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  • Thu, Mar 15 2012
  • 6:01 PM » Fed's Citi logic is hard to follow
    Published Thu, Mar 15 2012 6:01 PM by Reuters
    Fed's Citi logic is hard to follow<br/>http://blogs.reuters.com/breakingviews/2012/03/15/feds-citi-logic-is-hard-to-follow/
  • 5:59 PM » DataQuick: California Home Sales up 5.4% in February
    Published Thu, Mar 15 2012 5:59 PM by DataQuick
    California February Home Sales March 15, 2012 An estimated 29,630 new and resale houses and condos were sold across California last month. That was up 5.4 percent from 28,111 in January, and up 8.5 percent from 27,320 in February 2011.   A slight increase in sales from January to February is normal for the season. Last month's sales were the strongest for a February since 31,228 homes were sold in 2007. On a year-over-year basis, sales have increased the past seven months. Statewide sales for the month of February have varied from a low of 20,513 in 2008 to a high of 48,409 in 2004, while the average is 32,017. DataQuick's statistics go back to 1988.   The median price paid for a California home last month was $239,000, up 1.3 percent from $236,000 in January, and down 2.0 percent from $244,000 for February a year ago. The median has decreased on a year-over-year basis for the last 17 months. The median's low point for the current cycle was $221,000 in April 2009, while its peak was $484,000 in early 2007.   Distressed property sales - the combination of foreclosure resales and "short sales" - continued to make up more than half of California's resale market.   Of the existing homes sold last month, 34.3 percent were properties that had been foreclosed on during the past year. That was unchanged from January and down from 40.1 percent in February a year ago. The high point for the current cycle was in February 2009 at 58.5 percent.   Short sales - transactions where the sale price fell short of what was owed on the property - made up an estimated 20.9 percent of the resale market last month. That was down from 21.2 percent the month before and up from 18.7 percent a year earlier. Two years ago short sales made up an estimated 17.5 percent of the resale market.   The typical mortgage payment that home buyers committed themselves to paying last month was $901. That was up slightly from January's...
  • 5:58 PM » SIFMA By the Numbers: Tracking Systemic Risk
    Published Thu, Mar 15 2012 5:58 PM by SIFMA
    SIFMA By the Numbers: Tracking Systemic Risk<br/>http://www.sifma.org/news%2fblog.aspx%3fid%3d8589937899%26blogid%3d8589936046
  • 5:56 PM » Fortress Said to Be in Talks to Pay $1 Billion for ResCap Assets - Bloomberg
    Published Thu, Mar 15 2012 5:56 PM by Bloomberg
    Fortress Said to Be in Talks to Pay $1 Billion for ResCap Assets Bloomberg Fortress Investment Group LLC (FIG) is in talks to pay more than $1 billion to acquire assets from Ally Financial Inc. (ALLY)'s mortgage unit, according to three people with direct knowledge of the matter. Fortress would buy parts of the Residential ...
  • 5:56 PM » Securitization Risk Rising as Standards Ease, Moody's Says - Bloomberg
    Published Thu, Mar 15 2012 5:56 PM by Bloomberg
    Securitization Risk Rising as Standards Ease, Moody's Says Bloomberg The riskiness of securities backed by assets from car loans to commercial mortgages is rising from the lows seen after Lehman Brothers Holdings Inc.'s 2008 collapse, according to Moody's Investors Service. Easing underwriting standards and "untested" ...
  • 2:12 PM » DataQuick: February Bay Area Home Sales Up
    Published Thu, Mar 15 2012 2:12 PM by DataQuick
    Bay Area February Home Sales at Five-year High March 15, 2012 La Jolla, CA.--Last month's Bay Area home sales bounced up a bit more off bottom, fueled in large part by investors with cash who were buying discounted properties in the lower half of the price spectrum. The median price paid for a home dropped year-over-year for the 17th month in row, a real estate information service reported.   A total of 5,702 new and resale houses and condos sold in the nine-county Bay Area in February. That was up 4.1 percent from 5,479 in January, and up 14.2 percent from 4,991 in February 2011. The year-over-year sales increase was the eighth in a row, according to San Diego-based DataQuick.   A January-to-February sales increase is normal for the season. Last month's sales count, which got a lift from an extra business day thanks to the leap year, was the highest for a February since 6,305 were sold in 2007. It was 9.0 percent below the February average of 6,268 sales going back to 1988. The sales pace for most months last year was 25 percent to 38 percent below average.   "The market is still strange, just a little less strange than it was. We also need to keep in mind that, when it comes to statistical trends, February is the least typical month of the year. Over the winter you're left with a higher concentration of investors and people who must buy or sell because of a major life event. In the spring, when many traditional buyers return, we'll get a much better read on the market. Meanwhile, many potential buyers are still waiting for the lending spigot to open more. Drum-tight credit conditions continue to undermine housing, along with negative equity and the various uncertainties plaguing would-be buyers," said John Walsh, DataQuick president.   The median price paid for all new and resale houses and condos sold in the Bay Area last month was $325,500. That was down 0.3 percent from $326,000 in January, and down 3...
  • 2:09 PM » Miami Condo Market: Bust to Boom?
    Published Thu, Mar 15 2012 2:09 PM by CNBC
    Foreign buyers, largely from South America, but also from Europe, Russia and China, are flooding into the Miami area, and that has developers rushing to keep up with demand.
  • 12:55 PM » Greece Rating Kept at Selective Default by Standard & Poor's - Bloomberg
    Published Thu, Mar 15 2012 12:55 PM by Bloomberg
    Greece Rating Kept at Selective Default by Standard & Poor's Bloomberg Standard & Poor's Ratings Services said it assigned a CCC rating to new bonds issued by Greece. The ratings company said its sovereign credit ratings on Greece will remain at selective default until the exchange is concluded, which may occur by April ...
  • 12:51 PM » Manhattan Luring REITs With Soaring Rents: Mortgages - Bloomberg
    Published Thu, Mar 15 2012 12:51 PM by Bloomberg
    Manhattan Luring REITs With Soaring Rents: Mortgages Bloomberg The best-performing real estate investment trusts this year will be owners of office and industrial properties, as occupancies improve and landlords raise rents, a JPMorgan Chase & Co. (JPM) analyst said. Commercial real estate has "turned the corner," ...
  • 12:36 PM » SEC-Citigroup fraud settlement gets new life
    Published Thu, Mar 15 2012 12:36 PM by Reuters
    (Reuters) - A federal appeals court stopped just short of throwing out a judge's controversial rejection of the U.S. Securities and Exchange Commission's $285 million settlement with Citigroup Inc in a fraud case.
  • 12:05 PM » Non-Agency Lending Gains Ground In Expanding Jumbo Market of 2011
    Published Thu, Mar 15 2012 12:05 PM by www.insidemortgagefinance.com
    Mortgage lenders appeared to have no problem taking up the slack after Fannie Mae and Freddie Mac high-cost loan limits were lowered in the fourth quarter of 2011. Fannie Mae, Freddie Mac and Ginnie Mae financed 36.6 percent of the loans exceeding $417,000 that were originated in the fourth quarter of last year, according to a new Inside Mortgage Finance analysis. That was down from a 42.7 percent agency share of the jumbo market in the previous quarter. The key factor was the reduction in the top Fannie/Freddie loan limit from $729,750 to $625,500, which (Includes two data charts)...
    Click Here to Read the Full Article

    Source: www.insidemortgagefinance.com
  • 12:02 PM » Fannie Mae Announces Year-End Servicer Performance Scorecard Results
    Published Thu, Mar 15 2012 12:02 PM by Fannie Mae
    News Release - Fannie Mae Announces Year-End Servicer Performance Scorecard Results - Fannie Mae. PrintEmail. News Release. ...
  • 11:02 AM » Secondary Sources: Bernanke, Inequality and Credit, Cash Hoarding
    Published Thu, Mar 15 2012 11:02 AM by WSJ
    A roundup of economic news from around the Web.
  • 10:59 AM » Whistleblowers reap millions in U.S. mortgage suits
    Published Thu, Mar 15 2012 10:59 AM by Reuters
    March 14 (Reuters) – Troubled homeowners are not the only ones set to get a financial lift from the U.S. government’s $25 billion landmark mortgage settlement. Whistleblowers who were instrumental in revealing epidemic mortgage abuses, some of whom risked their careers to do so, are getting multi-million-dollar payouts, court documents show. Victor Bibby and Brian [...]
  • 10:59 AM » CoreLogic Reports More Than 860,000 Completed Foreclosures Nationally in the Last Twelve Months
    Published Thu, Mar 15 2012 10:59 AM by www.corelogic.com
    --145,000 Y-O-Y Decline in Foreclosure Inventory to 1.4 Million Homes-- CoreLogic® (NYSE: CLGX), a leading provider of information, analytics and business services, today released its National Foreclosure Report for January, which provides monthly data on completed foreclosures, foreclosure inventory and 90+ delinquency rates. There were 69,000 completed foreclosures in January 2012, compared to 80,000 in January 2011, and 65,000 in December 2011 . The number of completed foreclosures for the previous twelve months was 860,128. From the start of the financial crisis in September 2008, there have been approximately 3.3 million completed foreclosures. "We are encouraged by the noticeable progress we are seeing over the last several months in the mortgage industry," said Anand Nallathambi, chief executive officer of CoreLogic. "During the last several years the industry has faced enormous challenges working through difficult and complex issues. We are hopeful that these recent improvements are early signals of revitalization in the mortgage market." Approximately 1.4 million homes, or 3.3 percent of all homes with a mortgage, were in the foreclosure inventory as of January 2012 compared to 1.5 million, or 3.6 percent, in January 2011 and 1.4 million, or 3.4 percent, in December 2011. Nationally, the number of loans in the foreclosure inventory decreased by 145,000, or 9.5 percent in January 2012 compared to January 2011. The foreclosure inventory is the stock of homes in the foreclosure process. A property moves into the foreclosure inventory when the mortgage servicer places the property into the foreclosure process after serious delinquency is reached and remains there until the foreclosure is completed. The foreclosure inventory is measured only against homes with an outstanding mortgage, rather than against all homes. Nationwide, roughly one third of homeowners own their homes outright. The share of borrowers nationally that were more than 90...
    Click Here to Read the Full Article

    Source: www.corelogic.com
  • 10:10 AM » Citigroup failure in Fed test raises questions
    Published Thu, Mar 15 2012 10:10 AM by Reuters
    (Reuters) - Citigroup Inc on Wednesday stood by its pledge to reward shareholders, as Wall Street sought to understand why the bank failed to win approval from regulators to increase its dividend or buy back stock.
  • 10:09 AM » Mortgage Rates Follow Bond Yields Higher
    Published Thu, Mar 15 2012 10:09 AM by Freddie Mac
    MCLEAN, Va., March 15, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates moving higher amid positive jobs...
  • 10:05 AM » FDIC shoots to kill on "too big to fail"
    Published Thu, Mar 15 2012 10:05 AM by Reuters
    NASHVILLE, Tennessee (Reuters) - Bank regulators are launching a campaign to sell the markets on the idea that "too big to fail" is dead.
  • 9:26 AM » Not All Risks Addressed in Stress Tests: Sheila Bair
    Published Thu, Mar 15 2012 9:26 AM by CNBC
    The latest stress test results showed banks are stronger but didn't detail all the risks to investors, Sheila Bair, the former head of the FDIC, told CNBC.
  • 9:25 AM » Dodd-Frank Could Shutter Many Community Banks: Former FDIC Chair
    Published Thu, Mar 15 2012 9:25 AM by CNBC
    Without relief from Dodd-Frank, former FDIC chairman Bill Isaac said he wouldn't be surprised if half of the community banks in the U.S. went out of business.
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More From MND

Mortgage Rates:
  • 30 Yr FRM 3.97%
  • |
  • 15 Yr FRM 3.15%
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  • Jumbo 30 Year Fixed 3.90%
MBS Prices:
  • 30YR FNMA 4.5 108-10 (0-00)
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  • 30YR FNMA 5.0 110-21 (0-03)
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  • 30YR FNMA 5.5 111-17 (0-00)
Recent Housing Data:
  • Mortgage Apps 5.62%
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  • Refinance Index 10.63%
  • |
  • FHFA Home Price Index 0.67%