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  • Mon, Feb 25 2013
  • 10:21 PM » Huge protest vote leaves Italy facing deadlock
    Published Mon, Feb 25 2013 10:21 PM by Reuters
    A huge protest vote by Italians enraged by economic hardship and political corruption left the euro zone's third-largest economy facing a dangerous vacuum on Monday after an election in which no group won enough votes to form a government. The result, in which anti-euro parties took more than 50 percent of the vote and a novice populist movement scored a stunning success, rocked global markets with fears of a new euro zone crisis. Europe's common currency slumped against the dollar and yen and U.S. stocks suffered their biggest one-day drop since November. With more than 99 percent of returns in from polling stations, results showed the centre-left had taken a slim victory of around 130,000 votes in the lower house of parliament, enough to give it comfortable control thanks to a big winner's bonus. But no party or likely coalition won enough seats to form a majority in the upper house, creating a deadlocked parliament - the opposite of the stable result that Italy desperately needs to tackle a deep recession, rising unemployment and a massive public debt.
  • 9:29 PM » Corker: Ball is in White House's Court on Proposing Necessary Changes at CFPB to Confirm Full Time Director
    Published Mon, Feb 25 2013 9:29 PM by www.corker.senate.gov
    WASHINGTON – To clarify a Politico report today about him “angling to broker a compromise” with the administration over reforms to the Consumer Financial Protection Bureau, U.S. Senator Bob Corker, R- Tenn., a member of the Senate Banking Committee, said that after conversations over the past few weeks with a number of stakeholders, the ball is the White House’s court to propose necessary changes at the bureau in order to get enough support for Senate confirmation of a full time director. Richard Cordray is currently serving as head of the CFPB in a temporary appointment that may be in legal jeopardy given a federal appeals court’s challenge to the constitutionality of similar presidential appointments to the National Labor Relations Board that also bypassed Senate confirmation. “I made some suggestions to people at Treasury and the White House as to how they might go about resolving this issue and getting Richard Cordray confirmed. We actually had some success in a similar situation with Carol Galante at the FHA, and there seemed to be an opportunity to do something along those lines here as well. But at this point, the ball is entirely in the White House’s court. By making some modest and reasonable changes to the structure of the CFPB, I think we could have a strong Senate vote confirming Cordray as leader of the organization. But that will require the White House showing a willingness to move the process forward,” Corker said. In December 2012, Corker secured a commitment from FHA Commissioner and Assistant Secretary for Housing Carol Galante to make substantial changes to FHA underwriting requirements in order to begin restoring financial stability at FHA after substantial losses, primarily from a flawed reverse mortgage program. Galante sent Corker a letter on December 18, committing unequivocally to the implement these reforms by January 31, and her nomination was later confirmed by...
    Click Here to Read the Full Article

    Source: www.corker.senate.gov
  • 9:20 PM » Treasury Nominee Lew Works to Address Concerns
    Published Mon, Feb 25 2013 9:20 PM by www.nytimes.com
    Jacob Lew, who faces the Senate Finance Committee on Tuesday, is expected to win approval despite questions about his finances and compensation in past jobs.
    Click Here to Read the Full Article

    Source: www.nytimes.com
  • 9:19 PM » Lockhart Supports Fed Asset Purchases at Least Into Second Half
    Published Mon, Feb 25 2013 9:19 PM by Business Week
    Lockhart Supports Fed Asset Purchases at Least Into Second Half Businessweek Federal Reserve Bank of Atlanta President Dennis Lockhart said he wants to continue central bank asset purchases at least into the second half of the year to help bring about an improved job market. "Considering current labor market conditions, I think ...
    Click Here to Read the Full Article

    Source: Business Week
  • 9:06 PM » Bernanke Speaks as Italy Becomes New Market Headwind
    Published Mon, Feb 25 2013 9:06 PM by CNBC
    Fed Chairman Ben Bernanke is expected to provide soothing words about the Fed's easy money policies Tuesday, but markets may react more to new bearish concerns out of Europe.
  • 5:00 PM » Radian to Sell Shares, Notes to Boost Mortgage-Unit Capital
    Published Mon, Feb 25 2013 5:00 PM by Bloomberg
    Radian to Sell Shares, Notes to Boost Mortgage-Unit Capital Bloomberg Radian Group Inc. (RDN) said it is issuing shares and convertible notes as the company boosts capital for its unprofitable mortgage insurance business. The insurer has begun offering as many as 30 million shares of common stock and $200 million in notes, ... and more »
  • 4:17 PM » Moody's Promises Caps on Mortgage-Bond Ratings as Terms Loosen
    Published Mon, Feb 25 2013 4:17 PM by Bloomberg
    Moody's Promises Caps on Mortgage-Bond Ratings as Terms Loosen Bloomberg Moody's Investors Service said it won't assign its top ratings to certain residential mortgage- bond deals with issuer-friendly terms, signaling a potentially tougher stance than competitors as the market revives. Home-loan securities without government backing ... and more »
  • 4:16 PM » Corker Q&A: Future of consumer bureau with Obama
    Published Mon, Feb 25 2013 4:16 PM by Market Watch
    The ball is in the White House's court when it comes to getting Richard Cordray approved to head a consumer bureau responsible for writing rules for mortgages and other financial services products.
  • 3:53 PM » Boston Fed Chief: Banks May Not Have Enough Capital in a Crisis
    Published Mon, Feb 25 2013 3:53 PM by CNBC
    In a speech given in Seoul Monday, Boston Federal Reserve President Eric Rosengren dealt a lethal blow to the argument that bank capital requirements are too high.
  • 3:52 PM » Blueprint calls for shifting housing finance to private sector
    Published Mon, Feb 25 2013 3:52 PM by Reuters
    WASHINGTON (Reuters) – A bipartisan research group called on Monday for winding down government-controlled mortgage finance firms Fannie Mae and Freddie Mac as part of an effort to have private lenders take on more of the risk of supplying the housing market with credit. The proposal from the Bipartisan Policy Center aims to jump-start a [...]
  • 12:53 PM » SIFMA Statement on BPC Housing Commission Recommendations
    Published Mon, Feb 25 2013 12:53 PM by SIFMA
    SIFMA Statement on BPC Housing Commission Recommendations<br/>http://www.sifma.org/news/news.aspx?id=8589942123
  • 12:48 PM » Exclusive: Goldman to begin fresh round of job cuts - sources
    Published Mon, Feb 25 2013 12:48 PM by Reuters
    (Reuters) - Goldman Sachs Group Inc plans to begin a fresh round of job cuts as early as this week, sources familiar with the matter said on Monday, with its equities business bracing for bigger cuts than fixed-income trading.
  • 12:48 PM » First U.S. Bank Regulations May Look Strikingly Familiar - Bloomberg
    Published Mon, Feb 25 2013 12:48 PM by Bloomberg
    Bloomberg First U.S. Bank Regulations May Look Strikingly Familiar Bloomberg One hundred fifty years ago, the U.S. was two years into a brutal Civil War. The financial cost left the federal government under enormous stress, leading to a result no one had imagined: the first modern system of bank regulation. Before Congress passed An ...
  • 12:47 PM » Will the snake-bite effect hurt housing?
    Published Mon, Feb 25 2013 12:47 PM by Market Watch
    The homebuilders have seen a huge rally off of the lows of bursting of the housing bubble, but all may not be what it seems in the space, as their outperformance vs. the S&P 500 may have finally reached its peak.
  • 11:52 AM » Federal Court in Washington Sides with MERS
    Published Mon, Feb 25 2013 11:52 AM by MERS
    Court Disagrees with Plaintiff's Interpretation of Bain Decision, Rules "Plaintiff's Position Laks Merit" FOR IMMEDIATE RELEASE   CONTACT:  Jason Lobo Phone: 703-652-1660 Email: jasonl@mersinc.org Reston, Virginia, February 25, 2013 -MERSCORP Holdings, Inc. today announced that Chief Judge Marsha J. Pechman of the U.S. District Court, Western District of Washington, held that "Plaintiff's bare legal conclusions are not sufficient to uphold his claim" and dismissed with prejudice a three-count complaint alleging violations of Washington's Deed of Trust Act (DTA) and the state's Consumer Protection Act (CPA). In Zalac v. CTX Mortgage Corp.,  Judge Pechman found that under Washington law a foreclosure sale is a prerequisite to any claim alleging DTA violations and since no foreclosure sale actually occurred - only the initiation of the foreclosure proceedings - the plaintiff's claim fails as a matter of law. " Washington does not recognize a claim for wrongful initiation of foreclosure proceedings," she wrote. Judge Pechman also found no merit to Plaintiff's allegations of consumer protection violations. "Plaintiff's position lacks merit because it is a misapplication of the Washington State Supreme Court's decision in Bain v. Metropolitan Mortg. Group, Inc.," she held. Judge Pechman found that the Bain decision did not rule MERS' role in a deed of trust is an automatic violation of the CPA and that the Plaintiff failed to show how he was deceived by MERS. She ruled, therefore, that "ecause Plaintiff has failed to allege any cognizable deceptive or unfair trade or practice arising out of MERS's involvement, the CPA claim is DISMISSED." "Since the Washington Supreme Court's Bain opinion, multiple courts in Washington have rejected DTA and CPA violation claims against MERS," MERSCORP Holdings' Director for Corporate Communications Jason...
  • 8:10 AM » Lowe's Profit Tops Estimates on Housing Recovery
    Published Mon, Feb 25 2013 8:10 AM by Business Week
    Lowe's Profit Tops Estimates on Housing Recovery Businessweek Lowe's Cos. (LOW), the second-largest U.S. home-improvement retailer, posted fourth-quarter profit that exceeded analysts' estimates, helped by spending on remodeling and Hurricane Sandy repairs. Net income fell 11 percent to $288 million, or 26 cents a ... and more »
    Click Here to Read the Full Article

    Source: Business Week
  • 8:08 AM » One Quarter of US Has More Card Debt Than Savings
    Published Mon, Feb 25 2013 8:08 AM by CNBC
    "The fact of the matter is that America is broke - whether it's mortgages, student loans or credit cards, we are broke," Howard Dvorkin, CPA and founder of ConsolidatedCredit.org.
  • 8:05 AM » US Stocks Seen Up on Strong Gains in Asia
    Published Mon, Feb 25 2013 8:05 AM by CNBC
    U.S. stock index futures signaled a higher open on Monday, despite market jitters as Congress reconvenes to do battle on the $85 billion in automatic spending cuts due to take effect on March 1.
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