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  • Fri, Nov 1 2013
  • 4:59 PM » Fed officials eye inflation, jobs in dueling QE arguments
    Published Fri, Nov 01 2013 4:59 PM by Reuters
    Top Federal Reserve officials on Friday gave only modest hints as to when a massive bond-buying program would be drawn down, with one saying they needed to wait for signs of rising inflation and two others reinforcing an argument the Fed has waited too long.
  • 4:58 PM » SEC Obtains Asset Freeze in California-Based Real Estate Investment Scheme
    Published Fri, Nov 01 2013 4:58 PM by SEC
    The Securities and Exchange Commission today announced fraud charges and an emergency asset freeze against a group of Pasadena, Calif.-based companies at the center of an ongoing real estate investment scheme. The SEC alleges that Yin Nan (Michael) Wang and Wendy Ko have raised more than $150 million from approximately 2,000 investors by selling promissory notes issued through Velocity Investment Group, which manages a series of investment funds entitled the Bio Profit Series. Each of the Bio Profit Series funds purports to be primarily in the business of making real estate-related loans in California, but in reality Wang and Ko have used money received from newer investors to make the promised quarterly interest payments to earlier investors in Ponzi-like fashion. "The SEC sought emergency action to prevent the further dissipation of investor assets through an expected set of upcoming Ponzi-like payments," said Michele Wein Layne, director of the SEC's Los Angeles Regional Office. "Wang falsified financial records and used another company to create the illusion of legitimate economic activity." According to the SEC's complaint unsealed today in U.S. District Court for the Central District of California, Wang and Velocity Investment Group have been raising money since at least 2005. Wang is the sole owner of Velocity Investment Group, and the Bio Profits Series fund accounts are controlled by Wang and Ko, who transferred some investor funds to make quarterly interest payments to other investors. The SEC's complaint says Wang has admitted that Velocity was using new investor money to pay earlier investors. The SEC alleges that Wang directed one of the Bio Profit Series funds to provide its outside accountant with inaccurate financial information that materially overstated its mortgage loans receivable and mortgage income figures. The more than $9.8 million of mortgage loan income shown in those financial statements included accrued interest...
  • 4:58 PM » September Las Vegas Home Sale Press Release
    Published Fri, Nov 01 2013 4:58 PM by DataQuick
    Las Vegas Region September Home Sales The Las Vegas area posted a normal slowdown in sales last month compared with August but activity edged slightly higher than a year earlier as relatively strong move-up buying compensated for a drop-off in sub-$200,000 deals. A variety of price measures suggested home values began to flatten recently, although September's overall median sale price was still nearly 28 percent higher than a year ago, a real estate information service reported. In September, 4,218 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County). That was down 10.5 percent from the month before and up 3.1 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records. On average, sales between August and September have fallen 8.6 percent since 1994, when DataQuick's complete Las Vegas-area statistics begin. Total September sales in the Las Vegas region were the highest for that month since September 2011 and were 9.6 percent below the average number of homes sold during all months of September since 1994. However, resales of houses and condos combined were 14.3 percent above average for the month of September, while sales of newly built homes were 56.3 percent below the September average. The number of mid- to high-end home sales remained well above year-ago levels, while low-end deals fell considerably short of 2012 levels. Sales of homes priced below $100,000 dropped 46.2 percent in September compared with a year earlier, while the number of transactions below $200,000 fell 19.6 percent year-over-year. The number of homes that sold for more than $200,000 shot up 67.1 percent year-over-year, pushed higher by the combination of home price appreciation and strong demand in mid- to high-end markets. September sales of homes priced from $200,000 to $500,000 - a range that would include many move-up purchases - jumped 64.6 percent from...
  • 3:59 PM » Ellen Haberle: And They're Back! Buyer Demand Rebounds After Government Reopens
    Published Fri, Nov 01 2013 3:59 PM by The Huffington Post
    In the aftermath of the shutdown and debt ceiling debacle, a storm of news media and economists predicted that anxious Americans would spend less through the new year. In the housing market, however, these predictions aren't panning out. Read more: House , Redfin , Congress , Debt Ceiling , Default , Homebuyers , Government Shutdown , HuffPost Home News
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 3:55 PM » House Prices and Fundamentals Under the Microscope
    Published Fri, Nov 01 2013 3:55 PM by www.aei.org
    House Prices and Fundamentals Under the Microscope<br/>http://www.aei.org/article/house-prices-and-fundamentals-under-the-microscope/
  • 3:49 PM » Jumbo home loans may grow more common if Fannie and Freddie trim their mortgage limits
    Published Fri, Nov 01 2013 3:49 PM by Washington Post
    hould you be concerned that the maximum loan amount you'll be able to obtain through the biggest players in the mortgage industry - Fannie Mae and Freddie Mac - might be cut sometime next spring? You just might. That's because mortgage applicants who no longer qualify under the revised limits will be forced to shop in the so-called jumbo arena, where minimum credit scores and financial reserve requirements tend to be tougher and down payments heftier than in the conventional space dominated by Fannie and Freddie.
    Click Here to Read the Full Article

    Source: Washington Post
  • 2:30 PM » OCC Releases Dodd-Frank Stress Testing Scenarios for 2014 and the Final Policy Statement for Developing the Annual Stress Test Scenarios
    Published Fri, Nov 01 2013 2:30 PM by OCC
    The Office of the Comptroller of the Currency (OCC) released the economic and financial market scenarios that will be used in the next round of stress tests for large financial institutions.
  • 2:24 PM » Fed to Test Banks Against Interest Rate Rise, Housing Collapse - Bloomberg
    Published Fri, Nov 01 2013 2:24 PM by Bloomberg
    Fed to Test Banks Against Interest Rate Rise, Housing Collapse Bloomberg The Federal Reserve said it will examine how the biggest banks might react to a jump in long-term interest rates and another housing crash as it released the next round of stress-test scenarios designed to monitor the ability of the U.S. financial system to  ... and more »
  • 1:14 PM » Wells Fargo 'quietly' settles FHFA claim for less than $1 billion
    Published Fri, Nov 01 2013 1:14 PM by www.bizjournals.com
    While rival Bank of America Corp. faces demands of $6 billion, Wells Fargo & Co. (NYSE:WFC) has settled its dispute with the Federal Housing Finance Agency for less than $1 billion, London's Financial Times reports. The FT's exclusive, citing confidential sources, says Wells "quietly" settled claims brought by the FHFA with an agreement filed confidentially. The FHFA in 2011 filed lawsuits against the nation's largest mortgage lenders, alleging the banks had fraudulently sold mortgages to Fannie Mae and Freddie Mac, which under government conservatorship now report to the FHFA. Wells Fargo was the only major bank not sued in 2011.
    Click Here to Read the Full Article

    Source: www.bizjournals.com
  • 10:49 AM » The Week in Charts: See the week's scary housing and jobs data
    Published Fri, Nov 01 2013 10:49 AM by Market Watch
    See the charts that show pending sales of homes are slowing down, a signal that actual sales may decline in the fourth quarter. This week's data also illustrate the toll that Washington's spending impasse took on private employment and consumer confidence. Plus, check out a chart on the scary amounts that Halloween revelers spend on costumes and decor.
  • 10:49 AM » Stock funds worldwide attract $12.4 billion, extending record inflows: BofA
    Published Fri, Nov 01 2013 10:49 AM by Reuters
    NEW YORK (Reuters) - Investors worldwide poured $12.4 billion into stock funds in the latest week, extending record inflows into the funds this year to $231 billion, data from a Bank of America Merrill Lynch Global Research report showed Friday.
  • 9:35 AM » Markit Factory Index in U.S. Fell to 51.8 in October From 52.8 - Bloomberg
    Published Fri, Nov 01 2013 9:35 AM by Bloomberg
    Markit Factory Index in U.S. Fell to 51.8 in October From 52.8 Bloomberg The Markit Economics final index of U.S. manufacturing decreased to 51.8 in October from 52.8 the previous month, the London-based group said today. The median forecast in a Bloomberg survey of economists called for a decline to 51.1, with estimates  ...
  • 9:34 AM » Tentative settlement reportedly reached in Mount Holly
    Published Fri, Nov 01 2013 9:34 AM by www.cfpbmonitor.com
    Alan S. Kaplinsky It is looking like our prediction that Township of Mount Holly v. Mt. Holly Gardens Citizens in Action, Inc. would settle before the U.S. Supreme Court heard oral argument was accurate. Late yesterday, the Wall Street Journal reported that the parties have reached a tentative settlement. A settlement would mean that the Supreme Court has... More >
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
  • 9:32 AM » Fed's Bullard: need confidence job gains will stick before taper
    Published Fri, Nov 01 2013 9:32 AM by CNBC
    The Federal Reserve wants reassurance that U.S. labor market improvements will be lasting before starting to scale back its massive bond buying campaign, a senior Fed official said on Friday.. Louis Federal Reserve President James Bullard said.
  • 8:36 AM » Stock futures edge higher after two-day decline
    Published Fri, Nov 01 2013 8:36 AM by Reuters
    NEW YORK (Reuters) - Stock index futures edged slightly higher on Friday, indicating a Wall Street rebound following two days of losses spurred by concerns over Federal Reserve policy.
  • 8:06 AM » We missed an opportunity in September to begin the taper: Fed's Plosser
    Published Fri, Nov 01 2013 8:06 AM by CNBC
    Philadelphia Fed President Charles Plosser appeared on CNBC's " Squawk Box" on Friday-following no action at the two-day Federal Reserve policy meeting that ended Wednesday.. The Fed had surprised Wall Street by ending its September meeting with no reduction in its $85- billion- a-month bond-buying program known as quantitative easing.
  • 1:06 AM » Lenders Extend the Clock on the Lock
    Published Fri, Nov 01 2013 1:06 AM by WSJ
    Recent fluctuations in mortgage rates are prompting home buyers to seek longer terms-up to 360 days-to commit to an interest rate
  • 1:06 AM » Stocks Cap Biggest Rally in Two Years to Beat Bonds, Commodities - Bloomberg
    Published Fri, Nov 01 2013 1:06 AM by Bloomberg
    Stocks Cap Biggest Rally in Two Years to Beat Bonds, Commodities Bloomberg Global equities completed the biggest back-to-back monthly gain in almost two years, beating all other assets in October, as U.S. lawmakers avoided a debt default and investors speculated the Federal Reserve will maintain stimulus. The MSCI All-Country  ...
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More From MND

Mortgage Rates:
  • 30 Yr FRM 4.44%
  • |
  • 15 Yr FRM 3.49%
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  • Jumbo 30 Year Fixed 4.20%
MBS Prices:
  • 30YR FNMA 4.5 106-21 (-0-12)
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  • 30YR FNMA 5.0 109-02 (-0-06)
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  • 30YR FNMA 5.5 110-07 (-0-07)
Recent Housing Data:
  • Mortgage Apps 4.30%
  • |
  • Refinance Index 6.92%
  • |
  • FHFA Home Price Index 0.67%