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  • Thu, Sep 16 2010
  • 4:52 PM » The Downside of Families Doubling-Up
    Published Thu, Sep 16 2010 4:52 PM by WSJ
    More people are living with family in an effort to deal with the recession, but while the phenomenon is keeping the poverty rate lower, it has wider negative economic consequences.
  • 4:51 PM » U.S. Senate Passes Small Businesses Tax, Loan Measure
    Published Thu, Sep 16 2010 4:51 PM by Business Week
    The U.S. Senate approved legislation to cut taxes and ease credit for small businesses in a long-delayed victory for Democrats eager to show voters they are working to create jobs.
    Click Here to Read the Full Article

    Source: Business Week
  • 4:51 PM » 10 Reasons to Buy a Home
    Published Thu, Sep 16 2010 4:51 PM by Google News
    Clear away today's problems and you see a fundamentally strong market that makes as much sense today as always.
  • 4:51 PM » Revisiting the Three Housing-Boom Camps: Optimists, Pessimists, and Agnostics
    Published Thu, Sep 16 2010 4:51 PM by Google News
    In this post, we depart from our usual practice of addressing research by other authors and discuss a recent paper of our own: "Reasonable people did disagree: Optimism and pessimism about the U.S. housing market before the crash." We first review the main points of the paper, and then touch...
  • 4:36 PM » Two for One: Foreclosed Townhome Mistakenly Sold Twice
    Published Thu, Sep 16 2010 4:36 PM by Google News
    Two home buyers and an investor both say they fairly purchased a foreclosed townhome. Now they're fighting to see who gets to stay.
  • 4:36 PM » How the Financial World Sees Itself
    Published Thu, Sep 16 2010 4:36 PM by The Big Picture
    Via :
    Click Here to Read the Full Article

    Source: The Big Picture
  • 4:36 PM » Fannie, Freddie could cost govt $53 billion through 2020
    Published Thu, Sep 16 2010 4:36 PM by Reuters
    WASHINGTON (Reuters) - Mortgage finance giants Fannie Mae and Freddie Mac could cost the government $53 billion through 2020 or save the government as much as $44 billion, depending on the accounting principles used, the non-partisan Congressional Budget Office said on Thursday.
  • 11:25 AM » Philly Fed Index shows contraction in September
    Published Thu, Sep 16 2010 11:25 AM by Calculated Risk Blog
    Here is the Philadelphia Fed Index: The survey’s broadest measure of manufacturing conditions, the diffusion index of current activity, increased from a reading of -7.7 in August to -0.7 in September . The index, which has been negative for two consecutive months, suggests that growth has stalled over the last two months (see Chart). Indexes for new orders and shipments continued to indicate weakness this month: The new orders index fell 1 point, remaining negative for the third consecutive month , and the shipments index decreased 3 points, remaining negative for the second consecutive month. Firms reported near steady employment this month but lower average work hours for existing employees. The percentage of firms reporting increases in employment (18 percent) narrowly edged out the percentage reporting decreases (16 percent). The index for employment was slightly positive this month, increasing 5 points from its negative reading in August. Indicative of weaker activity, more firms reported declines in average work hours for existing employees (30 percent) than reported increases (8 percent). emphasis added Click on graph for larger image in new window. This graph shows the Philly index for the last 40 years. This index turned down sharply in June and July and was negative in August and September (indicating contraction). These surveys are timely, but noisy. However this is further evidence of a slowdown in manufacturing. This was slightly worse than the consensus view of a reading of 3.8 (slight expansion).
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 11:24 AM » Realty Bubble Monitor: Long Term Price & Affordability
    Published Thu, Sep 16 2010 11:24 AM by The Big Picture
    Terrific pair of long term housing charts, via Freddy Hunter of . > Home Price / Family Income Ratio: Overpricing of Median Home click for ginormous charts > New Home Price median detached from the Affordability Trend
    Click Here to Read the Full Article

    Source: The Big Picture
  • 11:23 AM » Senators Tell Geithner That China Hinders U.S. Recovery
    Published Thu, Sep 16 2010 11:23 AM by NY Times
    As the Treasury secretary listed complaints about China’s economic policies, senators expressed impatience with the administration’s tactics.
  • 11:23 AM » Commercial paper market faces additional challenges
    Published Thu, Sep 16 2010 11:23 AM by
    In August 2007, commercial paper was a $2.2 trillion market. --
    Click Here to Read the Full Article

  • 11:23 AM » Fannie financed mortgages with little down without FHFA approval
    Published Thu, Sep 16 2010 11:23 AM by
    Edward J. DeMarco, acting director of the U.S. --
    Click Here to Read the Full Article

  • 9:19 AM » The two key housing problems
    Published Thu, Sep 16 2010 9:19 AM by Calculated Risk Blog
    I think there are two key problems for the housing market: 1) the excess supply of existing housing units, and 2) negative equity. The excess supply is keeping pressure on residential investment, and therefore on employment and economic growth. As new households are formed, the excess supply will be absorbed - but this is happening very slowly. Hence the quote of the day: Time Warner Cable ... CFO Robert Marcus said "subscriber environment very, very weak," thanks to high unemployment, high ... vacancies and "really anemic new home formation." It takes jobs to create households, and usually housing is the key driver for employment growth in the early stages of a recovery. So this is a trap: the excess supply means weak employment growth, leading to few new households, so the excess supply is absorbed slowly - putting off more robust employment growth. The excess supply is also pushing down house prices (prices are just starting to ). Lower prices will eventually help clear the market, however lower prices will push more homeowners into negative equity . And negative equity is the other key problem for housing. It is difficult for homeowners with negative equity to sell, it is difficult to move for employment or other reasons, it is hard to refinance, and it is demoralizing for many homeowners (especially those with substantial negative equity). Negative equity frequently leads to distressed sales (short sales or foreclosures), and losses for lenders. At the end of Q2, CoreLogic that "11 million, or 23 percent, of all residential properties with mortgages were in negative equity". And an "additional 2.4 million borrowers had less than five percent equity". With house prices falling, several million more properties will be in a negative equity position later this year and in 2011. "Negative equity continues to both drive foreclosures and impede the housing market recovery. With nearly 5 million borrowers currently in severe...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:19 AM » Economic Stimulus? Try These 7 Ideas
    Published Thu, Sep 16 2010 9:19 AM by The Big Picture
    The economic stimulus was an unfocused series of compromises that had a modest stimulative effect on economic activity. Indeed, no matter how haphazardly you dump a trillion dollars on the US economy, it will goose employment, industrial production, retail sales and GDP. Its hard to spend that much money and not have an impact. The limitation of most of these spending increases and tax cuts was that they had a temporary effect: As long as the money flowed, they were stimulative. Once the spending stopped, the stimulus stopped also. Talk has begun on a new set of stimulus plans. To avoid the limited and temporary impact, perhaps policy-makers, tax-payers and voters should be asking these questions about any stimulus: “What are our policy goals? Are these he most effective and efficient spending & tax plans for achieving these goals? What are the costs? What is the likely result of the alternative — doing nothing? So far, most proposals have been either too timid or misdirected (The infrastructure rebuild is a good idea but its only a quarter of what is necessary). The goal of counter-cyclical government tax cuts and spending should be more than a temporary salve — it should be to “prime the economic pump.” With consumers and businesses so cautious, the virtuous cycle of hiring, spending, saving, investing has not gotten any traction. If you were going to give me a trillion dollars to stimulate the economy so that the next expansion could proceed, here’s what I would do: 1) One Year Payroll Tax Holiday : Want to increase job creation and reduce unemployment? Tax it less. A 12 month employer FICA holiday will encourage job creation. How to pay for it : Raising both the retirement age and the cap on FICA contributions. 2) Capital Investment 1 year 100% Deduction : The administration has already proposed a variation on this. It was an effective tax credit when done in 2004-05, but the drawback was it encouraged CapEx over new hiring. The idea of the payroll tax holiday...
    Click Here to Read the Full Article

    Source: The Big Picture
  • 9:19 AM » Warren to Unofficially Lead Consumer Agency
    Published Thu, Sep 16 2010 9:19 AM by NY Times
    Elizabeth Warren will oversee the establishment of the Consumer Financial Protection Bureau, an official said.
  • 9:19 AM » Is Walking Away from Your Mortgage 'Acceptable'?
    Published Thu, Sep 16 2010 9:19 AM by
    About a third of Americans say it is, at least under certain circumstances.
    Click Here to Read the Full Article

  • 9:19 AM » Housing Views Dim, But Underwater Borrowers Say Owning Beats Renting
    Published Thu, Sep 16 2010 9:19 AM by Google News
    A new survey shows that Americans are generally taking a dimmer view of homeownership.
  • 9:19 AM » Desperate Measures: Home Sellers Continue Slashing Prices
    Published Thu, Sep 16 2010 9:19 AM by Google News
    As of Sept. 1, 26% of homes on the market saw their prices cut--accounting for more than $29 billion in reductions.
  • 9:19 AM » Gold Rises to Record on Increased Demand for Wealth Protection
    Published Thu, Sep 16 2010 9:19 AM by Business Week
    Gold rose to a record in London and New York as investors sought protection against turmoil in the global economy and financial markets. Silver rose to the highest price since March 2008.
    Click Here to Read the Full Article

    Source: Business Week
  • 9:18 AM » Jobless Claims Hold Steady, But Inflation Creeps Up
    Published Thu, Sep 16 2010 9:18 AM by CNBC
    Claims for unemployment benefits unexpectedly fell, dropping to a two-month low, while producer prices rose slightly more than expected as energy prices posted their first increase since March.
  • 9:18 AM » Homebuyer Tax Credit Extension for Contracted Homebuyers Only
    Published Thu, Sep 16 2010 9:18 AM by Google News
    The extension on filing for the homebuyer tax credit is available only to those who had already contracted to buy a home by the end of April to give them more time to benefit from the credit.
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Mortgage Rates:
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  • 15 Yr FRM 4.05%
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  • Jumbo 30 Year Fixed 4.29%
MBS Prices:
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  • 30YR FNMA 5.0 104-30 (0-03)
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Recent Housing Data:
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  • Refinance Index 0.33%
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  • Purchase Index -4.92%