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  • Thu, Apr 19 2012
  • 4:45 PM » Consumer default rates almost back to levels seen before the housing crisis
    Published Thu, Apr 19 2012 4:45 PM by S&P/Case Shiller
    On April 17th, S&P Indices and Experian released March data for the S&P/Experian Consumer Credit Default Indices, which measure consumer credit default rates. March data showed a sharp decline in the composite index, led by a 14 basis point drop in first mortgage default rates. While having a much smaller weight in the composite, second [...]
    Click Here to Read the Full Article

    Source: S&P/Case Shiller
  • 4:43 PM » SIFMA Statement on Guidance from Federal Reserve Regarding the Volcker Rule Conformance Period
    Published Thu, Apr 19 2012 4:43 PM by SIFMA
    SIFMA Statement on Guidance from Federal Reserve Regarding the Volcker Rule Conformance Period<br/>http://www.sifma.org/news%2fnews.aspx%3fid%3d8589938408
  • 4:42 PM » Volcker Rule Conformance Period Clarified
    Published Thu, Apr 19 2012 4:42 PM by OCC
    The Federal Reserve Board on Thursday announced its approval of a statement clarifying that an entity covered by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the so-called Volcker Rule, has the full two-year period provided by the statute to fully conform its activities and investments, unless the Board extends the conformance period.
  • 1:59 PM » DataQuick: March Bay Area Home Sales Report
    Published Thu, Apr 19 2012 1:59 PM by DataQuick
    Bay Area Home Sales Continue to Rise. Condo Sales Jump. April 18, 2012 La Jolla, CA.--March home sales in the Bay Area were at their highest level for that month in five years, the result of lower prices, low interest rates and an improving economy. Prices appeared to be leveling off across more of the region and may be poised to start inching back up in the stronger submarkets, a real estate information service reported. Last month 7,694 new and resale houses and condos sold in the nine-county Bay Area, up 34.9 percent from 5,702 in February, and up 9.1 percent from 7,051 in March 2011, according to San Diego-based DataQuick. The February to March sales jump is normal for the season. Last month's sales count was the highest for the month of March since 8,317 homes were sold in 2007. Since 1988, March sales have ranged from 4,898 in 2008 to 12,645 in 2004. The average is 8,812. "This is the time of year when buying patterns usually start to normalize. And while the changes we're seeing are incremental, they're incremental in a positive direction. That said, there's a long way to go. Two of the big issues to watch closely are how fast distressed properties are being put on the market, and the availability of, or lack of availability of, mortgage financing," 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 $358,000. That was up 10.2 percent from $325,000 in February, and down 0.6 percent from $360,000 in March 2011. The median has declined on a year over year basis every month since October 2010, although last month's decline was the smallest. 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 was the result of a decline in home values, while the other half reflected a shift in the sales mix. The Bay Area saw a total of 1,734 condo resales...
  • 1:59 PM » First the Volcker Rule. Then the Buffett Rule. Now the Geithner Rule
    Published Thu, Apr 19 2012 1:59 PM by blog.american.com
    Treasury Secretary Tim Geithner at Brookings yesterday: In terms of the fiscal deficit, the minimal acceptable anchor for fiscal policy should be the following: You need to reduce the deficit to a level where the debt stops growing as a share of the economy and can start to come down. And for a country like [...]
    Click Here to Read the Full Article

    Source: blog.american.com
  • 1:58 PM » FICO® Scores and inquiries—the facts
    Published Thu, Apr 19 2012 1:58 PM by FICO
    There always seems to be a lot of interest in how the FICO® Score is impacted when a consumer applies for credit. In truth, these credit inquiries account for a relatively small percent of the score (less than 10%, in fact). Because of ongoing interest, let's walk through some interesting facts about inquiries: 49% of consumers have no inquiries, 24% have 1 inquiry, and 27% have 2 or more inquiries. 57% of consumers score the maximum number of points for inquiries; that is, inquiries are not a factor for at least 57% of consumers. If an inquiry does impact a score, it's typically by a small amount-less than five points, on average. 89% of the time, inquiries are not even one of the top four greatest factors impacting the score. Only 0.4% of the time, inquiries are the score factor with the greatest impact. Only 14% of consumers lose more than 10 points because of inquiries. Only 4% of consumers lose more than 20 points because of inquiries. So yes, inquiries can impact a FICO® Score, but not by all that much, in the grand scheme of things.
  • 12:41 PM » Federal Reserve Board announces termination of enforcement action against Citizens Republic Bancorp, Inc. and Citizens Bank
    Published Thu, Apr 19 2012 12:41 PM by Federal Reserve
    Federal Reserve Board announces termination of enforcement action against Citizens Republic Bancorp, Inc. and Citizens Bank
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 12:41 PM » Freddie Mac Names Top Multifamily Lenders of 2011
    Published Thu, Apr 19 2012 12:41 PM by Freddie Mac
    MCLEAN, Va., April 19, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC) announces its highest-producing multifamily mortgage sellers of 2011. These are the lenders who transacted the most financing volum...
  • 12:41 PM » Financial Services Committee Unveils "Dodd-Frank Burden Tracker"
    Published Thu, Apr 19 2012 12:41 PM by House Financial Services
    The Financial Services Committee on Tuesday unveiled the Dodd-Frank Burden Tracker , an online resource to help the public keep track of all the new government rules and red tape required by the Dodd-Frank Act. Dodd-Frank, passed by Congress in 2010, mandates that government regulators write over 400 new rules and requirements that will be imposed on the private sector.  Since the law was signed by President Obama in July 2010, the Dodd-Frank Burden Tracker reveals: regulators have written 185 of the 400 rules; these 185 rules consume 5,320 pages; it will take private sector job-creators 24,035,801  hours every year to comply with these first 185 Dodd-Frank rules. The Burden Tracker will be continually updated as more Dodd-Frank rules are written. "This online resource will help the public better understand how the cumulative weight of these new rules - layered upon existing outdated, unnecessary and duplicative red tape - hurts small businesses and financial institutions.  They have to spend increasing amounts of time and money dealing with all this red tape instead of engaging in the activities that grow our economy and create jobs," said Committee Chairman Spencer Bachus. Oversight and Investigations Subcommittee Chairman Randy Neugebauer noted that it will take businesses more time to comply with Dodd-Frank rules than it took to build the Panama Canal. "It will take over 24  million man hours to comply with Dodd-Frank rules per year.  It took only 20 million to build the Panama Canal," said Rep. Neugebauer.  "Banks and credit unions, retirement funds and other financial institutions will be forced to spend a large portion of their budgets trying to comply with Dodd-Frank rules rather than lending to small businesses and American consumers and investing in our economy.  While the promised benefits of Dodd-Frank are still illusory, the costs are beginning to become crystal...
    Click Here to Read the Full Article

    Source: House Financial Services
  • 12:40 PM » OCC: Comptroller Curry Discusses Mortgage Lending
    Published Thu, Apr 19 2012 12:40 PM by OCC
    Comptroller of the Currency Thomas J. Curry today discussed mortgage lending and challenges facing mortgage lending to minority communities in particular during his speech before a conference on reviving home ownership in Los Angeles.
  • 12:39 PM » BofA Still Fighting with Fannie, Freddie, Mortgage Investors
    Published Thu, Apr 19 2012 12:39 PM by CNBC
    Bank of America put in a good first quarter for 2012. Trading in bonds, interest rates and currencies boosted earnings. Provisions for bad loans shrunk to the lowest levels since 2007. But one negative continues to weigh on the bank: the fight over old loans sold to Fannie Mae, Freddie Mac and private investors.
  • 10:35 AM » Fannie Mae Supports the Multifamily Mortgage Market with Robust Issuance in the First Quarter of 2012
    Published Thu, Apr 19 2012 10:35 AM by Fannie Mae
    Fannie Mae Supports the Multifamily Mortgage Market with Robust Issuance in the First Quarter of 2012. PrintEmail. News Release. April 19, 2012. ...
  • 10:13 AM » Quercia Challenges Mortgage Industry to Create Sustainable Lending System
    Published Thu, Apr 19 2012 10:13 AM by UNC
    Quercia Challenges Mortgage Industry to Create Sustainable Lending System<br/>http://www.ccc.unc.edu/news/news.041812.php
  • 10:11 AM » Fannie Mae: Economy Shifting Back to a Lower Gear
    Published Thu, Apr 19 2012 10:11 AM by Fannie Mae
    Economy Shifting Back to a Lower Gear - April 2012 Economic and Strategic Research. PrintEmail. News Release. April 19, 2012. ...
  • 7:57 AM » Banks' Reluctance to Lend to Each Other Holds at 8 1/2 Month Low - Bloomberg
    Published Thu, Apr 19 2012 7:57 AM by Bloomberg
    Banks' Reluctance to Lend to Each Other Holds at 8 1/2 Month Low Bloomberg European banks' reluctance to lend to one another held at the lowest level in 8 1/2 months, according to a money-market indicator. The Euribor-OIS spread, the difference between the euro interbank offered rate and overnight indexed swaps, ...
  • 7:56 AM » Market Extra: Spain auction well-bid, but borrowing costs up
    Published Thu, Apr 19 2012 7:56 AM by Market Watch
    The Spanish government sells €2.54 billion ($3.33 billion) worth of 2- and 10-year bonds at a keenly awaited auction, with demand up, but borrowing costs on the rise as well.
  • 7:54 AM » Morgan Stanley loses money on accounting charge
    Published Thu, Apr 19 2012 7:54 AM by Reuters
    (Reuters) - Morgan Stanley lost money during the first quarter because a quirky accounting rule cost the bank $2 billion, but excluding that special item, its earnings rose on stronger wealth-management revenue and cost cutting.
  • 7:53 AM » Morgan Stanley Shares Surge on Earnings Beat
    Published Thu, Apr 19 2012 7:53 AM by CNBC
    Morgan Stanley shares surged more than 6 percent in pre-market trading on Thursday, after reporting quarterly earnings that soared past analysts' expectations.
  • 7:52 AM » BofA Profit, Revenue Top Forecasts; Shares Jump
    Published Thu, Apr 19 2012 7:52 AM by CNBC
    The bank reported quarterly earnings and revenue that topped Wall Street's expectations on Thursday, sending its shares sharply higher in premarket trading.
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Mortgage Rates:
  • 30 Yr FRM 4.25%
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  • 15 Yr FRM 3.40%
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Recent Housing Data:
  • Mortgage Apps -7.23%
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  • Refinance Index -10.65%
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  • FHFA Home Price Index 0.67%