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  • Mon, Aug 20 2012
  • 3:50 PM » Paper: Foreign Banks Were Biggest TAF Borrowers
    Published Mon, Aug 20 2012 3:50 PM by WSJ
    Foreign banks dominated a key Federal Reserve bank lending program that ran from 2007 to 2010, a paper released Monday said.
  • 3:50 PM » The Hill: House Financial Services field hearing looks at effects of Dodd-Frank regulations
    Published Mon, Aug 20 2012 3:50 PM by House Financial Services
    Rep. Shelley Moore Capito (R-W.Va.) chaired a House Financial Services subcommittee hearing Monday on how new regulations are affecting financial institutions, particularly those in her home state. The Financial Institutions and Consumer Credit panel held the field hearing in Charleston, W.Va., courthouse. "If we're going to get our economy moving again, small businesses must have access to capital so they can grow and create new jobs," Capito said before the hearing. "Yet the burden of new red tape coming out of Washington is crushing small, community-based financial institutions like those we have in West Virginia. We need to look at the cumulative impact all these regulations are having on our economy and see what can be done to eliminate unnecessary roadblocks to our recovery." Capito specifically called out some of the regulations passed in 2010 as part of the Dodd-Frank financial reform law. Most Republicans argue that new regulations can increase compliance costs for businesses and banks, thus taking away money that could have otherwise been spent on lending and investments. Several local banking executives testified as the field hearing, as well as some small-business owners. "The flood of regulations emanating from Dodd-Frank is so large that bank regulators have been urging banks to add compliance officers to handle it," said Charles Hageboeck, the president of City National Bank, in his testimony Monday. "And despite claims that community banks like mine would be exempt from the new Consumer Financial Protection Bureau, we are not exempt. All banks - large and small - will be required to comply with the rules and regulations set by the CFPB. "Given that the cost of compliance has a disproportionate impact on small banks as opposed to large banks, it is reasonable to expect this gap to widen even more as Dodd-Frank is fully implemented." Capito's subcommittee has held similar field hearings to examine the...
    Click Here to Read the Full Article

    Source: House Financial Services
  • 3:49 PM » Refinancing a Second Home—Not So Easy
    Published Mon, Aug 20 2012 3:49 PM by CNBC
    Refinancing a Second Home-Not So Easy<br/>
  • 3:47 PM » REALTORS® Continued to Report Rising Rents for Residential Properties
    Published Mon, Aug 20 2012 3:47 PM by National Association of Realtors
    According to the upcoming July REALTORS® Confidence Index report (RCI), higher residential rents compared to a year ago were reported by 57 percent of REALTORS®, up from 54 percent in June. Lower rents were reported by 10 percent of REALTORS® who responded, and constant rents were reported by 17 percent. The continued trend of rising [...]
    Click Here to Read the Full Article

    Source: National Association of Realtors
  • 3:47 PM » Hindsight on housing from the New York Times
    Published Mon, Aug 20 2012 3:47 PM by National Housing Conference
    by Ethan Handelman, National Housing Conference Looking back to 2009, the New York Times' Binyamin Applebaum points to a "cautious response to the housing crisis " by the Obama Administration as a mistake with far-reaching implications. Few would dispute that the federal government has not done all it could have to stabilize neighborhoods, prevent foreclosures, and revive housing markets-though many would disagree about what should have and still could be done. Applebaum's article addresses (but perhaps underemphasizes) the political limitations in the housing conversation that continue to plague us. Congress and the Administration together spend disproportionate energy trying to perfectly target assistance only to the most deserving, even as the foreclosure crisis continues and the cost of rental housing rises. Housing is to critical to families, communities, and the economy to let the perfect be the enemy of the good. Read the New York Times piece and decide for yourself.
    Click Here to Read the Full Article

    Source: National Housing Conference
  • 3:25 PM » 'Shadow Bank' System Will Thrive Under New Rules: Bove
    Published Mon, Aug 20 2012 3:25 PM by CNBC
    Increased regulations are making it tougher on banks and the consumers they serve but easier on the financing system that helped create the 2008 credit crisis, analyst Bove said in his latest broadside against government overreach.
  • 1:39 PM » Dodd-Frank Dilemma
    Published Mon, Aug 20 2012 1:39 PM by House Financial Services
    By Rep. Blaine Luetkemeyer I was more than a little annoyed recently during a committee hearing with a government official who seemed intent on defending an agency created by the troubling Dodd-Frank Act that is more interested in navel gazing than helping our nation's small businesses. During the hearing, a leading deputy at the Consumer Financial Protection Bureau (CFBP), created by Dodd-Frank, was unable to justify exactly what this so-called consumer protection agency has actually achieved on behalf of consumers. After two years, the official provided me with vague answers as to the group's actual accomplishments. The situation was even more exasperating for me because, in the two years since the passage of Dodd-Frank, I have heard over and over again from citizens and business owners who are frustrated with the legislation. Dodd-Frank was supposed to address the causes of the 2008 financial crisis that rippled through every part of our economy. Instead, we have a 884- page law that doesn't address the root causes of the crisis - for example, it never even mentions Fannie Mae and Freddie Mac - but is making life a lot more difficult for Main Street by drowning our small business owners under 400 new rules and mandates and restricting access to credit. Clearly, this bill has done more to harm Main Street than fix Wall Street and the CFPB is one of those glaring reasons why. Designed to implement and enforce financial consumer law to ensure all consumers have access to consumer financial products and that services are fair, transparent and competitive, the CFPB cannot show that it actually has done any of that.  In fact, it is making credit harder to come by, which makes it harder for businesses to expand, grow, and hire.  CFPB also specifically places consumer protection ahead of safety and soundness of financial institutions.  I am all for strong consumer protections, but as a former bank regulator for our state, I know firsthand...
    Click Here to Read the Full Article

    Source: House Financial Services
  • 1:23 PM » Tight credit is throttling consumer spending, U.S. Fed says
    Published Mon, Aug 20 2012 1:23 PM by Reuters
    (Reuters) - Bankers' reluctance to lend to people with less-than-pristine credit histories is restraining the U.S. economic recovery by holding back consumer borrowing and spending, new research from the San Francisco Federal Reserve Bank shows.
  • 1:23 PM » Mass. officials announce anti-foreclosure grants
    Published Mon, Aug 20 2012 1:23 PM by Business Week
    Mass. officials announce anti-foreclosure grants Businessweek BOSTON (AP) - More than $19 million in grants have been awarded to cities, towns and organizations across Massachusetts to assist communities and homeowners alleviate the impacts of the foreclosure crisis. State Attorney General Martha Coakley on ... and more »
    Click Here to Read the Full Article

    Source: Business Week
  • 11:08 AM » Why Caution on Foreclosures May Cost Obama the Election
    Published Mon, Aug 20 2012 11:08 AM by CNBC
    The nation's painfully slow pace of growth is now the primary threat to President Obama's bid for a second term, and some economists and political allies say the cautious response to the housing crisis was the administration's most significant mistake, The New York Times reports.
  • 11:07 AM » U.S. Home Prices 19% Below Fair Value
    Published Mon, Aug 20 2012 11:07 AM by The Basis Point
    Here are the two tings you must consider when buying a home.
    Click Here to Read the Full Article

    Source: The Basis Point
  • 9:57 AM » Hilsensrath: Don't Worry About The Federal Reserve's Hawks, QE Is Still Possible
    Published Mon, Aug 20 2012 9:57 AM by The Big Picture
    Hilsensrath: The Wall Street Journal - Jon Hilsenrath: Fed Hawks Speak Out Against QE3 The Federal Reserve's "hawks" are speaking out against additional action by the central bank to spur the economy. The Fed has moved despite this group's opposition before. Thus, the comments now don't represent a signal from the central bank that it [...]
    Click Here to Read the Full Article

    Source: The Big Picture
  • 9:55 AM » El-Erian: Europe's unstable hammock
    Published Mon, Aug 20 2012 9:55 AM by CNN
    Mohamed A. El-Erian is the CEO and co-CIO of PIMCO, one of the world's largest investment management companies.
  • 9:54 AM » Bond Report: Treasurys pare loss on conflicting ECB reports
    Published Mon, Aug 20 2012 9:54 AM by Market Watch
    U.S. bond prices pared a decline after a European Central Bank spokesperson refutes a report in Germany's Der Speigel about the ECB buying sovereign debt..
  • 9:47 AM » Are Markets Bracing For Major ECB Bond-Buying?
    Published Mon, Aug 20 2012 9:47 AM by CNBC
    Are Markets Bracing For Major ECB Bond-Buying?<br/>
  • 8:06 AM » Banks Use $1.77 Trillion to Double Treasury Purchases
    Published Mon, Aug 20 2012 8:06 AM by Bloomberg
    Banks Use $1.77 Trillion to Double Treasury Purchases Bloomberg The gap between U.S. bank deposits and loans is growing at the fastest pace in two years, providing lenders with more funds to buy bonds and temper the biggest sell-off in Treasuries since 2010. As deposits increased 3.3 percent to $8.88 trillion in the two ...
  • 8:01 AM » ECB's Asmussen: Greek exit manageable but not preferable
    Published Mon, Aug 20 2012 8:01 AM by Reuters
    BERLIN (Reuters) - A Greek exit from the euro zone would be manageable, European Central Bank policymaker Joerg Asmussen was quoted on Monday as saying, although he would prefer it if the crisis-stricken country remained within the single currency bloc.
  • 7:56 AM » ECB says Spiegel bond-buying report 'misleading'
    Published Mon, Aug 20 2012 7:56 AM by Market Watch
    FRANKFURT (MarketWatch) -- A European Central Bank spokesperson, responding to a weekend news report that the institution was weighing a plan to cap euro-zone government bond yields, said Monday that it was "absolutely misleading to report on decisions, which have not yet been taken and also on individual views, which have not yet been discussed by the ECB's Governing Council, which will act strictly within its mandate." In an email sent to reporters, the spokesperson also took government officials to task, saying, "it is also wrong to speculate on the shape of future ECB interventions. Monetary policy is independent and undertaken strictly within the ECB mandate." The euro sank versus the dollar and changed hands in recent action at $1.2304, down from $1.2327 in North American trade late Friday.
  • 7:55 AM » Euro Crisis Revving Up Again - Fasten Your Seatbelts
    Published Mon, Aug 20 2012 7:55 AM by CNBC
    The markets have been starved of euro zone news for several weeks, but as politicians and traders return to their desks over the next couple of weeks, the crisis is set to return to the fore again.
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