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  • Thu, Dec 13 2012
  • 11:17 PM » Bank of America Says MBIA Has Defaulted on Contested Securities
    Published Thu, Dec 13 2012 11:17 PM by Bloomberg
    Bank of America Says MBIA Has Defaulted on Contested Securities Bloomberg Bank of America Corp. said it's issued a notice of default to MBIA Inc. after buying some of the bond insurer's notes in an attempt to block a legal maneuver in their three-year dispute over toxic mortgage assets. Bank of America, which failed to persuade ... and more »
  • 11:16 PM » Draghi's Rallying Cry for New EU Powers
    Published Thu, Dec 13 2012 11:16 PM by CNBC
    The EU needs fresh powers to wind up failing banks in a speedy push to the next phase of banking union, according to Mario Draghi, after a landmark agreement on centralized supervision.
  • 11:16 PM » Does Bernanke's clearer ‘Fed speak' make him a better steward of the U.S. economy?
    Published Thu, Dec 13 2012 11:16 PM by Washington Post
    This past summer, Alan Greenspan, the former Federal Reserve chairman, told a magazine how he'd practice the opaque dialect known as "Fed speak" in his nearly two decades leading the U.S. central bank. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 11:10 PM » Boehner Heading to White House to Meet With Obama
    Published Thu, Dec 13 2012 11:10 PM by CNBC
    House Speaker John Boehner is going to the White House on Thursday afternoon to meet with President Barack Obama, a hopeful sign in what appeared to be a deadlock in talks to resolve the "fiscal cliff."
  • 2:08 PM » DataQuick: November Bay Area Home Sales Report
    Published Thu, Dec 13 2012 2:08 PM by DataQuick
    Further Gains for Bay Area Home Sales and Prices December 13, 2012 La Jolla, CA.--The Bay Area housing market continued its march toward normalcy in November, with strong sales and rising sale prices fueled by increased demand, strained inventory, record-low mortgage rates and robust investor interest, a real estate information service reported. A total of 7,296 new and resale homes were sold in the nine-county Bay Area last month. That was down 6.4 percent from 7,795 in October, and up 15.5 percent from 6,317 for November 2011, according to San Diego-based DataQuick. A drop from October to November is normal for the season. Last month's sales count was the highest for any November since 8,042 homes were sold in 2006. November sales have varied from 5,127 in 2007 to 11,906 in 2004. The average for all months of November since 1988, when DataQuick's statistics start, is 7,873. "Current trends are likely to stay with us well into spring, at least. One of the variables that could really impact the market would be supply - how many homes are put up for sale. There are still mortgage finance issues. Some loan categories are not active. But right now, low mortgage interest rates make up for that. With the mismatch between supply and demand, there's upward pressure on prices," said John Walsh, DataQuick president. The median price paid for a home in the Bay Area was $438,000 last month. That was up 5.3 percent from $416,000 in October and up 20.5 percent from $363,500 in November a year ago. Last month's median was the highest since August 2008, when it was $447,000. The low point of the current real estate cycle was $290,000 in March 2009. The peak was $665,000 in June/July 2007. Around half of the median's peak-to-trough drop, as well as about half the median's year-over-year increase this November, was the result of a shift in the sales mix. For example, today far fewer lower-cost foreclosures are re-selling compared with a year ago, and...
  • 1:57 PM » US Housing's Repo Man Is Back
    Published Thu, Dec 13 2012 1:57 PM by CNBC
    Overall foreclosure activity continues to fall but, a huge backlog of homes already in the foreclosures process are finally going back to the banks - in big numbers. One realty expert warns we're not "completely out of the woods."
  • 1:56 PM » GSEs Publish Phase II ULDD Specification
    Published Thu, Dec 13 2012 1:56 PM by Freddie Mac
    To continue to enhance the accuracy and quality of loan data required at delivery, Freddie Mac has published the Phase II ULDD specification and timeline.
  • 1:56 PM » FDIC Releases Survey on How Banks are Working to Meet the Needs of the Unbanked and Underbanked
    Published Thu, Dec 13 2012 1:56 PM by
    Press Release FDIC Releases Survey on How Banks are Working to Meet the Needs of the Unbanked and Underbanked FOR IMMEDIATE RELEASE December 13, 2012 Media Contact: Greg Hernandez (202) 898-6984 Cell: (202) 340-4922 Email: ghernandez@fdic.govv   The Federal Deposit Insurance Corporation (FDIC) today released the results of its 2011 FDIC Survey of Banks' Efforts to Serve the Unbanked and Underbanked. The results provide insight into the outreach, education, marketing and retail strategies being used by banks to meet the needs of underserved consumers. The survey was released during the meeting of the FDIC's Advisory Committee on Economic Inclusion (ComE-IN) in Washington. The survey noted certain strengths among banks' efforts to serve the unbanked and underbanked. For example, four out of ten banks develop products and services specifically for unbanked and underbanked consumers. In addition, eight in ten banks reported providing free counseling to underserved consumers, and banks reported positively on outreach partnerships with community groups. However, the survey also identified that some banks have account opening requirements that can be challenging for underserved populations. For instance, only 15 percent of banks had no minimum initial deposit requirement to open a basic checking account, while nearly half (48 percent) required at least $100. FDIC Chairman Martin J. Gruenberg said, "This survey provides a detailed picture of banks' efforts to serve this large segment of consumers. It points out the good work being done by financial institutions to expand access to the banking system, as well as areas for improvement." The report identified five opportunities for banks to increase access to basic financial services, which include expanding offerings of basic, low-cost checking and savings deposit accounts; enhancing small-dollar loan product marketing; and utilizing partnerships with community organizations to promote checking...
    Click Here to Read the Full Article

  • 11:08 AM » The Mortgage Challenge: Fannie and Freddie's Fate
    Published Thu, Dec 13 2012 11:08 AM by Google News
    In a Letter to the Editor of The New York Times, Jason Gold argues that the Times’ editorial gets it wrong and the Obama administration...
  • 11:08 AM » SIFMA President and CEO Tim Ryan on the State of the Industry
    Published Thu, Dec 13 2012 11:08 AM by SIFMA
    SIFMA President and CEO Tim Ryan on the State of the Industry<br/>
  • 11:03 AM » Pimco's Gross Says Fed Policy Means 'Free' Debt for Treasury
    Published Thu, Dec 13 2012 11:03 AM by Bloomberg
    Pimco's Gross Says Fed Policy Means 'Free' Debt for Treasury Bloomberg Pacific Investment Management Co.'s Bill Gross, manager of the world's biggest bond fund, said the Federal Reserve's latest round of monetary stimulus will enable the Treasury department to issue debt for no cost. The central bank said yesterday it will buy ...
  • 10:14 AM » When Will the Bond Bubble Burst?
    Published Thu, Dec 13 2012 10:14 AM by CNBC
    When will the bond bubble burst? The U.S. Federal Reserve's action yesterday - indicating it would continue stimulus for as long as it takes to get the unemployment rate down to 6.5 percent or below - has reignited debate about the Bond Bubble.
  • 10:14 AM » Hovnanian Reports Narrower Loss as Housing Sales Increase
    Published Thu, Dec 13 2012 10:14 AM by Bloomberg
    Hovnanian Reports Narrower Loss as Housing Sales Increase Bloomberg Hovnanian Enterprises Inc., the largest homebuilder in New Jersey, reported a narrower loss for its fiscal fourth quarter as sales increased in a recovering U.S. housing market. The net loss for the three months ended Oct. 31 was $84.4 million, or 59 cents a ...
  • 10:03 AM » Freddie Mac: Mortgage Rates Ease Slightly, Remain Near Record Lows
    Published Thu, Dec 13 2012 10:03 AM by Freddie Mac
    MCLEAN, Va., Dec. 13, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates easing slightly and rema...
  • 9:40 AM » Pimco's Kashkari: Fed Is Buying Washington Time
    Published Thu, Dec 13 2012 9:40 AM by CNBC
    The U.S. Federal Reserve's bond-purchasing and low interest rate policies are buying Washington to solve the nation's debt crisis, said Pimco's Head of Global Equities Neel Kashkari.
  • 9:39 AM » Chairman Bachus: Harmful Volcker Rule a "Self-Inflicted Wound That Should be Repealed"
    Published Thu, Dec 13 2012 9:39 AM by House Financial Services
    Financial Services Committee Chairman Spencer Bachus today delivered the following statement at a hearing on the Volcker Rule, a controversial provision of the Dodd-Frank Act designed to prohibit proprietary trading by U.S. banks.  The committee's hearing examined the harmful impacts the Volcker Rule will have on job creation, the economy and investors. "This morning the Committee holds its second hearing focused on the Volcker Rule and specifically its impact on markets, investors and job creation. "The Massachusetts Educational Finance Authority has warned regulators in its comment letter of February 13 that the Volcker Rule would increase funding costs for the authority's bonds, which 'would be passed along to consumers funding higher education expenses' through their loan programs. "In a February 14 comment letter to regulators, Financial Executives International, which represents corporate treasurers of public and private companies, wrote that the Volcker Rule, as proposed, 'could adversely affect the ability of American businesses to grow, create jobs, and contribute to a healthy economic recovery.' "Putnam Investments also cautioned regulators in a February 13 letter that the consequences of the Volcker Rule 'may range from reducing liquidity in U.S. capital markets and harming their global competitiveness to raising the cost of capital to U.S. corporations, lowering return to investors and curbing the American economy's capacity for growth.' "The Volcker Rule is designed to prevent proprietary trading by banks.  But no one, not even Paul Volcker himself, argues that proprietary trading was a cause of the financial crisis.  The erosion of lending standards and the federal government's poorly-conceived efforts to subsidize mortgage lending caused the financial crisis, not proprietary trading.  Therefore, the Volcker Rule sticks out as...
    Click Here to Read the Full Article

    Source: House Financial Services
  • 9:32 AM » Deutsche Bank CEO Under Investigation - Head Office Raided in Tax Probe
    Published Thu, Dec 13 2012 9:32 AM by
    Matters are getting even more serious at Deutsche Bank, as investigations have reached the board room itself. Co-CEO Jürgen Fitschen and Chief Financial Officer Stefan Krause are accused of having signed a questionable sales tax return from 2009, and raids on Wednesday included a number of arrests.
    Click Here to Read the Full Article

  • 9:12 AM » Errors on U.S. Consumer Credit Reports Getting Tougher Oversight
    Published Thu, Dec 13 2012 9:12 AM by Bloomberg
    Errors on U.S. Consumer Credit Reports Getting Tougher Oversight Bloomberg Credit-report errors may be easier for consumers to resolve under new government oversight of the three major credit-reporting firms, Experian Plc (EXPN), Equifax Inc. (EFX) and TransUnion Corp. (TRUN), the U.S. Consumer Financial Protection Bureau said ... and more »
  • 8:19 AM » Mortgage Break no Longer Sacred as US Tightens Tax Belt
    Published Thu, Dec 13 2012 8:19 AM by CNBC
    The U.S. tax code has many tax breaks and few rank higher than the deduction for home mortgage interest.
  • 8:18 AM » Study: agencies rely heavily on credit card histories when calculating credit scores
    Published Thu, Dec 13 2012 8:18 AM by Washington Post
    Anyone who has ever applied for a loan or tried to rent an apartment knows the importance of having a good credit score. Yet there is little understanding of how those scores are devised. A new paper released Thursday by the Consumer Financial Protection Bureau lifts the veil off of credit reporting, revealing that the way consumers use the plastic in their wallets weighs heaviest on their scores. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 8:17 AM » Barclays plans to cut up to 2,000 jobs: WSJ
    Published Thu, Dec 13 2012 8:17 AM by Market Watch
    FRANKFURT (MarketWatch) -- British banking giant Barclays PLC plans to slash as many as 2,000 jobs from its investment bank as part of a broad shakeup, The Wall Street Journal reported Thursday, citing people familiar with the plans. The cuts are expected to be announced in early 2013, the newspaper said, and would make Barclays the latest institution to engage in what's become a global cost-cutting spree in the banking industry. The cuts are expected to be concentrated in Asia and continental Europe, the report said, with executives aiming to shield the bank's U.S. and U.K. operations. A Barclays spokesman wasn't immediately available for comment.
  • 8:16 AM » US Treasurys Prices Slip After Fed Unveils Bond-Buy Plan
    Published Thu, Dec 13 2012 8:16 AM by CNBC
    U.S. Treasurys edged lower on Thursday, pushing up benchmark yields to their highest in a month, after the U.S. Federal Reserve announced a new bond-buying program to stimulate the economy.
  • 8:16 AM » How Significant Are the Fed's Targets?
    Published Thu, Dec 13 2012 8:16 AM by CNBC
    On the outset, the Fed's unorthodox move appears to be its latest salvo to battle the economy's erratic and sub-par recovery. But some market watchers say: don't read too much into it.
  • 12:37 AM » Ex-Dallas Cowboy Lockhart Sentenced for Role in Mortgage Scam
    Published Thu, Dec 13 2012 12:37 AM by Bloomberg
    Ex-Dallas Cowboy Lockhart Sentenced for Role in Mortgage Scam Bloomberg Eugene Lockhart, the former Dallas Cowboys linebacker, was sentenced to four and a half years in prison for his role in a $20.5 million mortgage fraud that traded on his association with the National Football League. To contact the reporter on this story: ...
  • 12:36 AM » Serious differences remain as "fiscal cliff," talks drag on
    Published Thu, Dec 13 2012 12:36 AM by Reuters
    WASHINGTON (Reuters) - Sharp differences remained on Wednesday between congressional Republicans and the White House in talks to avert the "fiscal cliff" of steep tax hikes and budget cuts, and negotiators warned the showdown could drag on past Christmas.
  • 12:36 AM » Ben Bernanke has not yet begun to fight
    Published Thu, Dec 13 2012 12:36 AM by Washington Post
    The biggest surprise out of the Federal Reserve's blockbuster decision Wednesday to announce specific levels for unemployment and inflation that could trigger a policy change is this: That we all viewed it as a surprise. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 12:36 AM » Elizabeth Warren Nominated for Banking Committee
    Published Thu, Dec 13 2012 12:36 AM by CNBC
    Senate Democrats said Senator-elect Elizabeth Warren will join the Senate Banking Committee next year.
  • 12:35 AM » Home Seizures Rise as Banks Adjust to Foreclosure Flow
    Published Thu, Dec 13 2012 12:35 AM by Bloomberg
    Home Seizures Rise as Banks Adjust to Foreclosure Flow Bloomberg Home seizures in the U.S. rose 5.4 percent last month, the first annual gain in two years, as lenders seek to manage the flow of distressed properties without disrupting the housing recovery, according to RealtyTrac. Banks repossessed 59,134 homes, up from ... and more »
  • 12:35 AM » U.S. Banks to Make Another Push Against Volcker Rule
    Published Thu, Dec 13 2012 12:35 AM by Bloomberg
    U.S. Banks to Make Another Push Against Volcker Rule Bloomberg U.S. banks will again make their case against the Volcker rule at a hearing of the House Financial Services Committee as regulators move closer to completing their work on the measure. The committee's hearing today will be the last in this session of ... and more »
  • 12:34 AM » Europe Clinches Deal to Give ECB Watchdog Role
    Published Thu, Dec 13 2012 12:34 AM by CNBC
    Europe clinched a deal on Thursday to give the European Central Bank new powers to supervise euro zone banks, embarking on the first step in a new phase of closer integration to help underpin the euro.
  • 12:34 AM » Foreclosure starts lowest since 2006
    Published Thu, Dec 13 2012 12:34 AM by Market Watch
    The number of homes entering the foreclosure process in November was at its lowest level since December 2006, according to data released on Thursday by RealtyTrac.
  • 12:33 AM » BofA Jumbo-Deal Delay Shows Mortgage Market on Life Support
    Published Thu, Dec 13 2012 12:33 AM by Bloomberg
    BofA Jumbo-Deal Delay Shows Market on Life Support: Mortgages Bloomberg A delay of Bank of America Corp.'s return to selling mortgage securities shows the housing bust is still limiting the market's revival. Its Merrill Lynch unit has been considering since last month a plan to package hundreds of millions of dollars of U.S. jumbo ...
  • 12:32 AM » Massive bank cyberattack planned
    Published Thu, Dec 13 2012 12:32 AM by CNN
    Security firm McAfee on Thursday released a report warning that a massive cyberattack on 30 U.S. banks has been planned, with the goal of stealing millions of dollars from consumers' bank accounts.
  • 12:30 AM » Angelo Mozilo Unbowed Says Countrywide Was 'World-Class Company'
    Published Thu, Dec 13 2012 12:30 AM by Bloomberg
    Angelo Mozilo Unbowed Says Countrywide Was 'World-Class Company' Bloomberg Countrywide Financial Corp. co- founder Angelo Mozilo said under oath last year that he had "no regrets" about how he ran the mortgage firm and that he only agreed to a record $67.5 million regulatory settlement in 2010 to protect his children. Mozilo, who ...
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Mortgage Rates:
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  • 15 Yr FRM 4.21%
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  • Jumbo 30 Year Fixed 4.80%
MBS Prices:
  • 30YR FNMA 4.5 103-20 (-0-02)
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  • 30YR FNMA 5.0 105-17 (-0-01)
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  • 30YR FNMA 5.5 107-10 (0-06)
Recent Housing Data:
  • Mortgage Apps -1.15%
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  • Refinance Index -2.64%
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  • Purchase Index 5.06%