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  • Wed, Feb 1 2012
  • 5:32 PM » Treasury May Let Investors Pay to Lend to US
    Published Wed, Feb 01 2012 5:32 PM by CNBC
    Treasury May Let Investors Pay to Lend to US<br/>http://www.cnbc.com//id/46224487
  • 5:31 PM » High Marks for Bernanke: Gross Gives Him 9 Out of 10
    Published Wed, Feb 01 2012 5:31 PM by CNBC
    High Marks for Bernanke: Gross Gives Him 9 Out of 10<br/>http://www.cnbc.com//id/46224135
  • 5:30 PM » Statement from NAHB Chairman Bob Nielsen on President Obama?s Housing Plan
    Published Wed, Feb 01 2012 5:30 PM by NAHB
    Press Release
  • 5:29 PM » SEC Charges Former Credit Suisse Investment Bankers in Subprime Bond Pricing Scheme During Credit Crisis
    Published Wed, Feb 01 2012 5:29 PM by SEC
    FOR IMMEDIATE RELEASE 2012-23 Washington, D.C., Feb 1, 2012 - The Securities and Exchange Commission today charged four former veteran investment bankers and traders at Credit Suisse Group for engaging in a complex scheme to fraudulently overstate the prices of $3 billion in subprime bonds during the height of the subprime credit crisis. The SEC alleges that Credit Suisse's former global head of structured credit trading Kareem Serageldin and former head of hedge trading David Higgs along with two mortgage bond traders deliberately ignored specific market information showing a sharp decline in the price of subprime bonds under the control of their group. They instead priced them in a way that allowed Credit Suisse to achieve fictional profits. Serageldin and Higgs periodically directed the traders to change the bond prices in order to hit daily and monthly profit targets, cover up losses in other trading books, and send a message to senior management about their group's profitability. The SEC alleges that the mispricing scheme was driven in part by these investment bankers' desire for lavish year-end bonuses and, in the case of Serageldin, a promotion into the senior-most echelon of Credit Suisse's investment banking unit. "The stunning scale of the illegal mismarking in this case was surpassed only by the greed of the senior bankers behind the scheme," said Robert Khuzami, Director of the SEC's Division of Enforcement. "At precisely the moment investors and market participants were urgently seeking accurate information about financial institutions' exposure to the subprime market, the senior bankers falsely and selfishly inflated the value of more than $3 billion in asset-backed securities in order to protect their bonuses and, in one case, protect a highly coveted promotion." According to the SEC's complaint filed in U.S. District Court for the Southern District of New York, Serageldin oversaw a significant portion of...
  • 2:57 PM » Obama calls for $5-10 billion for home refinancing
    Published Wed, Feb 01 2012 2:57 PM by Reuters
    WASHINGTON (Reuters) – President Barack Obama on Wednesday called on Congress to approve a $5 billion to $10 billion effort to help U.S. homeowners refinance as part of a wider package of proposals to shore up the depressed housing market. Obama had sketched out the proposals in his State of the Union address last week, [...]
  • 2:57 PM » In Atlanta, Housing Woes Reflect Nation's Pain
    Published Wed, Feb 01 2012 2:57 PM by CNBC
    In Atlanta, Housing Woes Reflect Nation's Pain<br/>http://www.cnbc.com//id/46222717
  • 2:57 PM » BofA Tumbles to 5.6% Share of Mortgages as Wells Fargo Dominates
    Published Wed, Feb 01 2012 2:57 PM by Business Week
    Bank of America Corp. lost about three-quarters of its market share in U.S. home mortgages since 2007 as the firm grappled with defective loans, while Wells Fargo & Co.’s presence almost doubled, FBR Capital Markets said.
    Click Here to Read the Full Article

    Source: Business Week
  • 2:57 PM » Exclusive: Mortgage deal would give states enforcement power
    Published Wed, Feb 01 2012 2:57 PM by Reuters
    (Reuters) - A proposed settlement to resolve mortgage abuses by top U.S. banks will give states broad authority to punish firms that mistreat borrowers in the future, according to documents seen by...
  • 2:57 PM » Defaults and Losses on Commercial Real Estate Bonds during the Great Depression Era
    Published Wed, Feb 01 2012 2:57 PM by NY Fed
    Tyler Wiggers and Adam B. Ashcraft. Defaults and Losses on Commercial Real Estate Bonds during the Great Depression Era. Federal Reserve Bank of New York Staff Reports Staff Report Number 544, January 2012.
  • 2:55 PM » Chairman Bachus: Latest Obama Housing Plan Digs Nation Into A Deeper Hole
    Published Wed, Feb 01 2012 2:55 PM by House Financial Services
    Financial Services Committee Chairman Spencer Bachus released the following statement about the Obama Administration's latest housing plan. "This is not a serious plan to help the nation's housing market.  This is just more of the same from an administration that offers expensive program after expensive program, none of which have worked to help struggling homeowners.  President Obama is proposing to get out of the hole we're in by digging deeper.  He wants lenders to make more of the same risky loans without documentation of income or ability to repay that got us into this mess in the first place.  "I will give the President some credit however.  In his talking points he correctly says 'the government cannot fix the housing market on its own.'  Unfortunately, his plan attempts to do just that by making the FHA assume the risk for millions of mortgages.  This could very well set us up for a bailout of FHA.  The answer isn't more government.  The best foreclosure mitigation program is a job.  The nation would be better off if the President would work with us in a bipartisan fashion to advance real proposals that will help create jobs, improve the economy and heal the housing market."
    Click Here to Read the Full Article

    Source: House Financial Services
  • 2:54 PM » ABA Testifies on House Bill to Improve Bank Examination Process
    Published Wed, Feb 01 2012 2:54 PM by American Bankers Assoc.
    Washington, February 1, 2012 -- The American Bankers Association testified today before the House Subcommittee on Financial Institutions and Consumer Credit, expressing strong support for bipartisan legislation that would provide critical balance and transparency to the bank examination process.
    Click Here to Read the Full Article

    Source: American Bankers Assoc.
  • 2:54 PM » Senior Deputy Comptroller Testifies on H.R. 3461
    Published Wed, Feb 01 2012 2:54 PM by OCC
    Senior Deputy Comptroller for Midsize/Community Bank Supervision Jennifer Kelly today testified about H.R. 3461 before the House Financial Services' Subcommittee on Financial Institutions and Consumer Credit.
  • 12:19 PM » Oregon AG Kroger Issues Statement On Multi-State Agreement With Major Lending Institutions
    Published Wed, Feb 01 2012 12:19 PM by www.doj.state.or.us
    Attorney General John Kroger issued a statement today announcing that Oregon will join the multi-state agreement with five major financial institutions: "The Oregon Department of Justice is deeply committed to protecting consumers. In assessing any potential consumer protection settlement, I compare the benefits of the settlement with potential benefits that might accrue in the future if we chose to litigate rather than settle. I have made that assessment in this case, and I am confident that signing this agreement is in the best interest of Oregon consumers. "This agreement penalizes banks that engaged in wrongful foreclosure practices and brings badly needed relief for distressed homeowners. Oregon is also very interested in pursuing multi-state and independent investigations of illegal mortgage securitization and other practices in the mortgage industry that led to the housing crisis. Because the release in this agreement is narrowly drafted, it will allow Oregon to pursue these matters aggressively. Simply put, I am not confident we could get a better agreement on this limited set of issues if we litigated for several more years. I want to thank the Obama Administration and Iowa Attorney General Tom Miller for their excellent work on this agreement." Further details will be released next week when they are final, but highlights of the agreement include: An estimated $30 million to the State of Oregon. An estimated $100 to $200 million in relief to distressed Oregon homeowners including "underwater" borrowers and homeowners facing foreclosure. Tough new servicing standards that protect all homeowners from unfair and unscrupulous servicing practices. The agreement is not final. It must be submitted to a federal judge for final approval. If you are a homeowner facing foreclosure you may be entitled to additional assistance. To receive updates as more information becomes available please sign up at www.oregonattorneygeneral.gov/homeowners. Frequently...
    Click Here to Read the Full Article

    Source: www.doj.state.or.us
  • 12:18 PM » Most Expensive U.S. Homes Sold in 2011
    Published Wed, Feb 01 2012 12:18 PM by Business Week
    For most Americans, 2011 was a dreary year for real estate, but the superrich were setting new records
    Click Here to Read the Full Article

    Source: Business Week
  • 11:47 AM » Fed's Low Rates Killing Credit, Slowing Recovery: Gross
    Published Wed, Feb 01 2012 11:47 AM by CNBC
    Fed's Low Rates Killing Credit, Slowing Recovery: Gross<br/>http://www.cnbc.com//id/46220487
  • 11:46 AM » LPS HPI Shows U.S. Home Prices Slowed Rate of Decline to 0.6% in Nov.; Early Data Suggests 0.8% Drop in Dec. Likely
    Published Wed, Feb 01 2012 11:46 AM by LPS
    LPS HPI Shows U.S. Home Prices Slowed Rate of Decline to 0.6% in Nov.; Early Data Suggests 0.8% Drop in Dec. Likely<br/>http://www.lpsvcs.com/LPSCorporateInformation/NewsRoom/Pages/20120201.aspx
  • 11:44 AM » Construction Spending in U.S. Climbs by Most in Four Months
    Published Wed, Feb 01 2012 11:44 AM by Business Week
    Construction spending in the U.S. rose in December at the fastest pace in four months, reflecting broad- based gains that signal the industry is stabilizing.
    Click Here to Read the Full Article

    Source: Business Week
  • 11:43 AM » REALTORS®' Commercial Markets Stabilize in Fourth Quarter 2011
    Published Wed, Feb 01 2012 11:43 AM by National Association of Realtors
    Commercial real estate in REALTOR® markets moved toward broader stabilization during the fourth quarter of 2011. Based on the results of the January Commercial Real Estate Market Survey, overall market activity registered slight improvements compared with the third quarter. On the leasing side, activity rose 2.0 percent over the previous quarter. Vacancies declined for most [...]
    Click Here to Read the Full Article

    Source: National Association of Realtors
  • 11:43 AM » Obama proposes $5-10 billion for home refinancing
    Published Wed, Feb 01 2012 11:43 AM by Reuters
    WASHINGTON (Reuters) – President Barack Obama on Wednesday called on Congress to approve a $5 billion to $10 billion effort to help U.S. homeowners refinance as part of a wider package of proposals to shore up the depressed housing market. Obama had sketched out the proposals in his State of the Union address last week, [...]
  • 11:43 AM » BofA selling three buildings in New York, Charlotte
    Published Wed, Feb 01 2012 11:43 AM by Reuters
    By Rick Rothacker (Reuters) – Bank of America Corp plans to sell and lease back three buildings it owns in New York and Charlotte, North Carolina, as it looks to shed non-core assets under an ongoing efficiency program The properties are the Fifth Third Center and the Hearst Tower in Charlotte, and 222 Broadway in [...]
  • 11:41 AM » FACT SHEET: President Obama's Plan to Help Responsible Homeowners and Heal the Housing Market
    Published Wed, Feb 01 2012 11:41 AM by www.whitehouse.gov
    Release Time:  For Immediate Release In his State of the Union address, President Obama laid out a Blueprint for an America Built to Last , calling for action to help responsible borrowers and support a housing market recovery. While the government cannot fix the housing market on its own, the President believes that responsible homeowners should not have to sit and wait for the market to hit bottom to get relief when there are measures at hand that can make a meaningful difference, including allowing these homeowners to save thousands of dollars by refinancing at today’s low interest rates. That’s why the President is putting forward a plan that uses the broad range of tools to help homeowners, supporting middle-class families and the economy. Key Aspects of the President’s Plan • Broad Based Refinancing to Help Responsible Borrowers Save an Average of $3,000 per Year: The President’s plan will provide borrowers who are current on their payments with an opportunity to refinance and take advantage of historically low interest rates, cutting through the red tape that prevents these borrowers from saving hundreds of dollars a month and thousands of dollars a year. This plan, which is paid for by a financial fee so that it does not add a dime to the deficit, will:  o Provide access to refinancing for all non-GSE borrowers who are current on their payments and meet a set of simple criteria. o Streamline the refinancing process for all GSE borrowers who are current on their loans. o Give borrowers the chance to rebuild equity through refinancing. • Homeowner Bill of Rights: The President is putting forward a single set of standards to make sure borrowers and lenders play by the same rules, including: o Access to a simple mortgage disclosure form, so borrowers understand the loans they are taking out. o Full disclosure of fees and penalties...
    Click Here to Read the Full Article

    Source: www.whitehouse.gov
  • 8:54 AM » Obama's Mortgage Refi Plan To Go Through FHA
    Published Wed, Feb 01 2012 8:54 AM by CNBC
    It will go through the government mortgage insurer, the Federal Housing Administration and could cost between 5 and 10 billion dollars, according to senior administration officials.
  • 8:40 AM » PHH Corporation Announces Fourth Quarter 2011 Earnings Release and Conference Call Schedule
    Published Wed, Feb 01 2012 8:40 AM by corporate.phh.com
    MT. LAUREL, N.J.--(BUSINESS WIRE)--Jan. 31, 2012-- PHH Corporation (NYSE:PHH) today announced plans to release its fourth quarter 2011 results on Monday, February 6, 2012, after the market closes. The Company will host a conference call at 10:00 a.m. (Eastern Time) on Tuesday, February 7, 2012, to discuss its fourth quarter 2011 results. All interested parties are welcome to participate. You can access the conference call by dialing (888) 510-1762 or (719) 457-2634 and using the conference ID 4120134 approximately 10 minutes prior to the call. The conference call will also be webcast, which can be accessed at www.phh....
    Click Here to Read the Full Article

    Source: corporate.phh.com
  • 8:35 AM » What?s in the Latest White House Proposals on Housing?
    Published Wed, Feb 01 2012 8:35 AM by WSJ
    President Barack Obama is set to give a speech Wednesday outlining his call for more help for the nation?s housing markets, according to administration officials. Here?s a preview of what's on the White House wish list:
  • 8:33 AM » FHFA Announces Interested Investors May Pre-Qualify For REO Initiative
    Published Wed, Feb 01 2012 8:33 AM by FHFA
    February 1, 2012: FHFA Announces Interested Investors May Pre-Qualify For REO Initiative
  • 8:30 AM » For Hungarian Borrowers, A Mortgage Nightmare
    Published Wed, Feb 01 2012 8:30 AM by www.npr.org
    In better times, ordinary Hungarians flocked to low-interest mortgages denominated in Swiss francs. Then, the Hungarian currency crashed and the franc soared, and now 1 million Hungarians face exorbitant payments on properties that have lost value.
  • 8:30 AM » US Mortgage Applications Dipped Last Week: MBA
    Published Wed, Feb 01 2012 8:30 AM by CNBC
    US Mortgage Applications Dipped Last Week: MBA<br/>http://www.cnbc.com//id/46216767
  • 8:30 AM » Fed's Plosser: Inflation needs careful watching
    Published Wed, Feb 01 2012 8:30 AM by Market Watch
    WASHINGTON (MarketWatch) -- Inflation may moderate in the near term but that doesn't mean the Federal Reserve can relax, said Charles Plosser, the president of the Philadelphia Federal Reserve Bank on Wednesday. With commodity prices now leveling off or declining and investors not expecting higher prices, "inflation will moderate in the near term," Plosser said. "As a policy maker though, I focus less on the near term and more on the medium term," he said. With the Fed's very easy monetary policy now in place for more than three years, "we must continue to monitor inflation measures very carefully," Plosser said in a speech to the Main Line Chamber of Commerce in suburban Philadelphia. Plosser said he did not support the Fed's statement after its January meeting that pushed out its guidance of when the first rate hike might occur by 18 months until late 2014. Plosser said the economy had improved since late last year and more easing only risked "undermining confidence." Earlier this week, Plosser said, in a television interview, that the Fed might have to hike rates before the end of the year.
  • 8:29 AM » Housing Recovery Seeds Planted, Economist Case Says: Tom Keene
    Published Wed, Feb 01 2012 8:29 AM by Business Week
    The housing market may be poised to begin its turnaround in the months to come, according to S&P/Case-Shiller’s Karl Case.
    Click Here to Read the Full Article

    Source: Business Week
  • 8:29 AM » Become your kid's mortgage lender
    Published Wed, Feb 01 2012 8:29 AM by CNN
    Between slumping prices and low mortgage rates, it's a good time to look for real estate bargains. But thanks to tightened lending standards, legions of young would-be homebuyers aren't exactly in a position to take advantage of the opportunity. That's where their parents come in: One in three first-time buyers received either a gift or a loan from their families to help buy a home in 2011, according to the National Association of Realtors.
  • 8:28 AM » NAMB: Be sure to join your fellow mortgage professionals at this years Legislative Con...
    Published Wed, Feb 01 2012 8:28 AM by Facebook
    Be sure to join your fellow mortgage professionals at this years Legislative Conference on March 18-20....Influential decision makers need to hear from you how these rules will impact consumers, small business, and the overall economy. Visit www.namb.org to register today! Cordray mum on qualified mortgage rule due by this summer « HousingWire www.housingwire.comThe Consumer Financial Protection Bureau will spend the first half of 2012 finalizing the wide-reaching qualified mortgage standard, its new director told Congress Tuesday.
  • 8:27 AM » Report Offers New Metrics For Student Multifamily Housing Market
    Published Wed, Feb 01 2012 8:27 AM by NMHC
    Report Offers New Metrics For Student Multifamily Housing Market<br/>http://www.nmhc.org/Content/ServeContent.cfm?ContentItemID=6497&_ref=rss-61e07f96-7959-4347-8135-9402c5e6bdb4
  • 8:23 AM » Justice Department Charges St. Bernard Parish, Louisiana for Limited Rental Housing Opportunities for African-americans
    Published Wed, Feb 01 2012 8:23 AM by www.justice.gov
    The Department of Justice today filed a lawsuit against St. Bernard Parish, La., alleging that the parish violated the Fair Housing Act by engaging in a multi-year campaign to limit rental housing opportunities for African-Americans in the parish.
    Click Here to Read the Full Article

    Source: www.justice.gov
  • 8:22 AM » HUD AWARDS $20 MILLION IN TECHNICAL ASSISTANCE TO HELP LOCAL COMMUNITIES STABILIZE NEIGHBORHOODS HARD-HIT BY FORECLOSURE
    Published Wed, Feb 01 2012 8:22 AM by HUD
    WASHINGTON - The U.S. Department of Housing and Urban Development today awarded $20 million in technical assistance funding to 12 organizations that will, in turn, help local communities across this country stabilize neighborhoods hard-hit by foreclosure through HUD's Neighborhood Stabilization Program (NSP).
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More From MND

Mortgage Rates:
  • 30 Yr FRM 3.96%
  • |
  • 15 Yr FRM 3.16%
  • |
  • Jumbo 30 Year Fixed 3.81%
MBS Prices:
  • 30YR FNMA 4.5 108-20 (0-03)
  • |
  • 30YR FNMA 5.0 110-27 (0-01)
  • |
  • 30YR FNMA 5.5 111-27 (0-02)
Recent Housing Data:
  • Mortgage Apps 4.93%
  • |
  • Refinance Index 0.90%
  • |
  • FHFA Home Price Index 0.67%