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  • Mon, Mar 9 2015
  • 11:37 PM » Business Briefing: Fed Survey Details Outlook on Future Among Consumers
    Published Mon, Mar 09 2015 11:37 PM by rss.nytimes.com
    Americans had a dimmer view of inflation, spending and home prices last month, according to a Federal Reserve survey that appeared to log a change in perceptions on the economy.
    Click Here to Read the Full Article

    Source: rss.nytimes.com
  • 11:37 PM » Fed's Fisher calls for 'prompt' rate hike
    Published Mon, Mar 09 2015 11:37 PM by CNBC
    The Fed should end its monetary policy and raise rates, followed by gradual moves higher, the Dallas Fed head said in his last speech as a policymaker.
  • 11:36 PM » Janet Who? Most Americans Have Never Heard of Fed Chairwoman Janet Yellen
    Published Mon, Mar 09 2015 11:36 PM by WSJ
    Most Americans have not heard of Federal Reserve Chairwoman Janet Yellen, according to a new NBC News/Wall Street Journal survey published Monday.
  • 11:36 PM » A House That Sells Itself — as the Salesperson
    Published Mon, Mar 09 2015 11:36 PM by Realtor.Org
    Real estate professionals always talk about giving the homes they sell more personality. Of course, that usually comes in the form of inspired staging, bold paint jobs, and creative landscaping. Rarely do they mean it so literally as to give the house its own Twitter account and let it tweet to buyers. But truth is […]
  • 11:34 PM » Tuesday: Job Openings, Small Business Survey
    Published Mon, Mar 09 2015 11:34 PM by Calculated Risk Blog
    On mortgage rates from Matthew Graham at Mortgage News Daily: Mortgage Rates Recover Tiny Portion of Friday's Losses Mortgage rates managed to recover only some of Friday's heavy losses. The most prevalent conventional 30yr rate for top tier scenarios remains at its new perch of 4.0%, though a few lenders remain at 3.875%. CR Note: The Ten Year yield decreased to 2.20% today from 2.24% on Friday. Tuesday: • 7:30 AM ET, NFIB Small Business Optimism Index for February. • At 10:00 AM, Job Openings and Labor Turnover Survey for January from the BLS. Jobs openings increased in December to 5.028 million from 4.847 million in November. The number of job openings were up 28% year-over-year, and Quits were up 12% year-over-year. • Also at 10:00 AM, Monthly Wholesale Trade: Sales and Inventories for January. The consensus is for a 0.1% decrease in inventories.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 4:59 PM » Mester: Fed Open To Raising Rates In First Half Of Year
    Published Mon, Mar 09 2015 4:59 PM by WSJ
    Federal Reserve Bank of Cleveland President Loretta Mester reiterated Monday her belief the U.S. central bank is on track for rate hikes in the near future. "If incoming economic information continues to support my forecast, I would be comfortable with liftoff in the first half of this year," Ms. Mester said in the text of a speech prepared for delivery before a meeting in Washington held by National Association for Business Economics.
  • 2:48 PM » Big changes are coming to your credit reports
    Published Mon, Mar 09 2015 2:48 PM by CNBC
    A settlement with the three major credit bureaus will make it easier to dispute and correct errors on your credit report, among other changes.
  • 2:45 PM » Former GAO Officials Disagree with ‘Audit the Fed' Opponents
    Published Mon, Mar 09 2015 2:45 PM by WSJ
    Former officials and employees of the Government Accountability Office are growing dismayed by the debate over whether their agency should be allowed to review the Federal Reserve's monetary policy decisions.
  • 2:44 PM » CFPB Director Richard Cordray testifies before the House Financial Services Committee
    Published Mon, Mar 09 2015 2:44 PM by National Housing Conference
    Normal 0 false false false EN-US X-NONE X-NONE by Amanda Gold, National Housing Conference On March 3, 2015, the House Financial Services Committee held a hearing entitled "The Semi-Annual Report of the Bureau of Consumer Financial Protection." The witness was the Honorable Richard Cordray, the Director of the Consumer Financial Protection Bureau (CFPB). Questions from committee members bounced from the partisan to the practical and back, touching on several areas relevant to housing. The qualified mortgage (QM) rule was front and center in the discussion, as were issues around payday lending and overdraft protection. The partisan split appeared in the rhetoric, with Democrats highlighting the need for consumer protection and Republicans emphasizing consumer choice in the marketplace. The housing discussion focused on the qualified mortgage (QM) rule: Chairman Jeb Hensarling (R-Texas) pressed Director Cordray on several housing issues including whether the QM unduly restricted his constituents' access mortgage credit, and whether the CFPB plans to revise the exception to the QM rule for Fannie Mae and Freddie Mac in advance of the deadline several years from now. Democrats, including Rep. Maxine Waters (D-Calif.) and Rep. Lacy Clay (D-Mo.), praised the CFPB for its response to consumers and its facilitation of direct consumer relief on mortgage debt.  Rep. Michael Capuano (D-Mass.) highlighted that owner-occupied properties with two or three rental units, such as many triple-deckers in Boston and nearby suburbs, may not meet the current QM rule's criteria for a single family property. The result is that in New England, many working class residents are at a disadvantage in accessing mortgage credit. On a lighter note, the question provided perhaps the most entertaining moment of the hearing when Director Cordray, in response to a question from Rep. Capuano, speculated that a triple-decker might be a kind of sandwich. Oversight and accountability...
    Click Here to Read the Full Article

    Source: National Housing Conference
  • 2:44 PM » The View from Here: Outlook and Monetary Policy
    Published Mon, Mar 09 2015 2:44 PM by www.frbsf.org
    The U.S. economy is likely to reach the Federal Reserve's maximum employment goal later this year. Although inflation has remained persistently low, it is expected to return to the Fed's 2% target over the next few years. Due to the lags between monetary policy's implementation and its effects, the time is coming to take the first step toward normalizing monetary policy by raising short-term interest rates. The following is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco to the CFA Society Hawaii on March 5, 2015.
    Click Here to Read the Full Article

    Source: www.frbsf.org
  • 12:15 PM » N.Y. Fed: Consumers' View of Inflation Weakened in February
    Published Mon, Mar 09 2015 12:15 PM by WSJ
    Consumers' expectation of future inflation is growing weaker, according to new data from the Federal Reserve Bank of New York. In its monthly survey of household's attitudes about the economy, the bank found the median expectation for inflation over the one-year horizon edged down to 2.8% in February, the lowest reading since the series began in June 2013. The one-year-ahead expected inflation reading stood at 2.9% in January and 3% in December.
  • 12:14 PM » Housing's new worry: Repeat foreclosures return
    Published Mon, Mar 09 2015 12:14 PM by CNBC
    Repeat foreclosures rose 11 percent in January and accounted for more than half of all new foreclosures.
  • 12:14 PM » Bond Report: U.S. Treasury yields fall as ECB initiates QE
    Published Mon, Mar 09 2015 12:14 PM by Market Watch
    The ECB's QE repurchasing program is expected to drive yields down all around the globe.
  • 12:14 PM » Director Cordray appears before House Financial Services
    Published Mon, Mar 09 2015 12:14 PM by www.cfpbmonitor.com
    Ryan J. Richardson On Tuesday, March 3, CFPB Director Richard Cordray appeared before the House Financial Services Committee to answer questions regarding the Bureau's Semi-Annual Report to Congress and the President, which it published on December 4 of last year. As we anticipated shortly before Director Cordray's testimony, the report merely provided a backdrop for the hearing, which,... More >
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
  • 10:59 AM » Greece Told Not to Waste Time as Euro Finance Ministers Meet
    Published Mon, Mar 09 2015 10:59 AM by Bloomberg
    Greece Told Not to Waste Time as Euro Finance Ministers Meet Bloomberg (Bloomberg) -- Euro-area finance ministers said Greek officials must pick up the pace of negotiations to unlock more of bailout funds, as the country risks running out of cash. "We have to stop wasting time," said Dutch Finance Minister Jeroen Dijsselbloem, ... and more »
  • 10:59 AM » News Release - Consumer Optimism Toward the Economy ...
    Published Mon, Mar 09 2015 10:59 AM by Fannie Mae
    Amid continued strengthening in employment, consumer optimism toward the economy is growing and appears to be contributing to further improvement ...
  • 10:37 AM » The Future of Housing in America
    Published Mon, Mar 09 2015 10:37 AM by www.americanprogress.org
    Julia Gordon, Director of Housing Finance and Policy at the Center for American Progress, testifies before the House Committee on Financial Services Subcommittee on Housing and Insurance.
    Click Here to Read the Full Article

    Source: www.americanprogress.org
  • 10:33 AM » Does Wall Street Home Buying Hurt You?
    Published Mon, Mar 09 2015 10:33 AM by www.ourbroker.com
    Question: Wall Street firms are buying up huge numbers of single-family homes. How does this impact private home buyers? Answer: We usually think of single-home real estate investors as local people who buy several properties and keep them over time or as rehabbers who buy properties, fix them up and then quickly re-sell. The entry […] The post Does Wall Street Home Buying Hurt You? appeared first on OurBroker.com .
    Click Here to Read the Full Article

    Source: www.ourbroker.com
  • 8:35 AM » ECB Buying German, Italian Bonds as QE Begins
    Published Mon, Mar 09 2015 8:35 AM by Bloomberg
    ECB Buying German, Italian Bonds as QE Begins Bloomberg Bloomberg's Betty Liu reports on today's top news stories on "In The Loop." (Source: Bloomberg). Related. The Apple Effect: Does Being Added to the Dow Matter? Most Recent Videos. ECB Buying German, Italian Bonds as QE Begins · Will the Apple Watch ... and more »
  • 8:33 AM » Black Knight Mortgage Monitor: Foreclosure Starts increase in January
    Published Mon, Mar 09 2015 8:33 AM by Calculated Risk Blog
    Black Knight Financial Services (BKFS) released their Mortgage Monitor report for January today. According to BKFS, 5.56% of mortgages were delinquent in January, down from 5.64% in December. BKFS reported that 1.61% of mortgages were in the foreclosure process, down from 2.35% in January 2014. This gives a total of 7.17% delinquent or in foreclosure. It breaks down as: • 1,701,000 properties that are 30 or more days, and less than 90 days past due, but not in foreclosure. • 1,112,000 properties that are 90 or more days delinquent, but not in foreclosure. • 815,000 loans in foreclosure process. For a total of ??3,628,000 loans delinquent or in foreclosure in January. This is down from 4,315,000 in January 2014. Click on graph for larger image. From Black Knight: The month's data showed that both first-time and repeat foreclosure starts reached 12-month highs, although there was clear separation in the levels of increase between the two. According to Trey Barnes, Black Knight's senior vice president of Loan Data Products, separation also continues to be seen between judicial and non-judicial foreclosure states across multiple performance indicators. "Overall foreclosure starts hit a 12-month high in January, and that held true when looking at both first-time and repeat foreclosure starts individually," said Barnes. "Repeat foreclosure starts made up 51 percent of all foreclosure starts and increased 11 percent from December. In contrast, first-time foreclosure starts were up just a fraction of a percent from the month prior. Similarly, Black Knight found that January foreclosure starts jumped about 10 percent from December in judicial states as compared to just a 1.7 percent increase in non-judicial states. Judicial states are also seeing higher levels of both new problem loans and serious delinquencies (loans 90 or more days delinquent, but not yet in foreclosure) than non-judicial states, although volumes are down overall in both categories. This...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:33 AM » Advantage: Homebuyers
    Published Mon, Mar 09 2015 8:33 AM by Freddie Mac
    By EVP, Single-Family Business Dave Lowman There's a new reason Realtors and lenders may expect more qualified borrowers at the closing table during this spring's homebuying season. In addition to low mortgage rates and rising job growth, the down payment hurdle is starting to shrink for creditworthy borrowers, including first-time homebuyers and current homeowners who want to refinance. On March 23, Freddie Mac will start buying mortgages with down payments of only three percent – the first time down payments have been this low on Freddie Mac loans in nearly five years. Read More
  • Sun, Mar 8 2015
  • 11:58 PM » "Patient" is History
    Published Sun, Mar 08 2015 11:58 PM by Calculated Risk Blog
    From Tim Duy at Fed Watch: "Patient" is History The February employment report almost certainly means the Fed will no longer describe its policy intentions as "patient" at the conclusion of the March FOMC meeting. And it also keep a June rate hike in play. But for June to move from "in play" to "it's going to happen," I still feel the Fed needs a more on the inflation side . ... Bottom Line: "Patient" is out. Tough to justify with unemployment at the top of the Fed's central estimates of NAIRU. Pressure to begin hiking rates will intensify as unemployment heads lower. The inflation bar will fall, and Fed officials will increasingly look for reasons to hike rates rather than reasons to delay. They may not want to admit it, but I suspect one of those reasons will be fear of financial instability in the absence of tighter policy. June is in play. emphasis added CR Note: Based on Yellen's testimony last week, it seemed likely that "patient" would be dropped from the March FOMC statement.  June might be in play, but like Duy, I think the FOMC will wait until it is clear inflation is moving towards 2% before raising rates.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 11:57 PM » The salary you need to buy a home in 27 U.S. cities
    Published Sun, Mar 08 2015 11:57 PM by Washington Post
    This post comes via Know More, Wonkblog's social media site.Here's definitive proof that San Francisco's real estate market is insane. HSH.com, a mortgage research site, has estimated how much salary you need to earn to afford the principal, interest, taxes and insurance payments on a median-priced home in 27 metro areas. On a national scale, a buyer who puts 20 percent down would need to earn a salary of $48,604 to afford the median-priced home in America. But that total varies a lot from city to city. Pittsburgh, Cleveland, St. Louis and Cincinnati rank as the most affordable metros in which to buy a new home - HSH.com estimates that you can buy the median home while making less than $34,000 - while New York, Los Angeles and San Diego are at the high end, requiring salaries of nearly $90,000 or more. But the most expensive city by far is San Francisco, where the site estimates you would need to make $142,448 to buy the median home in the area.Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 11:16 PM » Treasuries in Biggest Rout Since 2009 as Job Gains Spur Fed Bets
    Published Sun, Mar 08 2015 11:16 PM by Bloomberg
    Treasuries in Biggest Rout Since 2009 as Job Gains Spur Fed Bets Bloomberg Since hitting an all-time low of 2.22 percent on Jan. 30, Treasury 30-year bond yields have posted the biggest five-week jump in six years as better-than-forecast employment growth led investors to pull forward wagers for the Federal Reserve to raise interest ...
  • Fri, Mar 6 2015
  • 5:55 PM » Investors `Pricing-In' Fed Rate Increase: Clarida Says
    Published Fri, Mar 06 2015 5:55 PM by Bloomberg
    Investors `Pricing-In' Fed Rate Increase: Clarida Says Bloomberg Richard Clarida, executive vice president at Pacific Investment Management Co., talks about market reaction to the February U.S. employment report, Federal Reserve and European Central Bank policy, and investment strategy. He speaks with Alix Steel and ...
  • 5:55 PM » Wall Street firms more convinced of June rate hike: Reuters poll
    Published Fri, Mar 06 2015 5:55 PM by Reuters
    NEW YORK (Reuters) - Many of Wall Street's biggest banks are more convinced the Federal Reserve will raise interest rates in June after a strong February jobs report on Friday pointed to sustained economic growth and as the jobless rate hit a more than 6-1/2 year-low.
  • 4:31 PM » Update: Best Private Sector Job Creation "Ever"?
    Published Fri, Mar 06 2015 4:31 PM by Calculated Risk Blog
    Last month, I mentioned that private job creation was on pace for the best ever during a presidential term. I received a few emails asking if that was correct.  The answer is "yes". Note: We frequently use Presidential terms as time markers - we could use Speaker of the House, or any other marker. Here is a table of the top three presidential terms for private job creation (they also happen to be the three best terms for total non-farm job creation). Note: Overall employment was smaller in the '80s, however the participation rate was increasing in the '80s.  The prime working age labor force was growing more than 3% per year in the '80s with a surge in younger workers and women joining the labor force. Now, the overall population is larger, but the prime working age population has declined this decade and the participation rate is generally declining now. Clinton's two terms were the best for both private and total non-farm job creation, followed by Reagan's 2nd term.  Public sector job creation increased the most during Reagan's 2nd term. Currently Obama's 2nd term is on pace to be the best ever for private job creation.  However, with very few public sector jobs added, Obama's 2nd term is only on pace to be the third best for total job creation. Note: Only 34 thousand public sector jobs have been added during the first twenty five months of Obama's 2nd term (following a record loss of 702 thousand public sector jobs during Obama's 1st term).  This is just 2% of the public sector jobs added during Reagan's 2nd term! Top Employment Gains per Presidential Terms (000s) Rank Term Private Public Total Non-Farm 1 Clinton 1 10,885 692 11,577 2 Clinton 2 10,070 1,242 11,312 3 Reagan 2 9,357 1,438 10,795   Obama 2 1 5,799 34 5,833   Pace 2 11,134 65 11,199 1 25 Months into 2nd Term 2 Current Pace for Obama's 2nd Term The second table shows the jobs need per...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 4:31 PM » To sell your home, don't remodel—repair
    Published Fri, Mar 06 2015 4:31 PM by CNBC
    When home buyer traffic picks up, it pays to be ready. But that doesn't require a major renovation.
  • 1:57 PM » Fed's Lacker wants the first rate hike to come in June
    Published Fri, Mar 06 2015 1:57 PM by Market Watch
    WASHINGTON (MarketWatch) - Jeffrey Lacker, the president of the Richmond Fed said he wants the U.S. central bank to raise rates in June. "Given the job report, June strikes me as a leading candidate for liftoff," Lacker said in an interview on Wharton Business Radio on Sirius XM. Lacker said he wants the Fed to drop the work "patient" from its forward guidance at its meeting on March 17-18 so that June will become "a live option." Lacker said the job report signaled a very healthy labor market. Lacker is a voting member of the Fed's policy committee this year.
  • 1:51 PM » The stealth way homes are selling in San Francisco
    Published Fri, Mar 06 2015 1:51 PM by CNBC
    San Francisco residents looking to discreetly sell their homes are increasingly turning to "off-market" deals.
  • 11:41 AM » Bond Report: Treasury yields spike to 2015 highs after strong jobs report
    Published Fri, Mar 06 2015 11:41 AM by Market Watch
    The solid report sets the Fed on track for an interest rate hike in the summer.
  • 10:05 AM » Does jobs report mean a June rate hike?
    Published Fri, Mar 06 2015 10:05 AM by CNBC
    The strong jobs report may have just put June back on the table for the first Fed rate hike, says Ron Insana.
  • 9:14 AM » Fed's Williams: Ready to Consider Rate Rises Starting This Summer
    Published Fri, Mar 06 2015 9:14 AM by WSJ
    Federal Reserve Bank of San Francisco President John Williams expressed confidence that robust economic growth and healthy job gains would push inflation up over time.
  • 9:12 AM » U.S. trade deficit narrows 8.4% to $41.8 billion in January
    Published Fri, Mar 06 2015 9:12 AM by Market Watch
    WASHINGTON (MarketWatch) - The U.S. trade deficit narrowed in January after hitting a two-year high in December. The nation's trade gap narrowed 8.4% to $41.8 billion from revised $45.6 billion in December, the Commerce Department said Friday. Economists surveyed by MarketWatch had forecast a total deficit of $40.6 billion. In January, overall exports slipped 2.9% to a seasonally adjusted $189.4 billion. Imports decreased 3.9% to $231.2 billion.
  • 9:12 AM » Strong jobs just reset Fed rate clock: Jim Paulsen
    Published Fri, Mar 06 2015 9:12 AM by CNBC
    A June rate hike by the Fed is looking more likely again, market watcher Jim Paulsen tells CNBC shortly after the much stronger-than-expected jobs report.
  • 8:27 AM » February Jobs Report May Face Winter Weather Delay
    Published Fri, Mar 06 2015 8:27 AM by Bloomberg
    February Jobs Report May Face Winter Weather Delay Bloomberg Winter weather in Washington D.C. could cause a delay in the release of the monthly jobs report as analysts expect a gain of 235,000 jobs in February. Bloomberg's Peter Cook previews the numbers on "Bloomberg Surveillance." (Source: Bloomberg) ... and more »
  • 8:25 AM » ECB May Need Lower Rates to Attain QE Target, Standard Bank Says
    Published Fri, Mar 06 2015 8:25 AM by Bloomberg
    ECB May Need Lower Rates to Attain QE Target, Standard Bank Says Bloomberg (Bloomberg) -- The European Central Bank will have to cut its deposit rate further to ensure enough government bonds are eligible for purchase under its sovereign-debt purchase program, according to Standard Bank Plc. ECB President Mario Draghi said in ... and more »
  • 12:23 AM » BofA Countrywide Deal Approval May Help JPMorgan, Citi Deals - Bloomberg
    Published Fri, Mar 06 2015 12:23 AM by Bloomberg
    BofA Countrywide Deal Approval May Help JPMorgan, Citi Deals Bloomberg (Bloomberg) -- Bank of America Corp.'s $8.5 billion settlement of investor claims tied to bad mortgages sold by its Countrywide unit won full court approval in a ruling that may allow similar accords to move ahead. The New York appeals court decision is a ...
  • 12:22 AM » Bigger Mortgages Likelier to Go Bust
    Published Fri, Mar 06 2015 12:22 AM by www.wsj.com
    Since the recession, the foreclosure rates for more-expensive homes have consistently surpassed those for the overall market.
  • Thu, Mar 5 2015
  • 4:33 PM » 5 Things to Watch in the February Jobs Report
    Published Thu, Mar 05 2015 4:33 PM by WSJ
    February's jobs report will be a test for whether the labor market can continue its impressive growth streak even in the face of global turmoil and icy conditions in parts of the country.
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