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  • Fri, Dec 17 2010
  • 8:08 PM » “Black Swan” Author Nassim Taleb on Bloomberg Television
    Published Fri, Dec 17 2010 8:08 PM by The Big Picture
    “Black Swan” author Nassim Taleb appeared on Bloomberg Television’s “Surveillance Midday” with Tom Keene today. He said that he’s worried about the crisis in the U.S. more than in Europe and that executive compensation on Wall Street is not fully addressed by regulators, causing a “moral hazard.”
    Click Here to Read the Full Article

    Source: The Big Picture
  • 8:08 PM » Tax Deal Adds Urgency to Debt Battles
    Published Fri, Dec 17 2010 8:08 PM by WSJ
    The $858 billion package of tax cuts President Barack Obama signed into law will accelerate battles over federal spending and tax policy that could define the 2012 presidential election.
  • 8:08 PM » Lawmakers Reject Legal Aid Money for Troubled Borrowers
    Published Fri, Dec 17 2010 8:08 PM by Google News
    U.S. House Republicans on Friday blocked a last-minute effort to allow foreclosure-prevention funds to be directed to legal aid groups, arguing it was an inappropriate use of financial rescue money.
  • 8:07 PM » Obama Signs $858 Billion Tax-Cut to Revive Economy, Add Jobs
    Published Fri, Dec 17 2010 8:07 PM by Business Week
    President Barack Obama signed into law an $858 billion bill extending for two years Bush-era tax cuts to boost a fragile economy and add jobs.
    Click Here to Read the Full Article

    Source: Business Week
  • 8:07 PM » Spotlight on Next Week: Durable Goods Data
    Published Fri, Dec 17 2010 8:07 PM by Google News
    Adobe, Nike and Walgreen earnings are due next week. As well as fresh durable goods, home sale and GDP data.
  • 8:06 PM » End of 'Build America' Bonds Will Hurt Munis, States
    Published Fri, Dec 17 2010 8:06 PM by CNBC
    End of 'Build America' Bonds Will Hurt Munis, States
  • 8:06 PM » Top 10 Most Expensive Real Estate Markets
    Published Fri, Dec 17 2010 8:06 PM by
    Today we are returning to our series of top ten lists, relating to real estate. Below, we have excerpted People’s Daily Online lists the most expensive real estate markets in the world, from Mumbai to Monte Carlo. 10. Mumbai, India 851 U.S. dollars per square foot. Same amount of land+ growing population = high rent. 9. Rome, Italy 851.50 U.S. dollars per square foot. “Mi scuzi, but thassa one high rent!” 8. Singapore 901 U.S. dollars per square foot. If you don’t pay your rent on time, your landlord can legally beat you in public. 7. Tokyo 1,103 U.S. dollars per square foot. This is not surprising as Japan is one of the world’s most crowded cities. 6. Paris, France 1,126.20 U.S. dollars per square foot. Hey, I guess their landlords are snobby and elitist as well. 5. Hong Kong 1,373 U.S. dollars per square foot. Due to land scarcity and a high residential population, Hong Kong real estate is in short supply. 4. New York 1,384 U.S. dollars per square foot. The “Big Apple” garners “Big Rent”. 3. London 1,928 U.S. dollars per square foot. As one of the world’s financial centers, London real estate prices are kept high. 2. Moscow 1,937 U.S. dollars per square foot. “In Soviet Russia, apartment rents you!” 1. Monte Carlo, Monaco 4,420 U.S. dollars per square foot. Monte Carlo residents can enjoy the blue coast, sandy beaches, enchanting nightlife, as well as the benefits of tax havens, but they also have to pay the price. This resort ranks first on the world’s most expensive real estate market list for two consecutive years.
  • 8:06 PM » PennyMac set to finance its first mortgage
    Published Fri, Dec 17 2010 8:06 PM by Reuters
    NEW YORK (Reuters) – PennyMac, the mortgage investment company founded three years ago will underwrite its first new residential loan as early as January, said David Spector, the firm’s chief investment officer. The new movement on PennyMac’s “conduit” facility for jumbo loans — with balances above government program limits — comes as the economy has shown signs of strength, Spector said in a recent interview. The milestone for PennyMac follows years of investing in distressed loans, which will also represent greater opportunities into 2012, he said. “We are currently offering jumbo loans on our rate sheet and will be looking to fund our first whole loan after the first of the year,” he said. “I feel that real estate is nationally at a bottom,” he said, from PennyMac’s Calabasas, California, offices. “From an economic point of view, we’re in the camp that things get better in 2011.” For an underwriter, a stronger economy typically means better credit quality, and higher interest rates on the loans. U.S. benchmark 10-year Treasury market rates shot up nearly a full percentage point to 3.33 percent since October 7 as reports on the economy, manufacturing and consumer spending suggested faster growth, despite high unemployment. The 10-year note will likely range between 3 percent to 4 percent in months ahead, Spector said. Other mortgage conduits are gearing up. BlackRock (BLK.N: , , , ), the world’s largest money manager, is funding jumbo loans with an eye toward creating a new breed of mortgage-backed securities. While many analysts expect home prices to drop further in 2011 as joblessness lingers and foreclosures depress prices, the impact will be uneven across the nation. A stability in activity, albeit at lower levels, in the next year should help bring in more buyers, Spector said. Mortgage credit will loosen, boosting lending volume, as regulators set guidance and banks get clarity on what’s needed to fund loans, he said Mortgage originations will probably not fall...
  • 8:06 PM » What Could Force More Short Sales
    Published Fri, Dec 17 2010 8:06 PM by CNBC
    Despite a government program designed to streamline and incentivize the process, short sales have not even come close to keeping up with foreclosure sales. That may be about to change.
  • 4:09 PM » Ron Paul: ‘I Don’t Think We Need Regulators’
    Published Fri, Dec 17 2010 4:09 PM by WSJ
    Rep. Ron Paul (R., Texas), who is taking over a key House panel with oversight over the Federal Reserve, criticizes regulators in a new interview.
  • 2:02 PM » State Unemployment Rates in November: "Little changed" from October
    Published Fri, Dec 17 2010 2:02 PM by Calculated Risk Blog
    From the BLS: Regional and state unemployment rates were generally little changed in November. Twenty-one states and the District of Columbia recorded unemployment rate increases, 15 states registered rate decreases, and 14 states had no rate change, the U.S. Bureau of Labor Statistics reported today. ... Nevada continued to register the highest unemployment rate among the states, 14.3 percent in November. The states with the next highest rates were California and Michigan, 12.4 percent each, and Florida, 12.0 percent. North Dakota reported the lowest jobless rate, 3.8 percent, followed by South Dakota and Nebraska, 4.5 and 4.6 percent, respectively. Click on graph for larger image in new window. This graph shows the high and low unemployment rates for each state (and D.C.) since 1976. The red bar is the current unemployment rate (sorted by the current unemployment rate). Nine states now have double digit unemployment rates. A number of other states are close.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 2:01 PM » Arizona Sues BofA on Loan Modifications
    Published Fri, Dec 17 2010 2:01 PM by WSJ
    Arizona sued Bank of America, alleging that the bank committed "widespread consumer fraud" in its handling of loan modifications.
  • 10:51 AM » RealtyTrac: Foreclosures To Roar Back in 2011
    Published Fri, Dec 17 2010 10:51 AM by The Big Picture
    ~~~ Source: Peter Gorenstein Yahoo Tech Ticker, Dec 17, 2010
    Click Here to Read the Full Article

    Source: The Big Picture
  • 10:50 AM » Spain bad loan ratio rises to near 15-year high
    Published Fri, Dec 17 2010 10:50 AM by Reuters
    MADRID (Reuters) - The bad loans ratio for Spanish banks rose to its highest level in almost 15 years in October, the Bank of Spain said on Friday, as a stagnant economy and high unemployment weighed...
  • 10:50 AM » Patient Money: Don’t Let Medical Bills Ruin Your Credit Score
    Published Fri, Dec 17 2010 10:50 AM by NY Times
    Medical bills can be difficult for patients to keep track of and can do a lot of damage to credit scores is not paid on the timely basis.
  • 10:50 AM » China Leader Says Anti-Inflation Measures Needed
    Published Fri, Dec 17 2010 10:50 AM by NY Times
    The comments from Li Keqiang, vice premier of China, seemed to highlight that China is increasingly concerned about resentment over rising living costs.
  • 10:50 AM » Will Mortgage Rate Rise Hurt Housing Market?
    Published Fri, Dec 17 2010 10:50 AM by Google News
    If Americans weren't buying homes when rates were at 4.25%, what happens now that rates have popped back to 5%?
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More From MND

Mortgage Rates:
  • 30 Yr FRM 4.45%
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  • 15 Yr FRM 4.05%
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  • Jumbo 30 Year Fixed 4.29%
MBS Prices:
  • 30YR FNMA 4.5 103-20 (0-04)
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  • 30YR FNMA 5.0 104-30 (0-03)
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  • 30YR FNMA 5.5 106-02 (0-02)
Recent Housing Data:
  • Mortgage Apps -2.52%
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  • Refinance Index 0.33%
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  • Purchase Index -4.92%