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  • Mon, Aug 3 2015
  • 12:46 AM » July 2015: Unofficial Problem Bank list declines to 290 Institutions
    Published Mon, Aug 03 2015 12:46 AM by Calculated Risk Blog
    This is an unofficial list of Problem Banks compiled only from public sources. Here is the unofficial problem bank list for July 2015. Changes and comments from surferdude808: Update on the Unofficial Problem Bank List for July 2015. During the month, the list fell from 309 institutions to 290 after 20 removals and one addition. Assets dropped by $5.9 billion to an aggregate $83.9 billion. A year ago, the list held 452 institutions with assets of $146.1 billion. Actions have been terminated against Anderson Brothers Bank, Mullins, SC ($506 million); Pacific National Bank, Miami, FL ($379 million); Geauga Savings Bank, Newbury, OH ($357 million); The Peoples Bank, Chestertown, MD ($229 million); Home Loan Investment Bank, F.S.B., Warwick, RI ($216 million); Crown Bank, Edina, MN ($193 million); Farmers & Merchants Bank, Statesboro, GA ($170 million); Eagle Valley Bank, National Association, Saint Croix Falls, WI ($127 million); Evergreen National Bank, Evergreen, CO ($102 million); Surety Bank, DeLand, FL ($96 million); Peoples State Bank, Lake City, FL ($70 million); Liberty Savings Bank, FSB, Whiting, IN ($55 million); First Security Bank of Helena, Helena, MT ($40 million); Peoples Bank and Trust Company of Clinton County, Albany, KY ($33 million); and Hometown Community Bank, Cyrus, MN ($26 million). Premier Bank, Denver, CO ($32 million) failed. Finding merger partners were Bank of Manhattan, N.A., El Segundo, CA ($481 million Ticker: MNHN); American Bank of St. Paul, Saint Paul, MN ($312 million); Pacific Rim Bank, Honolulu, HI ($131 million); and ProBank, Tallahassee, FL ($45 million). The addition this month was Home Federal Savings and Loan Association of Nebraska, Lexington, NE ($56 million).
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:45 AM » Hotels: Best Week Ever, On Pace for Record Occupancy in 2015
    Published Mon, Aug 03 2015 12:45 AM by Calculated Risk Blog
    From HotelNewsNow.com: STR: US hotel results for week ending 25 July The U.S. hotel industry recorded positive results in the three key performance measurements during the week of 19-25 July 2015, according to data from STR, Inc. In year-over-year measurements, the industry's occupancy increased 1.5% to 79.1% . Average daily rate for the week was up 5.1% to US$125.04. Revenue per available room increased 6.6% to finish the week at US$98.91. emphasis added The 79.1% occupancy rate reported for last week was the best week on record (the four week average will peak in August). For the same week in 2009 , ADR (average daily rate) was $98.13 and RevPAR (Revenue per available room) was $65.77. ADR is up 25% since July 2009, and RevPAR is up 50%! The following graph shows the seasonal pattern for the hotel occupancy rate using the four week average.  The occupancy rate will be high during the summer travel season. The red line is for 2015, dashed orange is 2014, blue is the median, and black is for 2009 - the worst year since the Great Depression for hotels.  Purple is for 2000. The 4-week average of the occupancy rate is solidly above the median for 2000-2007, and above last year. Right now 2015 is above 2000 (best year for hotels), and 2015 will probably be the best year ever for hotels. Late July is usually the best time of the year for hotels - although the four week average usually peaks in August.  A very strong year, and a key reason new hotel construction has picked up. Data Source: Smith Travel Research, Courtesy of HotelNewsNow.com
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • Fri, Jul 31 2015
  • 7:03 PM » Fannie Mae: Mortgage Serious Delinquency rate declined in June, Lowest since August 2008
    Published Fri, Jul 31 2015 7:03 PM by Calculated Risk Blog
    Fannie Mae reported today that the Single-Family Serious Delinquency rate declined in June to 1.66% from 1.70% in May. The serious delinquency rate is down from 2.05% in June 2014, and this is the lowest level since August 2008. The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%. Note: These are mortgage loans that are "three monthly payments or more past due or in foreclosure". Click on graph for larger image The Fannie Mae serious delinquency rate has only fallen 0.39 percentage points over the last year - the pace of improvement has slowed - and at that pace the serious delinquency rate will not be below 1% until 2017. The "normal" serious delinquency rate is under 1%, so maybe serious delinquencies will be close to normal in 2017.  This elevated delinquency rate is mostly related to older loans - the lenders are still working through the backlog.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 7:00 PM » Ocwen Plunges More Than 30% as Mortgage Servicer's Expenses Grow
    Published Fri, Jul 31 2015 7:00 PM by Bloomberg
    Ocwen Plunges More Than 30% as Mortgage Servicer's Expenses Grow Bloomberg Ocwen Financial Corp. plunged in New York trading after the mortgage servicer reported higher-than-expected expenses while revamping its business following regulatory scrutiny. The stock tumbled 28 percent to $8.43, closing at the lowest level since ... and more »
  • 3:46 PM » Freddie Mac: Mortgage Serious Delinquency rate declined in June, Lowest since November 2008
    Published Fri, Jul 31 2015 3:46 PM by Calculated Risk Blog
    Freddie Mac reported that the Single-Family serious delinquency rate declined in June to 1.53%, down from 1.58% in May. Freddie's rate is down from 2.07% in June 2014, and the rate in June was the lowest level since November 2008. Freddie's serious delinquency rate peaked in February 2010 at 4.20%. These are mortgage loans that are "three monthly payments or more past due or in foreclosure".  Note: Fannie Mae will report their Single-Family Serious Delinquency rate for May later today. Click on graph for larger image Although the rate is declining, the "normal" serious delinquency rate is under 1%.  The serious delinquency rate has fallen 0.54 percentage points over the last year, and at that rate of improvement, the serious delinquency rate will not be below 1% until mid-2016. So even though delinquencies and distressed sales are declining, I expect an above normal level of Fannie and Freddie distressed sales through 2016 (mostly in judicial foreclosure states).
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 3:33 PM » Summer correction would be trouble for the Fed faithful
    Published Fri, Jul 31 2015 3:33 PM by Market Watch
    There are those who have place their faith in the Fed and those who have actively opposed them, and then there are those of us who are continuing to trust the ultimate arbiter ... the price action.
  • 1:21 PM » Recovery has wage winners, losers
    Published Fri, Jul 31 2015 1:21 PM by CNBC
    Wage growth has been unevenly spread among different industries and demographic groups.
  • 11:46 AM » Where to invest in housing: Rent or own?
    Published Fri, Jul 31 2015 11:46 AM by CNBC
    Which is the better bet: Stocks of the nation's homebuilders or stocks of multi-family real estate investment trusts (REITs)?
  • 11:45 AM » U.S. job market set for more than just 'some' attention
    Published Fri, Jul 31 2015 11:45 AM by Reuters
    LONDON (Reuters) - Now that U.S. Federal Reserve chief Janet Yellen has made it clear she's looking out for "some" improvement in the job market before voting for the first Fed interest rate rise in nearly a decade, so is everyone else.
  • 10:22 AM » Statement Regarding Aggregation of Agency Mortgage-Backed Securities Holdings
    Published Fri, Jul 31 2015 10:22 AM by NY Fed
    During the week of August 17, 2015, the Federal Reserve Bank of New York (New York Fed) Open Market Trading Desk will begin a process to streamline the administration of the agency mortgage-backed securities (MBS) held in the System Open Market Account (SOMA) by consolidating some of these securities through a service offered by Fannie Mae and Freddie Mac called CUSIP aggregation. Through this process, aggregated CUSIPs are formed by consolidating existing agency MBS with similar characteristics into larger pass-through securities. This process is commonly used by market participants, although the scale of aggregation in this case will be large by market standards. Because all of the payments on the underlying agency MBS flow through to the aggregated CUSIPs, the aggregation process will not otherwise affect the size or characteristics of the SOMA portfolio. No inference should be drawn from CUSIP aggregation about the timing or nature of any future monetary policy actions.
  • 9:12 AM » This Year's Busiest Home-Building Markets Favor Apartments
    Published Fri, Jul 31 2015 9:12 AM by WSJ
    The busiest and fastest-growing large metro areas in the U.S. in the first half of this year have something in common: An affinity for apartments and condominiums.
  • 9:09 AM » Wells Fargo to Exit Loan Referral Deals With Builders, Agents
    Published Fri, Jul 31 2015 9:09 AM by Bloomberg
    Wells Fargo to Exit Loan Referral Deals With Builders, Agents Bloomberg Wells Fargo & Co., the largest U.S. mortgage lender, is ending some marketing arrangements with real estate firms and home builders over concerns about regulatory scrutiny. The decision, effective Aug. 1, ends the practice of providing payments or ... and more »
  • 9:09 AM » Ocwen Financial posts lower quarterly profit
    Published Fri, Jul 31 2015 9:09 AM by Market Watch
    Ocwen Financial Corporation said its second-quarter net income dropped to $10 million from $67 million in the same period a year earlier. Earnings per share for the Atlanta-based mortgage-servicing company fell to $0.08 per share from $0.48 per share. Revenue dropped 16% to $463 million. Following more than a year of problems with regulators, Ocwen announced previously that it was selling some of its mortgage-servicing rights and concentrating on mortgages not owned by government agencies.
  • 9:05 AM » Economic Report: Sharp deceleration in employment costs gives Fed a reason to delay rate hike
    Published Fri, Jul 31 2015 9:05 AM by Market Watch
    The second quarter employment cost index rose a paltry 0.2%, well below forecasts and could give the Federal Reserve a reason to delay an interest-rate hike.
  • Thu, Jul 30 2015
  • 3:30 PM » This one word may hold clue for Fed
    Published Thu, Jul 30 2015 3:30 PM by CNBC
    Investors hungry for clues about when the Federal Reserve is going to raise rates are looking for, well, anything.
  • 2:29 PM » 401(k) contributions hit record
    Published Thu, Jul 30 2015 2:29 PM by CNBC
    The nation's largest retirement plan provider reports that 401(k) contributions have surpassed $10,000 for the first time.
  • 2:28 PM » Q2 GDP: Investment
    Published Thu, Jul 30 2015 2:28 PM by Calculated Risk Blog
    The graph below shows the contribution to GDP from residential investment, equipment and software, and nonresidential structures (3 quarter trailing average). This is important to follow because residential investment tends to lead the economy, equipment and software is generally coincident, and nonresidential structure investment trails the economy. In the graph, red is residential, green is equipment and software, and blue is investment in non-residential structures. So the usual pattern - both into and out of recessions is - red, green, blue. The dashed gray line is the contribution from the change in private inventories. Note: This can't be used blindly.  Residential investment is so low as a percent of the economy that the small decline early last year was not  a concern. Click on graph for larger image. Residential investment (RI) increased at a 6.6% annual rate in Q2.  Equipment investment decreased at a 4.1% annual rate, and investment in non-residential structures decreased at a 1.6% annual rate.   On a 3 quarter trailing average basis, RI is positive (red), equipment is slightly negative (green), and nonresidential structures are also negative (blue). Note: Nonresidential investment in structures typically lags the recovery, however investment in energy and power provided a boost early in this recovery - and is now causing a decline.  Other areas of nonresidential are now increasing significantly. I expect investment to be solid going forward (except for energy and power), and for the economy to grow at a decent pace for the remainder of 2015. The second graph shows residential investment as a percent of GDP. Residential Investment as a percent of GDP has been increasing, but it still below the levels of previous recessions - and I expect RI to continue to increase for the next few years. I'll break down Residential Investment into components after the GDP details are released. Note: Residential investment...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 2:27 PM » Greece says IMF is taking part in bailout talks
    Published Thu, Jul 30 2015 2:27 PM by Reuters
    ATHENS (Reuters) - The International Monetary Fund (IMF) will take part in top-level talks on Greece's third multi-billion euro bailout program on Friday, a Greek Finance Ministry official said on Thursday.
  • 12:41 PM » House Financial Services Committee passes CFPB-related bills including bill creating TRID Rule hold harmless period
    Published Thu, Jul 30 2015 12:41 PM by www.cfpbmonitor.com
    Richard J. Andreano, Jr. and Barbara S. Mishkin Yesterday, the following four CFPB-related bills were passed by the House Financial Services Committee: H.R. 3192, the “Homebuyers Assistance Act”: The bill would provide a hold harmless period for the TILA/RESPA Integrated Disclosure (TRID) rule that is scheduled to go into effect on October 3, 2015. Although the CFPB recently delayed the effective date of... More >
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
  • 12:41 PM » NYC property market still hot even as private equity exits
    Published Thu, Jul 30 2015 12:41 PM by Reuters
    NEW YORK (Reuters) - The private equity and other pooled funds that have made century-old buildings some of the hottest properties in Manhattan have been cashing out at double the rate of a few years ago, but strong buying from other investors has assuaged fears that the market is peaking.
  • 11:07 AM » Economists React to Second-Quarter GDP: ‘By No Means Satisfying'
    Published Thu, Jul 30 2015 11:07 AM by WSJ
    U.S. gross domestic product, the broadest sum of goods and services produced across the economy, grew by a seasonally adjusted annual rate of 2.3 percent in the second quarter of 2015. Here's what economists had to say.
  • 11:06 AM » Gross: Low rates are the problem, not the solution
    Published Thu, Jul 30 2015 11:06 AM by CNBC
    "Money for nothing" interest rate policies have failed, bond guru Bill Gross said in a broadside Thursday against global central banks.
  • 10:21 AM » More homeowners drowning in debt
    Published Thu, Jul 30 2015 10:21 AM by CNBC
    More than 7.4 million borrowers were still "seriously" underwater on their mortgages at the end of June, according to RealtyTrac.
  • 10:18 AM » Red flag for bonds fraud: Source
    Published Thu, Jul 30 2015 10:18 AM by CNBC
    Buried deep inside a federal investigative report on the Treasury market is a red flag for potentially significant fraud, an insider warns.
  • 10:18 AM » Mortgage Rates Move Down
    Published Thu, Jul 30 2015 10:18 AM by freddiemac.mwnewsroom.com
    Mortgage Rates Move Down
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 9:16 AM » Up, Down, Sideways? Making Sense of the Latest Home Sales Data
    Published Thu, Jul 30 2015 9:16 AM by www.realtor.com
    Unless you're a housing economist, the latest reports on home sales might have left you confused. Here's how to figure out which ones really offer insights into the housing market right now. The post Up, Down, Sideways? Making Sense of the Latest Home Sales Data appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 8:59 AM » The Worst Expansion Since World War II Was Even Weaker
    Published Thu, Jul 30 2015 8:59 AM by WSJ
    The economic expansion-already the worst on record since World War II-is weaker than previously thought, according to newly revised data.
  • 8:55 AM » U.S. jobless claims increase, but still near cycle lows
    Published Thu, Jul 30 2015 8:55 AM by Reuters
    WASHINGTON (Reuters) - The number of Americans filing new applications for unemployment benefits increased last
  • Wed, Jul 29 2015
  • 7:33 PM » Energy-Rich Metro Areas Lose Jobs in June
    Published Wed, Jul 29 2015 7:33 PM by WSJ
    The unemployment rate has surged in all but one of West Virginia's metropolitan areas, a sign of the hardship that the drop in the price of coal is having on mining regions.
  • 7:33 PM » Earnings focus, but also seeking Fed clues in GDP
    Published Wed, Jul 29 2015 7:33 PM by CNBC
    Thursday brings another wave of earnings, but markets will also be digging deep into GDP data for clues on the Fed.
  • 7:32 PM » 5 Things to Watch in Thursday's GDP Report
    Published Wed, Jul 29 2015 7:32 PM by WSJ
    The government on Thursday releases its first estimate of economic growth in the second quarter. It's expected that the economy returned to expansion after a first-quarter contraction. Here's what to look for.
  • 7:27 PM » September? December? Fed's Not Saying and Bond Traders Care Less
    Published Wed, Jul 29 2015 7:27 PM by Bloomberg
    September? December? Fed's Not Saying and Bond Traders Care Less Bloomberg The Federal Reserve needs a little longer to decide when to raise interest rates for the first time in nine years. The bond market is more interested in when the second increase will be. Wednesday's Fed's policy statement noted continued improvement in ... and more »
  • 5:36 PM » ‘Boomerang' Millennials Get Cozy at Home
    Published Wed, Jul 29 2015 5:36 PM by WSJ
    For many in the "boomerang generation," the young adults who moved in with their parents after the recession hit, a job and a paycheck have not proved reason enough to fly the coop.
  • 3:34 PM » What changed in new Fed statement
    Published Wed, Jul 29 2015 3:34 PM by CNBC
    This is a comparison of today's FOMC statement with the one issued after the Fed's previous policy-making meeting on June 17.
  • 3:33 PM » Liquidity-Obsessed Bond Buyers Taking Action to Protect Funds
    Published Wed, Jul 29 2015 3:33 PM by Bloomberg
    Liquidity-Obsessed Bond Buyers Taking Action to Protect Funds Bloomberg Bond-fund managers may debate the exact reason for the deterioration in market liquidity, but one thing is clear: they're highly concerned about it. And many aren't waiting to find out the potential implications of suddenly being unable to quickly ... and more »
  • 3:33 PM » Why Rent-to-Own Homes Are Making a Comeback
    Published Wed, Jul 29 2015 3:33 PM by Bloomberg
    Bloomberg Why Rent-to-Own Homes Are Making a Comeback Bloomberg Bloomberg's Pimm Fox reports on the resurgence of rent-to-own U.S. homes. He speaks on "Bloomberg Markets." (Source: Bloomberg). Related. Dorsey's Candid Comments Sink Twitter Shares. Most Recent Videos. Why Rent-to-Own Homes Are Making a ...
  • 3:33 PM » Whether They Rent or Buy, Millennials Don't Want to Drive
    Published Wed, Jul 29 2015 3:33 PM by www.realtor.com
    A report from the National Association of Realtors says millennials want to live in walkable communities. The post Whether They Rent or Buy, Millennials Don’t Want to Drive appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 1:48 PM » The Shaky Foundation For U.S. Housing-Price Growth
    Published Wed, Jul 29 2015 1:48 PM by WSJ
    Home prices have been rising at twice the rate of income growth and inflation, and something will have to give.
  • 1:48 PM » Christine Lagarde plays down beef with Janet Yellen over rate-hike timing
    Published Wed, Jul 29 2015 1:48 PM by Market Watch
    Christine Lagarde, the managing director of the IMF, played down her differences with Fed Chairwoman Janet Yellen over the timing of the U.S. central bank's first rate hike since 2006.
  • 11:23 AM » Analyzing every word Yellen has said
    Published Wed, Jul 29 2015 11:23 AM by CNBC
    CNBC's Big Crunch analyzed every single word from Fed Chair Janet Yellen. Here are the insights from those press conferences.
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Mortgage Rates:
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