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  • Tue, Oct 1 2013
  • 5:23 PM » Shutdown 1st day: Furloughs for many, some jobs are saved
    Published Tue, Oct 01 2013 5:23 PM by CNN
    Tens of thousands of federal workers came to work on the first day of the government shutdown Tuesday to sign furlough paperwork and turn on their out-of-office voicemail and email.
  • 4:39 PM » Freddie Mac Announces Settlements Totaling More Than $1.3 Billion With Major Financial Institutions
    Published Tue, Oct 01 2013 4:39 PM by freddiemac.mwnewsroom.com
    Freddie Mac Announces Settlements Totaling More Than $1.3 Billion With Major Financial Institutions
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 4:10 PM » Which Government Workers Are Affected by Shutdown?
    Published Tue, Oct 01 2013 4:10 PM by WSJ
    More than 800,000 of the U.S. government's civilian workers faced furloughs after the government shut down Tuesday. Here is an estimate of the number of workers furloughed across most of the government.
  • 4:09 PM » Bill Gross Says U.S. Will Avoid 'Catastrophic' Default on Debt - Bloomberg
    Published Tue, Oct 01 2013 4:09 PM by Bloomberg
    Bill Gross Says U.S. Will Avoid 'Catastrophic' Default on Debt Bloomberg Pacific Investment Management Co.'s Bill Gross said the U.S. will avoid a "catastrophic" default on Treasury securities if lawmakers fail to extend the debt limit on the nation's debt. A default would trigger a "complex series of events worldwide" throughout  ...
  • 2:54 PM » U.S. Economic Confidence Dips During Budget Battle
    Published Tue, Oct 01 2013 2:54 PM by www.gallup.com
    As federal lawmakers inched toward the first shutdown in 17 years, Americans' economic confidence eroded. Gallup's Economic Confidence Index fell to -19 in September from -13 in August, the worst monthly score since September 2012.
    Click Here to Read the Full Article

    Source: www.gallup.com
  • 2:50 PM » Larry Summers: Government Shutdown ‘Beyond Belief'
    Published Tue, Oct 01 2013 2:50 PM by business.time.com
    Calling the stalemate that led to the government shutdown “beyond belief,” former Treasury secretary Larry Summers said this weekend that the extreme measure is symptomatic of political dysfunction that is producing a "fatalistic and weary center." This center must galvanize and speak out against the "angry and determined" lawmakers on the extreme right and extreme left if the country is to move forward, Summers said. His comments came at this year's Nantucket Project, an ideas festival held on the small Massachusetts island each autumn. (Summers made the comments before the government shut down today.) The conference featured a variety of thinkers on topics from the future of food and energy to the growth of online education and African economies. But the biggest names at the conference kept coming back to the divide in Washington. Republican Senator John McCain criticized fellow lawmakers for digging in and using the debt ceiling and threat of a government shutdown to try to defeat Obamacare. The voters have made their decision on this issue and it should be respected, McCain said. Good politics is "not just about having a philosophy," McCain said. "You need willingness to reach a compromise." Political commentator Chris Matthews chimed in, saying lawmakers today don't negotiate; they "take the ball and go home." His new book Tip and the Gipper: When Politics Worked examines the battles and deals struck between Ronald Reagan and House Speaker Tip O'Neill in the 1980s. Despite tussles over issues such as tax reform and Social Security there was always a sense that both parties were in it together and would compromise. It was, Matthews said, "America as it should be, not as it is right now." (MORE: Foroohar: The Government Is Down, So Why Aren't Stocks?) Similar comments have been heard in many corners of the nation the past few years-often from Washington veterans who find...
    Click Here to Read the Full Article

    Source: business.time.com
  • 2:50 PM » Fears of Stalling Housing Recovery Are Overblown
    Published Tue, Oct 01 2013 2:50 PM by WSJ
    Fear that the housing market's recovery is stalling has been overdone, say economists at Goldman Sachs in a new report.
  • 2:28 PM » Shutdown Psychology Made Simple
    Published Tue, Oct 01 2013 2:28 PM by Bloomberg
    Shutdown Psychology Made Simple Bloomberg The best explanation of the U.S. government shutdown points to two factors. The first involves information, or what people think they know. The second involves incentives, or what motivates our elected representatives. From decades of empirical research, we  ...
  • 2:24 PM » U.S. government shuts down and the stock market rallies...huh?
    Published Tue, Oct 01 2013 2:24 PM by CNBC
    Stocks are broadly higher even despite a government shutdown. Hopes of some sort of Grand Bargain lift markets.
  • 1:47 PM » Wall Street banks likely stung again by bad bond-trading quarter
    Published Tue, Oct 01 2013 1:47 PM by Reuters
    NEW YORK (Reuters) - Wall Street banks have had another rough quarter in bond trading thanks to the U.S. Federal Reserve, and it might get worse before it gets better.
  • 1:45 PM » SEC Awards More Than $14 Million to Whistleblower
    Published Tue, Oct 01 2013 1:45 PM by SEC
    The Securities and Exchange Commission today announced an award of more than $14 million to a whistleblower whose information led to an SEC enforcement action that recovered substantial investor funds. Payments to whistleblowers are made from a separate fund previously established by the Dodd-Frank Act and do not come from the agency's annual appropriations or reduce amounts paid to harmed investors. The award is the largest made by the SEC's whistleblower program to date. The SEC's Office of the Whistleblower was established in 2011 as authorized by the Dodd-Frank Act. The whistleblower program rewards high-quality original information that results in an SEC enforcement action with sanctions exceeding $1 million, and awards can range from 10 percent to 30 percent of the money collected in a case. "Our whistleblower program already has had a big impact on our investigations by providing us with high quality, meaningful tips," said SEC Chair Mary Jo White. "We hope an award like this encourages more individuals with information to come forward." The whistleblower, who does not wish to be identified, provided original information and assistance that allowed the SEC to investigate an enforcement matter more quickly than otherwise would have been possible. Less than six months after receiving the whistleblower's tip, the SEC was able to bring an enforcement action against the perpetrators and secure investor funds. "While it is certainly gratifying to make this significant award payout, the even better news for investors is that whistleblowers are coming forward to assist us in stopping potential fraud in its tracks so that no future investors are harmed," said Sean McKessy, chief of the SEC's Office of the Whistleblower. "That ultimately is what the whistleblower program is all about." The SEC's first payment to a whistleblower was made in August 2012 and totaled approximately $50,000. In August and September...
  • 12:43 PM » The Basics: Understanding Concepts Behind the Budget Battle
    Published Tue, Oct 01 2013 12:43 PM by WSJ
    Lots of people like to argue about government spending. But not everyone is well-versed on the terminology. Here's a friendly guide you can share about the basic terms being tossed around in the debate about a government shutdown, raising the debt ceiling and cutting federal spending.
  • 12:34 PM » Australia had a government shutdown once. It ended with the Queen firing everyone in Parliament.
    Published Tue, Oct 01 2013 12:34 PM by Washington Post
    Max Fisher has the whole story . Read full article >>        
    Click Here to Read the Full Article

    Source: Washington Post
  • 12:30 PM » Bank CEOs to meet with Obama Wednesday
    Published Tue, Oct 01 2013 12:30 PM by CNN
    Wall Street CEOs will head to the White House to meet with President Obama on Wednesday, according to sources.
  • 12:27 PM » Corporate profit outlook weak and getting weaker
    Published Tue, Oct 01 2013 12:27 PM by CNBC
    Corporate profits are tracking at a third of original expectations and trending lower, setting up a rough ride when reporting begins next week.
  • 12:27 PM » Five More States to Use Uniform Mortgage Test; 35 States Now Using the Test
    Published Tue, Oct 01 2013 12:27 PM by www.csbs.org
    Five More States to Use Uniform Mortgage Test; 35 States Now Using the Test<br/>http://www.csbs.org/news/press-releases/2013pr/Pages/100113.aspx
  • 10:57 AM » Apartment Market Tightens as Housing Costs Jump
    Published Tue, Oct 01 2013 10:57 AM by WSJ
    Landlords passed along hefty rent increases to tenants this summer, an indication that rising home-buying costs are helping heat up demand for apartments.
  • 10:52 AM » For housing, shutdown is 'freeze of the pipeline'
    Published Tue, Oct 01 2013 10:52 AM by CNBC
    The shutdown, if lengthy enough, could hit home mortgage refinances as well, delay rate locks and result in costly extension fees.
  • 9:36 AM » Commerce Dept Likely To Cancel Release Of U.S. Construction Data
    Published Tue, Oct 01 2013 9:36 AM by WSJ
    The Commerce Department is likely to cancel Tuesday morning's scheduled release of construction-spending data for August, the first economic data report to be affected by the government's partial shutdown.
  • 9:36 AM » CoreLogic Reports Home Prices Rise by 12.4 Percent Year Over Year in August
    Published Tue, Oct 01 2013 9:36 AM by www.corelogic.com
    --Analysis Projects Year-Over-Year HPI Growth of 12.7 Percent in September-- CoreLogic ® (NYSE: CLGX), a leading residential property information, analytics and services provider, today released its August CoreLogic Home Price Index (HPI ® ) report. Home prices nationwide, including distressed sales, increased 12.4 percent on a year-over-year basis in August 2013 compared to August 2012 . This change represents the 18 th consecutive monthly year-over-year increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 0.9 percent in August 2013 compared to July 2013 *. Excluding distressed sales, home prices increased on a year-over-year basis by 11.2 percent in August 2013 compared to August 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1 percent in August 2013 compared to July 2013. Distressed sales include short sales and real estate owned (REO) transactions. The CoreLogic Pending HPI indicates that September 2013 home prices, including distressed sales, are expected to rise by 12.7 percent on a year-over-year basis from September 2012 and rise by 0.2 percent on a month-over-month basis from August 2013. Excluding distressed sales, September 2013 home prices are poised to rise 12.2 percent year over year from September 2012 and by 0.7 percent month over month from August 2013. The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month. "Home price gains were negligible month over month in August-an expected decrease in the pace of appreciation as housing enters the off-season," said Dr. Mark Fleming, chief economist for CoreLogic. "While prices increased more than 12 percent on a year-over-year basis, the month-to-month change is more telling of this year's late summer trend...
    Click Here to Read the Full Article

    Source: www.corelogic.com
  • 9:26 AM » Wells Fargo Agrees To $869 Million Settlement With Freddie Mac
    Published Tue, Oct 01 2013 9:26 AM by The Huffington Post
    WASHINGTON -- Wells Fargo & Co. has agreed to an $869 million settlement with Freddie Mac over claims on home loans it sold to the government-controlled mortgage finance company. The agreement announced Monday by Wells Fargo involves mortgages sold to Freddie before January 2009. Wells said the amount of the agreement was adjusted to reflect credits for previous claims payments, resulting in a cash payment to Freddie of about $780 million. Freddie and its bigger sibling Fannie Mae demanded that Wells Fargo and other big banks buy back mortgages they sold that later soured in the housing bust. San Francisco-based Wells Fargo said it reached the agreement with Freddie on Friday. Citigroup Inc. also agreed last week to pay $395 million to Freddie to settle similar claims.
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 9:21 AM » Merck to cut 8,500 more jobs
    Published Tue, Oct 01 2013 9:21 AM by CNN
    Drug maker Merck announced Tuesday that it will cut 8,500 more jobs worldwide.
  • 9:15 AM » Gov love was already fading: Study
    Published Tue, Oct 01 2013 9:15 AM by CNBC
    A study finds historic slippage in the trust many hold in their elected leaders to fix the nation's biggest problems.
  • 7:58 AM » Wells settles with Freddie Mac for $869 million
    Published Tue, Oct 01 2013 7:58 AM by Market Watch
    Wells Fargo & Co. says it will pay Freddie Mac $869 million to repurchase loans it sold to the mortgage firm that didn't conform to its guidelines.
  • 7:58 AM » Wells Fargo to pay Freddie Mac $780 million to settle mortgage claims
    Published Tue, Oct 01 2013 7:58 AM by Reuters
    (Reuters) - Wells Fargo & Co said on Monday it will pay $780 million in cash to Freddie Mac to resolve substantially all repurchase liabilities on home loans sold to the government-controlled mortgage company prior to 2009.
  • 7:56 AM » JPMorgan insider helps Justice Department - report
    Published Tue, Oct 01 2013 7:56 AM by CNBC
    An insider at JPMorgan has supplied a large amount of information related to the sale of mortgage securities to the U.S. Justice Department, the WSJ reported citing people familiar with the matter.
  • 7:56 AM » U.S. Stock-Index Futures Advance Amid Government Shutdown - Bloomberg
    Published Tue, Oct 01 2013 7:56 AM by Bloomberg
    U.S. Stock-Index Futures Advance Amid Government Shutdown Bloomberg U.S. stock-index futures advanced, signaling the Standard & Poor's 500 Index will rebound from a three-week low, as investors weighed the impact of the first partial government shutdown in 17 years. Under Armour Inc. rose 1.2 percent in early New York  ...
  • 7:52 AM » Dimon, other bankers to meet Obama Wed: report
    Published Tue, Oct 01 2013 7:52 AM by Market Watch
    WASHINGTON (MarketWatch) - Jamie Dimon, the chairman and chief executive officer of J.P. Morgan Chase & Co. and other bank executives are scheduled to meet with President Barack Obama on Wednesday, according to a report Tuesday in the Wall Street Journal. The executives will go to the White House to discuss the government shutdown and efforts to raise the federal debt ceiling, the report said, quoting a person familiar with the meeting. There is growing concern than Congress will struggle to raise the debt limit by the Oct. 17 deadline, especially after lawmakers were unable to find a compromise to keep the government running.
  • 7:42 AM » SIFMA Statement on CALPERS Position on Eminent Domain Plan in Richmond CA
    Published Tue, Oct 01 2013 7:42 AM by SIFMA
    SIFMA Statement on CALPERS Position on Eminent Domain Plan in Richmond CA<br/>http://www.sifma.org/newsroom/2013/sifma-statement-on-calpers-position-on-eminent-domain-plan-in-richmond-ca/
  • 12:17 AM » Berlusconi's Latest Manufactured Crisis - Bloomberg
    Published Tue, Oct 01 2013 12:17 AM by Bloomberg
    Bloomberg Berlusconi's Latest Manufactured Crisis Bloomberg Italian political dysfunction sets a standard of consistency that even the U.S. struggles to match. Governments in Rome come and go with bewildering speed. Nonetheless, the latest lurch toward breakdown is notable. In seeking to pull his party out of the ruling  ...
  • 12:17 AM » U.S. government shuts down, next steps unclear
    Published Tue, Oct 01 2013 12:17 AM by CNBC
    Congress has missed the deadline for averting the first partial government shutdown in 17 years.
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Mortgage Rates:
  • 30 Yr FRM 3.88%
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  • 15 Yr FRM 3.11%
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  • Jumbo 30 Year Fixed 3.71%
MBS Prices:
  • 30YR FNMA 4.5 108-22 (0-04)
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  • 30YR FNMA 5.0 110-28 (0-01)
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  • 30YR FNMA 5.5 111-31 (0-02)
Recent Housing Data:
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  • Refinance Index 0.90%
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  • FHFA Home Price Index 0.67%