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  • Fri, Mar 8 2013
  • 4:12 PM » Reforming the Debt Trap in California
    Published Fri, Mar 08 2013 4:12 PM by CRL
    For California families living paycheck to paycheck, the high price of a payday loan and the fact that it must be paid off in one lump sum two short weeks later virtually ensures that cash-strapped borrowers will be unable to meet their basic expenses and pay off their loan with their next paycheck.
  • 4:10 PM » Multi-State Mortgage Committee Issues 2012 Annual Report to State Regulators
    Published Fri, Mar 08 2013 4:10 PM by
    Multi-State Mortgage Committee Issues 2012 Annual Report to State Regulators<br/>
  • 1:49 PM » Bank of America Raises Forecast for Gain in Home Prices
    Published Fri, Mar 08 2013 1:49 PM by Bloomberg
    Bank of America Raises Forecast for Gain in Home Prices Bloomberg U.S. home prices probably will rise 8 percent this year, up from a previous estimate of a 4.7 percent increase, according to Bank of America Corp. Low interest rates, a tight inventory of properties for sale and record affordability are fueling accelerated price ...
  • 1:44 PM » Banks and Fed's Stress Test Models Far Apart
    Published Fri, Mar 08 2013 1:44 PM by CNBC
    The Federal Reserve's most recent stress test shows all but one of the nation's 18 largest banks are prepared to handle a severe economic shock. That is an improvement from last year when two banks failed to meet the minimum requirements outlined by the central bank.
  • 1:44 PM » MBIA Loses Bid to Get FDIC Funds to Cover IndyMac Liability
    Published Fri, Mar 08 2013 1:44 PM by Bloomberg
    MBIA Loses Bid to Get FDIC Funds to Cover IndyMac Liability Bloomberg March 8 (Bloomberg) --MBIA Inc. (MBI) lost an appeals court bid to recover from the Federal Deposit Insurance Corp. at least $244 million of claims and expenses stemming from mortgage- backed securities issued by IndyMac Bancorp Inc. The U.S. Court of ... and more »
  • 12:16 PM » Fed's Bullard sees continued bond buying
    Published Fri, Mar 08 2013 12:16 PM by Market Watch
    WASHINGTON (MarketWatch) - The Federal Reserve is likely to continue with its $85-billion-a-month bond buying program, said James Bullard, president of the St. Louis Federal Reserve Bank, on Friday. "I think it's going to be a while on the QE program," Bullard said in an interview on Bloomberg Television. The Fed has said it will review its asset purchase program, known as quantitative easing, at its two-day meeting on March 19 and 20. Some Fed officials are worried that the program is fueling financial instability. But Fed Chairman Ben Bernanke and his allies have signaled that tapering the purchases too soon could damage the recovery.
  • 12:14 PM » Subcommittees Hear From Experts on Harmful Consequences of QE and the GSEs
    Published Fri, Mar 08 2013 12:14 PM by House Financial Services
    "We talked about cash on balance sheets not deployed People just sitting on cash because interest rates are too low and returns are too low now, but they think that they will go up in the future. So, everyone just sits until the Fed takes action. Rather than trying to read the market, they are trying to read what the Fed is going to do - which is very distorting in my view."  - Monetary Policy Subcommittee Chairman John Campbell "Fannie Mae and Freddie Mac are the essence of crony capitalism, and if we recreate them in some form or fashion, as so many in the industry and across the aisle are recommending, we are doomed to repeat the same terrible outcomes that our nation has experienced over the last four years." - Capital Markets Subcommittee Chairman Scott Garrett On Tuesday, the Monetary Policy and Trade Subcommittee heard testimony from a panel of four leading economists on the short-term and long-term impacts of the Federal Reserve's unconventional monetary policy. Members of the Subcommittee asked for an objective analysis of the Fed's monetary stimulus efforts and the results, which - judging by the state of our slow, weak recovery - are meager at best. There was a strong consensus that America would be better served by a Federal Reserve that utilizes a rules-based policy rather than an improvisational approach.  The Capital Markets and Government Sponsored Enterprises Subcommittee on Wednesday focused on the role Fannie Mae and Freddie Mac played in the housing bubble and financial crisis. The Subcommittee's hearing showed that both Fannie and Freddie were instrumental in the creation of the subprime and Alt-A mortgage market . While the Dodd-Frank Act addressed many of the symptoms of the financial crisis, it failed to address the central cause of the crisis. The taxpayer bailout of Fannie Mae and Freddie Mac is the biggest bailout in history.
    Click Here to Read the Full Article

    Source: House Financial Services
  • 10:47 AM » Fed mulls putting a "not for sale" sign on its assets
    Published Fri, Mar 08 2013 10:47 AM by Reuters
    NEW YORK (Reuters) - The U.S. Federal Reserve is considering jettisoning a plan to eventually sell off the massive haul of bonds it is now buying, a politically defensive strategy that would have the added benefit of supporting the economy for years to come.
  • 10:32 AM » Housing Jobs Jump, but Workers Aren't Returning
    Published Fri, Mar 08 2013 10:32 AM by CNBC
    Builders are clearly acting on the big jump in new home orders, but those jobs numbers could actually be higher, were they not hamstrung by a severe lack of workers.
  • 10:32 AM » Just Who Really Moves the Markets at the Fed?
    Published Fri, Mar 08 2013 10:32 AM by CNBC
    Based on the number of monetary policy speeches last year and their impact on the 10-year Treasury yield, the winner is...
  • 9:53 AM » Senator Asks Justice Department to Investigate Mortgage Company
    Published Fri, Mar 08 2013 9:53 AM by WSJ
    A U.S. senator has asked Attorney General Eric Holder to investigate the business practices of a company that provides technology services to lenders and other companies that process foreclosures.
  • 8:16 AM » Ally Financial Statement on Dodd-Frank Act Stress Test Results
    Published Fri, Mar 08 2013 8:16 AM by
    DETROIT - Ally Financial believes that the Federal Reserve's analysis of Ally's capital adequacy for the Dodd-Frank Act Stress Test (DFAST) is fundamentally flawed and, while the Fed has not pr...
    Click Here to Read the Full Article

  • 8:13 AM » CFPB on sequester list
    Published Fri, Mar 08 2013 8:13 AM by
    Although the CFPB receives its funding from the Federal Reserve and not through the congressional appropriations process, it is still on the list of agencies whose funding will be cut by the sequester. According to the report on the sequestration for fiscal year 2013 sent to Congress by the Office of Management and Budget, the... More >
    Click Here to Read the Full Article

  • 7:58 AM » US Stocks Seen Higher Ahead of Payrolls Data
    Published Fri, Mar 08 2013 7:58 AM by CNBC
    U.S. stock futures indicate a higher open on Friday as investors await the U.S. jobs report, seen as a key risk event for the markets.
  • 7:57 AM » Dow's Record Run Continues Ahead Of February Jobs Report
    Published Fri, Mar 08 2013 7:57 AM by CNBC
    After a 5-1/2 year wait, the Dow Jones Industrial Average has now set new highs in three straight sessions, with the Dow and S&P 500 both riding 5-session winning streaks. The S&P and Nasdaq are on pace for their biggest weekly gains in nine weeks, with the February jobs report looming this morning as the next significant milepost for the Street.
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