year, the FOMC meets to set the path of monetary policy over the next six to seven weeks. All 12 presidents of the various regional Federal Reserve banks—including me—and the seven governors of the Federal Reserve Board, including Chairman Bernanke, contribute to these deliberations. (Currently, there are only five governors—two positions are unfilled.) However, the Committee itself consists only of the governors, the president of the Federal Reserve Bank of New York and a group of four other presidents that rotates annually. Right now, that last group consists of the presidents from the Minneapolis, Philadelphia, Dallas and Chicago...
    Click Here to Read the Full Article

  • 3:44 PM » Survey: Americans Will Pull $185 Billion Out of Big Banks Next Year
    Published Tue, Nov 22 2011 3:44 PM by
    A lot of Americans are ticked off at their banks, and a new survey puts some numbers to that sentiment. Consulting firm cg42 says big bank customers will collectively withdraw $185 billion in deposited funds in 2012, and a total of $399 billion is “in jeopardy,” meaning that customers are considering making a switch to [...]
    Click Here to Read the Full Article

  • 3:44 PM » Lawsuit Alleges Couple Was Arrested for Trying to Close A Bank Account
    Published Tue, Nov 22 2011 3:44 PM by
    Dissatisfied customers or unruly protesters? That is the question. After being arrested in the wake of a protest at a New York City Citibank branch in October, Heather Carpenter and Julio Jose Jiminez-Artunduaga are now suing the city for false arrest. Carpenter, a 23-year-old nursing student, contends that she had gone to Citibank that day to close her [...]
    Click Here to Read the Full Article

  • 3:44 PM » Department of Justice Watching Banks’ Debit-Card Fees
    Published Tue, Nov 22 2011 3:44 PM by WSJ
    The U.S. Department of Justice says it’s keeping a close eye on banks’ debit-card fees, a warning that comes as banks are expected to hike fees on checking accounts and other banking services in order to recoup lost revenue. “Please be assured that if it finds that individuals, banks or other parties may have violated the antitrust laws, the department will take appropriate action,” the department wrote to Rep. Peter Welch of Vermont and other Democratic lawmakers. The department said it is reviewing actions by banks and trade associations regarding possible increases in debit card fees. The letter, made public Tuesday, is a response to one the lawmakers sent Attorney General Eric Holder in October. They asked him to investigate whether banks are working together on fee hikes in violation of federal anti-trust laws. They sent the letter amid consumer concerns’ about Bank of America Corp.’s initial plan to charge customers a $5 monthly fee for debit card use. Amid consumer outrage, the bank scrapped the plan. Banks say Washington’s moves to regulate the financial industry over the past two years are forcing banks to raise or introduce new fees in order to stay profitable. The Electronic Payments Coalition , a broad group of financial services companies, says Congress’ decision to limit debit card interchange fees, the processing fees banks charge retailers each time a consumer uses a debit card to make a purchase, has left banks with no other option but to raise fees. “This was an unprecedented move by government to intervene in a free market, leaving businesses with no choice but to turn to their customers to make up the difference,” the coalition said in a recent statement. Still, in their letter to DOJ, the lawmakers argued that “statements made by individual banks and their trade associations raise questions about whether some price increases that have occurred this year have actually been coordinated.” The DOJ said it appreciated the letter and noted that it’s “strong...
  • 10:28 AM » Secondary Sources: Confidence, Entrepreneurs, Lobbying, Charting Money
    Published Tue, Nov 22 2011 10:28 AM by WSJ
    A roundup of economic news from around the Web. – Dennis Jacobe looks at Gallup data showing upper income confidence had improved. “Upper-income Americans’ economic confidence continued to improve during the first three weeks of November, with 70% saying the economy is “getting worse” — sharply better than the 80% of August. However, upper-income Americans’ negative views of the economy’s direction have yet to drop to July’s 66%, the level seen just before the end of the budget ceiling battle… One question is whether the stalemate of the congressional supercommittee will send economic confidence — and upper-income confidence in particular — plunging to August’s low levels. Theoretically, this should not be the case. The failure of the supercommittee simply means the federal budget cuts already legislated will be put into place. These cuts may not please anyone, and could be changed before they become effective in 2013, but for now they remain in place. That is, the failure of the supercommittee has had no real budgetary impact in the short term.” – Edward Glaeser writes that Occupy Wall Street is fighting an uphill battle amid the U.S.’s affinity for entrepreneurs. ” America’s love affair with entrepreneurship complicates any attempt to mount an effective European-style war of have-nots against haves. To be successful, the new economic populists must connect their message with the American embrace of those, like Jobs, who become rich by improving our economy and the world. To be wise, the advocates of free markets should worry more about ensuring economic opportunity for all. The Occupiers appear angry that President Barack Obama didn’t do more to eliminate the inequities of American life, even though, by the standards of U.S. politics, he did much that should have pleased the left.” – William Kerr , William Lincoln and Prachi Mishra examine the dynamics of lobbying. “Lobbying is a primary avenue through which firms attempt to change policy. But only a few big firms...
  • 10:28 AM » Q3 real GDP growth revised down to 2.0% annualized rate
    Published Tue, Nov 22 2011 10:28 AM by Calculated Risk Blog
    From the BEA: Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 2.0 percent in the third quarter of 2011 (that is, from the second quarter to the third quarter) according to the "second" estimate released by the Bureau of Economic Analysis. This was revised down from 2.5% and below the consensus of 2.4%. The downward revisions was mostly due to a large decline in the "change in real private inventories " - this subtracted 1.55 percentage points from the third-quarter change in real GDP (second estimate) as opposed to 1.08 percentage points in the advance estimate. Final domestic demand was mostly unchanged (the inventories will probably reverse in Q4). Still sluggish growth ...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:28 AM » Get Ready For Bank Fee Whack-A-Mole
    Published Tue, Nov 22 2011 10:28 AM by
    The dust has barely settled over the debit card fee-flap but there's more news from the big banks regarding fees. The good news is that it's not all bad this time -- several fees have been killed. But banks are quietly calculating which other ones can take their place.
    Click Here to Read the Full Article

  • Mon, Nov 21 2011
  • 11:42 PM » BofA warned by regulators to get stronger: report
    Published Mon, Nov 21 2011 11:42 PM by Reuters
    (Reuters) - U.S. regulators have informed Bank of America's board that the company could face public enforcement action if they are not satisfied with recent steps taken to strengthen the bank, the Wall Street Journal said, citing people familiar with the situation.
  • 9:40 PM » Trump: Here’s My Real Net Worth
    Published Mon, Nov 21 2011 9:40 PM by WSJ
    Associated Press Donald Trump In real estate, few men have held our attention as closely as Donald Trump, the blustery developer and reality-TV star. Today, Fox News that Mr. Trump, in his new book “Time To Get Tough,” has shed light on a much-discussed topic: His net worth. What is it? $7,004,900,000. That’s more than twice what Forbes as the mogul’s net worth in September: $2.9 billion. $2.9 billion? The Donald has more than that in “brand value” alone. Or so he says. Over three pages, Mr. Trump reveals that during the run-up to his presidential non-campaign, he hired a firm called Predictive to estimate the value of the Trump brand, and he used that figure as part of his full net worth calculation. Fox News breaks down the entire figure as follows: $3 Billion of that is from what is estimated as “Brand Value” — “The Trump Brand Value has been established by Predictive, the highly respected brand valuation company, measuring the financial impact of intangibles such as brand, strategy execution, innovation, and post-merger integration. Other Predictive clients include: Visa, Southwest Air, Pfizer, GM, UPS and .” According to this disclosure statement — Trump has $270,300,000 cash and marketable securities on hand. Real estate owned 100% by Trump — more than $3.2 billion dollars’ worth. Real estate partially owned by Trump — more than $900,000,000. Well, so, there you have it. We know what Mr. Trump would have said about his net worth, had he chosen to run for president. But that might not be the last word. After all, in a 2009 , WSJ’s Alex Frangos recounted how the Donald, in a 2007 sworn deposition, said, “My net worth fluctuates, and it goes up and down with markets and with attitudes and with feelings, even my own feeling.”
  • 9:36 PM » U.S. Ratings Affirmed by S&P, Moody’s After Supercommittee Fails
    Published Mon, Nov 21 2011 9:36 PM by Business Week
    Standard & Poor’s and Moody’s Investors Service said they won’t lower ratings on the U.S. after the congressional committee charged with finding $1.5 trillion of deficit cuts failed to reach an agreement.
    Click Here to Read the Full Article

    Source: Business Week
  • 9:36 PM » Nikkei falls to 8-month intraday low below 8,343
    Published Mon, Nov 21 2011 9:36 PM by Reuters
    TOKYO, Nov 22 (Reuters) - The Nikkei average tumbled to an 8-month intraday low on Tuesday as investors sold risk assets on a lack of progress in U.S. and European debt problems.
  • 9:36 PM » S&P Keeps U.S. Rating at AA+ After Supercommittee Failure
    Published Mon, Nov 21 2011 9:36 PM by Business Week
    Standard & Poor’s said it would keep the U.S. government’s credit rating at AA+ after a congressional committee that was supposed to break partisan gridlock and cut the budget deficit didn’t reach an agreement.
    Click Here to Read the Full Article

    Source: Business Week
  • 9:35 PM » Bank of America Shares Decline 5 Percent to March 2009 Levels
    Published Mon, Nov 21 2011 9:35 PM by Business Week
    Bank of America Corp. dropped the most in the Dow Jones Industrial Average and touched levels last seen in March 2009 as investors speculated on how much faulty mortgages will cost the lender.
    Click Here to Read the Full Article

    Source: Business Week
  • 9:35 PM » Analysis: Wall St. banks wonder if they are shrinking for good
    Published Mon, Nov 21 2011 9:35 PM by Reuters
    NEW YORK (Reuters) - Wall Street bankers are used to vicious swings in fortunes - it is in their DNA. Make a killing in the good times, they say, because markets may turn against you tomorrow.
  • 9:35 PM » Birth Slump May Hurt Housing
    Published Mon, Nov 21 2011 9:35 PM by Business Week
    Decisions to postpone or forgo children may restrain spending on child care, diapers, soap and toothpaste
    Click Here to Read the Full Article

    Source: Business Week
  • 9:35 PM » NY foreclosure law firm going out of business
    Published Mon, Nov 21 2011 9:35 PM by Reuters
    * Baum paid $2 mln fine last month to federal prosecutors
  • 9:30 PM » Moody's: Commercial Real Estate Prices declined 1.4% in September
    Published Mon, Nov 21 2011 9:30 PM by Calculated Risk Blog
    From Dow Jones: U.S. commercial real-estate prices fell 1.4% in September, ending a four-month growth streak ... Moody's expects "multi-family and hotel properties to lead the price recovery," said Nick Levidy, Moody's managing director. "Office and retail will lag mostly because of a very high number of vacancies and the burn-off of above-market rent leases." Below is a graph of the Moodys/REAL Commercial Property Price Index (CPPI) - Beware of the "Real" in the title - this index is not inflation adjusted. Click on graph for larger image. CRE prices only go back to December 2000. According to Moody's, CRE prices are up 1.3% from a year ago, and down about 42% from the peak in 2007. This index is very volatile because there are relatively few transactions - but it does appear to be mostly moving sideways. Earlier: • • •
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:30 PM » Fed’s Lockhart Prefers Communications Changes to More QE
    Published Mon, Nov 21 2011 9:30 PM by WSJ
    As the U.S. economy points to a "somewhat better performance," a top Federal Reserve official said he prefers "enhancing" the communications strategy rather than other options, such as buying bonds.
  • 9:30 PM » Are Overly Cautious Lenders Killing Home Sales?
    Published Mon, Nov 21 2011 9:30 PM by The Atlantic
    Existing sales may fall short of 5 million this year, as contract cancellations soar As 2011 nears a close, it appears to have been another very weak year for the U.S. housing market. As the nation's economy struggles to improve, it . At this point, the number of existing home sales may end up below 5 million for the third time in four years. Home buying demand is still much softer than it was even before the boom years, but stricter lending is becoming a more significant part of the problem. Another Sub-5 Million Year? Monday morning, when the National Association of Realtors the annualized rate of 4.97 million existing home sales in October, analysts weren't doing cartwheels. Although the result beat expectations, it made for a mere 1.4% increase over September. It also marked the sixth month so far this year when the rate of sales had been below 5 million. Sales will have to be relatively strong in November and December for the year's tally to exceed 5 million. If we assume that sales grow at the rate of 1.2% (the average for the 10 months of 2011) in both months, the annualized rates for November and December would rise slightly above 5 million. Here's how those two months would fit into the broader trend. While this looks like it would be a pretty strong two months compared to 2011's recent performance, sales soared in December 2010. The relatively robust sales seen in December and January were short-lived, however. Sales fell in the months that followed. Using the same projections for November and December, the total annual existing home sales would come in at around 4.96 million. Here's how 2011 would stack up: In fact, this looks somewhat in line with what the market looked like before the bubble really started growing rapidly. Although sales soared to more than 7 million in 2005, in 1998 they were approximately what they are projected to be in 2011. The bigger problem, of course, is new home sales. They remain at near historic lows. This...
  • 9:30 PM » Freddie Mac Sees HARP 2.0 Helping 1.5 Million Borrowers - Mortgage Rates & Trends (blog)
    Published Mon, Nov 21 2011 9:30 PM by
    Mortgage Rates & Trends (blog) Today Freddie Mac released its November 2011 Economic Outlook. While US economic numbers have improved somewhat of late, Frank Nothaft, Chief Economist for Freddie noted that “the economic growth rate for the third ... Housing Wire Sacramento Bee MarketWatch (press release) -
    Click Here to Read the Full Article

  • 9:25 PM » Financial Services Committee Announces Upcoming Schedule
    Published Mon, Nov 21 2011 9:25 PM by House Financial Services
    Financial Services Committee Chairman Spencer Bachus on Monday announced the Committee’s planned hearing and mark up schedule for the weeks of November 28 and December 5. Witnesses for each hearing will be announced at later dates. Tuesday, November 29 : The Insurance, Housing and Community Opportunity Subcommittee will hold a field hearing in Danville, Virginia on “The State of Manufactured Housing” at 9:00 a.m. The Subcommittee will examine the manufactured housing industry, oversight by the Department of Housing and Urban Development (HUD) of the Manufactured Housing Standards Program, and HUD’s implementation of the Manufactured Housing Improvement Act of 2000. The field hearing will take place in the Danville City Council Chambers at the Danville Municipal Building, 427 Patton Street. Wednesday, November 30 : At 10:00 a.m., the Financial Services Committee will meet to mark up the following bills: H.R. 3213 , the Small Company Job Growth and Regulatory Relief Act of 2011; H.R. 2682 , the Business Risk Mitigation and Price Stabilization Act of 2011; H.R. 2779 , to exempt inter-affiliate swaps from certain regulatory requirements put in place by the Dodd-Frank Act; and H.R. 2586 , the Swap Execution Facility Clarification Act. The Committee will meet in 2128 Rayburn House Office Building. Thursday, December 1 : The Financial Services Committee will hold a hearing at 10:00 a.m. on the condition of the Federal Housing Administration’s Single Family Insurance Fund. The Committee will meet in 2128 Rayburn House Office Building. The Oversight and Investigations Subcommittee will hold a hearing to examine the Federal Housing Finance Agency’s performance as conservator of Fannie Mae and Freddie Mac at 2:00 p.m. in 2128 Rayburn House Office Building. Monday, December 5 : The Financial Services Committee will meet in Chicago at 9:00 a.m. for a hearing to examine how new regulations are impacting financial institutions, small businesses and consumers in Illinois. The hearing...
    Click Here to Read the Full Article

    Source: House Financial Services
  • 9:25 PM » <br>We are getting closer on LO Comp!
    Published Mon, Nov 21 2011 9:25 PM by Facebook NAMB represented the mortgage industry and ALL originators and met with key House Financial Services Committee staffers on Capitol Hill regarding LO Comp this past Friday. We are continuing to fight on behalf of ALL originators and we gaining bi-partisan support for flexibility with originator compe...
  • 9:25 PM » Lowest Inventory in Six Years
    Published Mon, Nov 21 2011 9:25 PM by National Association of Realtors
    The total homes listed for sale continue to move downward. The latest decline in October to 3.33 million was partly seasonal, as autumn and winter months nearly always have fewer listings in comparison with spring and summer months. Still, examining listings only in the month of October (so as to get an apple-to-apple comparison), this year saw the lowest inventory since 2005. A review of June, July, August, and September data also says the same thing: namely, 2011 had the lowest inventory count since 2005 across same-month comparisons. The market is clearly healing and the falling inventory is an early indicator as to what will happen to home prices in the future. Despite the improving inventory trend, let’s be mindful that the current inventory conditions are still considered elevated and above normal compared to the early years of the last decade. Also the months-supply – i.e., how many months it would take to exhaust the current inventory assuming the current sales pace – stood at 8 months in October, which is still a tad above normal conditions. Ideally, the months-supply figure needs to fall to about 6 months before prices show consistent positive movement of about 3 to 5 percent annually. Separately, the inventory of newly constructed homes (not existing home inventory) is at 40 year lows because homebuilders have just not been able to break ground and build new homes because of very difficult lending conditions in obtaining construction loans. The inventory trends for both existing and new homes should therefore provide some reassurance that home price growth (at the national level) could be just around the corner. Local markets in Bismarck, Buffalo, Pittsburgh, San Diego, and Washington, D.C., as some examples, have already shown consistent price gains.
    Click Here to Read the Full Article

    Source: National Association of Realtors
  • 10:59 AM » November 2011 U.S. Economic and Housing Market Outlook
    Published Mon, Nov 21 2011 10:59 AM by Freddie Mac
    MCLEAN, Va., Nov. 21, 2011 /PRNewswire/ -- Freddie Mac (OTC: FMCC) released today its U.S. Economic and Housing Market Outlook for November showing that despite positive economic signs consu...
  • 10:59 AM » Chicago Fed National Activity Index Shows Economic Activity Up Slightly in October
    Published Mon, Nov 21 2011 10:59 AM by
    Led by improvements in production-related indicators, the Chicago Fed National Activity Index edged up to -0.13 in October from -0.20 in September.
    Click Here to Read the Full Article

  • 10:59 AM » Treasuries Rising Most Since 2008 as Budget Paralysis Seen
    Published Mon, Nov 21 2011 10:59 AM by Business Week
    With Congress at an impasse on how to reduce the U.S. budget deficit, the biggest rally in government bonds since 2008 shows no signs of letting up even as yields are about the lowest on record.
    Click Here to Read the Full Article

    Source: Business Week
  • 8:14 AM » Robert Kelly: Inside the fall of a superstar banker
    Published Mon, Nov 21 2011 8:14 AM by CNN
    When Robert Kelly walked into the White House that Monday morning, he had every reason to be on edge. It was Dec. 14, 2009, and the CEO of Bank of New York Mellon was one of an elite group of bankers who had been summoned by President Obama. At the time, Kelly was deep in negotiations to leave his post at BNY Mellon, the eighth-biggest U.S. bank by assets, and take the top job at the industry's largest institution, Bank of America. The previous Tuesday he'd told the BNY Mellon board at a breakfast in Boston that "Bank of America wants me for the job," and that he planned to take it.
  • 8:14 AM » Births at 11-Year Low May Prolong Five-Year U.S. Housing Slump
    Published Mon, Nov 21 2011 8:14 AM by Business Week
    Frances Janisch had a daughter five years ago. Now she and her husband may not have a second child because income from their photography business in New York City is erratic.
    Click Here to Read the Full Article

    Source: Business Week
  • 8:08 AM » “If Only They Enforced Bank Regulations Like They Do [Zuccotti] Park Rules, We Wouldn’t Be In This Mess”
    Published Mon, Nov 21 2011 8:08 AM by The Big Picture
    The following captures the fact that the laws are only being enforced in favor of the 1% … and against the 99%: If only they enforced bank regulations like they do [ Zuccotti ] park rules, we wouldn’t be in this mess. : According to the Supreme Court, money is now speech and corporations are now people. But when real people without money assemble to express their dissatisfaction with the political consequences of this, they’re treated as public nuisances and evicted. As Salon : If you’re an ordinary citizen, and you get caught on video dousing people with noxious gas like Bologna did, you get summarily locked up. But when you’re an NYPD commanding officer…like Bologna was at the time of his attack, you get essentially a free pass. No wonder one of the central demands of Occupy Wall Street is to .
    Click Here to Read the Full Article

    Source: The Big Picture
  • 8:08 AM » Dollar Status Grows as Foreign Banks Double Deposits at Fed
    Published Mon, Nov 21 2011 8:08 AM by Business Week
    Foreign bank deposits at the Federal Reserve have more than doubled to $715 billion from $350 billion since the end of 2010 amid Europe’s debt turmoil, buttressing the dollar’s status as the world’s reserve currency.
    Click Here to Read the Full Article

    Source: Business Week
  • 8:08 AM » FTSE falls as global debt woes dent growth outlook
    Published Mon, Nov 21 2011 8:08 AM by Reuters
    * U.S. fails to agree debt package, Moody's warns on France
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