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  • Thu, Jan 10 2013
  • 9:31 PM » Fed's Record-Breaking Profit
    Published Thu, Jan 10 2013 9:31 PM by WSJ
    The Fed is breaking all kinds of records these days. Its balance sheet has swelled to more than $2.9 trillion and will reach new highs in 2013 as the Fed purchases $85 billion a month in Treasury and mortgage-backed bonds.
  • 9:27 PM » Kocherlakota Sees Record Fed Stimulus as 'Too Tight'
    Published Thu, Jan 10 2013 9:27 PM by Business Week
    Kocherlakota Sees Record Fed Stimulus as 'Too Tight' Businessweek Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said the central bank may not be providing enough accommodation given his outlook for prices and the job market. "Inflation will run below the Fed's target of 2 percent over the next two ... and more »
    Click Here to Read the Full Article

    Source: Business Week
  • 9:25 PM » SIFMA Statement on the CFPB's Qualified Mortgage Definition
    Published Thu, Jan 10 2013 9:25 PM by SIFMA
    SIFMA Statement on the CFPB's Qualified Mortgage Definition<br/>http://www.sifma.org/news/news.aspx?id=8589941437
  • 9:22 PM » Beware the Escape Hatch in the New Mortgage Rules
    Published Thu, Jan 10 2013 9:22 PM by CNBC
    The Consumer Finance Protection Bureau's new rules for mortgages look tight, but they have a backdoor problem.
  • 9:22 PM » NAR Statement on the Qualified Mortgage Rule
    Published Thu, Jan 10 2013 9:22 PM by Google News
    “The National Association of Realtors ® applauds the Consumer Financial Protection Bureau for creating a broadly defined Qualified Mortgage rule that establishes strong consumer protections while ensuring continued access to safe, affordable mortgage credit. “NAR forged a coalition of partners that urged regulators to honor Congressional intent by crafting a broad QM and we are pleased that the rule encompasses the vast majority of the safe, high quality lending being done today. We will continue to work closely with the CFPB to ensure that the cap on fees... Read More
  • 4:20 PM » Bank Made Huge Profit On Libor During Crisis: Report
    Published Thu, Jan 10 2013 4:20 PM by The Huffington Post
    Back in 2008, when financial markets were chaotic and unpredictable, at least one large bank managed to turn a hefty profit with finely-tuned bets on ... Read more: Deutsche Bank , Libor Manipulation , Libor , Libor Rigging , Banks , Deutsche Bank Libor , Deutsche Bank Libor Profit , Business News
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 4:12 PM » Berkshire's Peltier Says Mortgage Rule Clears Loan Path
    Published Thu, Jan 10 2013 4:12 PM by Business Week
    Berkshire's Peltier Says Mortgage Rule Clears Loan Path Businessweek Ron Peltier, head of the real-estate brokerage business at Warren Buffett's Berkshire Hathaway Inc. (A), said a new U.S. Consumer Financial Protection Bureau rule setting lending standards could help banks extend credit. The regulation announced today ... and more »
    Click Here to Read the Full Article

    Source: Business Week
  • 4:11 PM » Banks prepare for earnings; mortgages cast a pall
    Published Thu, Jan 10 2013 4:11 PM by Business Week
    Banks prepare for earnings; mortgages cast a pall Businessweek NEW YORK (AP) - Legal troubles and regulatory scuffles keep piling up for the banking industry, a fact that's sure to drag down results when the banks start reporting fourth-quarter earnings beginning Friday. Most obvious will be the pall cast by this week's ...
    Click Here to Read the Full Article

    Source: Business Week
  • 4:08 PM » Gross Raises Holdings of Treasuries to Highest Level Since July
    Published Thu, Jan 10 2013 4:08 PM by Bloomberg
    Gross Raises Holdings of Treasuries to Highest Level Since July Bloomberg Pacific Investment Management Co.'s Bill Gross raised the percentage of Treasuries held in his flagship Total Return Fund to 26 percent in December, the highest level since July. Pimco disclosed the holdings data on its website today. To contact the editor ...
  • 4:07 PM » Remarks by the President in Nomination of Secretary of the Treasury
    Published Thu, Jan 10 2013 4:07 PM by www.whitehouse.gov
    East Room 1:40 P.M. EST THE PRESIDENT:  Good afternoon, everybody.  Please have a seat.  A little more than four years ago, I stood with Mr. Tim Geithner and announced him as my first nominee to my Cabinet.  We were barely two months into the financial crisis.  The stock market had cratered.  The housing market had cratered as well.  Bank after bank was on the verge of collapse.  And worst of all, more than 800,000 Americans would lose their jobs in just that month.  And the bottom was not yet in sight. So I couldn’t blame Tim when he tried to tell me he wasn’t the right guy for the job.  (Laughter.)  But I knew that Tim’s extensive experience with economic policy made him eminently qualified, and I also knew that he could hit the ground running.  As Chairman of the New York Federal Reserve, he had just spent several sleepless and chaotic weeks immersed in the complexities of the crisis, and had been working closely with his Republican predecessor at Treasury to save the financial system. Then, with the wreckage of our economy still smoldering and unstable, I asked Tim to help put it back together.  And thanks in large part to his steady hand, our economy has been growing again for the past three years, our businesses have created nearly 6 million new jobs.  The money that we spent to save the financial system has largely been paid back.  We’ve put in place rules to prevent that kind of financial meltdown from ever happening again.  An auto industry was saved.  We made sure taxpayers are not on the hook if the biggest firms fail again.  We’ve taken steps to help underwater homeowners come up for air, and open new markets to sell American goods overseas.  And we’ve begun to reduce our deficit through a balanced mix of spending cuts and reforms...
    Click Here to Read the Full Article

    Source: www.whitehouse.gov
  • 2:51 PM » Ten Questions on the New Mortgage Rules
    Published Thu, Jan 10 2013 2:51 PM by WSJ
    Regulators issued new mortgage rules on Thursday designed to prevent a return to lending practices that cratered the housing market and brought the financial system to its knees during the past decade. Here's a look at some frequently asked questions:
  • 2:48 PM » FBI's Washington Office Hones in on Financial Fraud Cases
    Published Thu, Jan 10 2013 2:48 PM by Business Week
    FBI's Washington Office Hones in on Financial Fraud Cases Businessweek The U.S. investigators at the center of the international probe into the manipulation of interest rates may not be who people would expect -- and they are far from done with their work. The FBI's Washington field office, known for its terrorism and public ...
    Click Here to Read the Full Article

    Source: Business Week
  • 2:45 PM » President Obama Officially Nominates Jack Lew as Secretary of Treasury
    Published Thu, Jan 10 2013 2:45 PM by CNBC
    President Obama officially nominated Jack Lew as Secretary of Treasury on Thursday, a move that is sure to face resistance from the GOP.
  • 2:44 PM » Chairman Hensarling Responds to CFPB's New Mortgage Rules
    Published Thu, Jan 10 2013 2:44 PM by House Financial Services
    Financial Services Committee Chairman Jeb Hensarling made the following comments about the Ability to Repay and Qualified Mortgage rule released by the Consumer Financial Protection Bureau today:  "The CFPB has been given a job that is both impossible and dangerous.  Impossible because the CFPB is a big government bureaucracy in Washington attempting to determine which mortgages are appropriate for 100 million Americans, each of whom have their own personal circumstances that the CFPB knows nothing about.  Dangerous because the CFPB has been given vast, unprecedented and unchecked power, all delegated to a single director whose alleged recess appointment by the President is legally questionable.  Rather than bringing greater certainty to the marketplace, every decision made by the CFPB will therefore be under a cloud.  All could be overturned because the CFPB director's appointment is possibly unconstitutional, unlawful or both. "These types of 'one-size fits all' solutions always - always - are fraught with unintended consequences.  After all, government regulations and policies that strong-armed, incented and cajoled financial institutions into loaning money to people to buy homes they couldn't afford are a major reason why we had the financial crisis to begin with.  Ironically, now we have government regulations attempting to tell financial institutions not to do what the government was telling them to do before.  "We have already started to see a consolidation in this market as participants, including banks and other mortgage loan originators, pull back from offering their products and services.  As the Financial Services Committee examines this and other mortgage rules, we will look to see how they will impact a community financial institution's ability to compete and offer sustainable, affordable mortgages, or whether they will cause a further consolidation...
    Click Here to Read the Full Article

    Source: House Financial Services
  • 12:18 PM » Homeowners With No Mortgage Offer Clues to Recovery
    Published Thu, Jan 10 2013 12:18 PM by CNBC
    As federal regulators and banks argue over new lending standards, one important fact about the housing market goes largely overlooked: More than 20 million American homeowners own their homes outright. No mortgage.
  • 10:11 AM » Freddie Mac: 30-Year Fixed-Rate Mortgage Averages 3.40 Percent
    Published Thu, Jan 10 2013 10:11 AM by freddiemac.mwnewsroom.com
    30-Year Fixed-Rate Mortgage Averages 3.40 Percent
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 10:10 AM » CFPB: Assuring consumers have access to mortgages they can trust
    Published Thu, Jan 10 2013 10:10 AM by CFPB
    Today, we're issuing one of our most important rules to date, the Ability-to-Repay rule. It's designed to assure the reliability of mortgages - making sure that lenders offer mortgages that consumers can actually afford to pay back. This is a simple, obvious principle that needs to be cemented in the housing market. In the run-up [...]
  • 9:10 AM » Danger in Declaring Euro Zone Victory Prematurely: S&P
    Published Thu, Jan 10 2013 9:10 AM by CNBC
    Ireland has returned to the debt markets, peripheral bond yields have fallen and equities have rallied to 22-month highs. What can possibly go wrong?
  • 9:05 AM » Draghi: ECB expects 'gradual' recovery in 2013
    Published Thu, Jan 10 2013 9:05 AM by Market Watch
    FRANKFURT (MarketWatch) -- European Central Bank President Mario Draghi on Thursday said weakness in the euro-zone economy will extend into 2013, with a "gradual recovery" taking hold later in the year. Draghi said risks to the economic outlook remain weighted to the downside and are related to slow implementation of economic reforms by euro-zone governments. Draghi said that while inflation remains above the ECB's target rate, annual inflation should fall below 2% later in 2013 and that the central bank sees inflationary pressures as contained. Earlier, the ECB left its key lending rate unchanged at 0.75%, as expected.
  • 9:04 AM » Draghi: ECB rate decision was unanimous
    Published Thu, Jan 10 2013 9:04 AM by Market Watch
    FRANKFURT (MarketWatch) -- European Central Bank policy makers voted unanimously to leave interest rates unchanged Thursday amid signs of healing financial strains in the euro zone and no change in the institution's outlook on price stabiity, ECB President Mario Draghi told reporters at his monthly news conference. There was "no reason to change the decision taken last month," Draghi said. The ECB chief noted signs of healing strains in the euro-zone financial system and markets, with government bond yields "significantly lower," higher equity prices, stronger capital inflows. While "fragmentation" of euro-zone financial markets is healing, however, significant signs of strain still remain, he said, noting that improvements haven't yet fed through to the real economy.
  • 9:03 AM » Live from Baltimore, MD!
    Published Thu, Jan 10 2013 9:03 AM by CFPB
    Today we're in Baltimore, MD for a field hearing on mortgage policy. Watch here for remarks from CFPB Director, Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public.
  • 8:00 AM » Credit Unions: QM safe harbor set; concerns remain
    Published Thu, Jan 10 2013 8:00 AM by NAFCU
    A NAFCU-recommended safe harbor for credit unions that issue mortgages according to a new "qualified mortgage" standard is included in the final ability-to-repay rule issued today by the CFPB.
  • 7:53 AM » Protecting Borrowers from the Next Lending Crisis: The CFPB's Rules on Ability to Repay and Qualified Mortgages
    Published Thu, Jan 10 2013 7:53 AM by CRL
    The Consumer Financial Protection Bureau's new rules on "Qualified Mortgages" generally strike a balanced, reasonable approach to mortgage lending and implement important consumer protections.
  • 7:17 AM » In Picking Lew, Obama Turns a Page at Treasury
    Published Thu, Jan 10 2013 7:17 AM by CNBC
    Jack Lew, President Barack Obama's likely nominee for treasury secretary, is a premier federal budget expert who would take the helm of the government's main agency for economic and fiscal policy just as the administration girds itself for a new confrontation with congressional Republicans over the nation's debt and deficits.
  • 7:16 AM » US Futures Signal Gains; ECB Eyed
    Published Thu, Jan 10 2013 7:16 AM by CNBC
    U.S. stock index futures pointed to a second consecutive day of gains on Wall Street on Thursday, with Asian and European shares in the black after better-than-expected trade data out of China.
  • 7:15 AM » U.S. Consumer Watchdog Tightens Mortgage Lending Rules on Banks
    Published Thu, Jan 10 2013 7:15 AM by CNBC
    More than five years after the housing market collapsed, the U.S. government's newly created consumer watchdog said Thursday it intends to enforce stricter lending rules on banks.
  • 7:14 AM » Simplified US Mortgage Document Coming in Summer, Cordray Says
    Published Thu, Jan 10 2013 7:14 AM by Bloomberg
    Simplified US Mortgage Document Coming in Summer, Cordray Says Bloomberg The Consumer Financial Protection Bureau will unveil plans for a simplified mortgage disclosure this summer, its director, Richard Cordray, said in an interview. "We have to do some quantitative consumer testing on that to really get to the finish line," Cordray ... and more »
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More From MND

Mortgage Rates:
  • 30 Yr FRM 3.86%
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  • 15 Yr FRM 3.12%
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  • Jumbo 30 Year Fixed 3.73%
MBS Prices:
  • 30YR FNMA 4.5 108-13 (0-01)
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  • 30YR FNMA 5.0 110-14 (0-02)
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  • 30YR FNMA 5.5 111-26 (0-01)
Recent Housing Data:
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  • Refinance Index 0.90%
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  • FHFA Home Price Index 0.67%