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  • Wed, Jun 26 2013
  • 11:27 PM » Bernanke Was Clear, Fed's Crystal Ball Is Cloudy - Bloomberg
    Published Wed, Jun 26 2013 11:27 PM by Bloomberg
    Bernanke Was Clear, Fed's Crystal Ball Is Cloudy Bloomberg Shoulda, woulda, coulda. It's been a week since Federal Reserve Chairman Ben Bernanke "surprised" financial markets by telling them exactly what they expected, yet the whining is still going strong. If only Bernanke had been clearer at his June 19 news  ...
  • 11:26 PM » Breaking News! Insurers sue HUD regarding disparate impact
    Published Wed, Jun 26 2013 11:26 PM by www.cfpbmonitor.com
    Alan S. Kaplinsky We just heard that a lawsuit was filed today in Federal District Court in DC challenging HUD’s final rule stating that the disparate impact theory will apply in assessing whether a company has complied with the Fair Housing Act. Here is the complaint. The outcome of this case could result in a court holding that... More >
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
  • 11:26 PM » Corker-Warner Housing Finance Bill an Important Start but Falls Short on Serving America's Families
    Published Wed, Jun 26 2013 11:26 PM by www.americanprogress.org
    On June 25, 2013, Sens. Bob Corker and Mark Warner filed a bill to restructure the government's role in the housing finance market. In response, CAP and a broad array of housing and civil rights groups sent a letter to the senators explaining how the bill falls short in serving America's families.
    Click Here to Read the Full Article

    Source: www.americanprogress.org
  • 11:15 PM » CRL on GSE Reform
    Published Wed, Jun 26 2013 11:15 PM by CRL
    A bipartisan bill proposes a new entity to replace Fannie Mae and Freddie Mac. It also seeks a government-mandated home down payment. CRL shares it opposition to the down payment standard, and its support to preserve access to credit, especially among low-wealth borrowers.
  • 11:14 PM » Fed Speak Expected to Shape Trading Day
    Published Wed, Jun 26 2013 11:14 PM by CNBC
    Fed speakers could shape the trading day Thursday, starting with New York Fed President William Dudley who speaks just after the stock market open.
  • 4:51 PM » Will the Flight from Bonds Continue?
    Published Wed, Jun 26 2013 4:51 PM by CNBC
    Sure, the headlines look bad, but the hysteria over bonds seems overdone.
  • 3:40 PM » May Las Vegas Region Home Sale Press Release
    Published Wed, Jun 26 2013 3:40 PM by DataQuick
    Las Vegas Region May Home Sales Las Vegas-area home sales held at a seven-year high last month as activity above $200,000 continued to rise sharply and buyers used cash to purchase a record 59.6 percent of all homes sold. The median price paid for a home rose above a year earlier for the 14th consecutive month, pushed higher by price appreciation, the shift toward more mid- to high-end deals and the decline of foreclosure resales, a real estate information service reported. In May, 5,005 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County). That was up 2.8 percent from the month before and up 3.6 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records. Total home sales have increased year-over-year for the past two months, following 10 consecutive months of year-over-year sales declines. May sales in the Las Vegas region were the highest for that month since May 2006, when 7,615 homes sold. Last month's sales were 0.3 percent above the average number of homes sold during all months of May since 1994, when DataQuick's complete Las Vegas-area statistics begin. Resales of houses and condos combined were 28.1 percent higher than average for the month of May, while sales of newly built homes were 52.1 percent below average for a May. Mid- to high-end activity continued to soar compared with year-ago levels, while the number of low-end deals fell sharply again. Sales of homes priced below $100,000 dropped 44.8 percent in May compared with a year earlier, while the number of transactions below $200,000 fell 17.8 percent year-over-year. Sales above $200,000 surged 78.4 percent year-over-year, pushed up by the combination of home price appreciation and the increase in sales in mid- to high-end markets. May sales of homes priced from $200,000 to $500,000 - a range that would include many move-up purchases - jumped 76.9 percent from a year...
  • 3:35 PM » Lacker Says Fed Not Near Cutting Balance Sheet; Growth Sluggish - Bloomberg
    Published Wed, Jun 26 2013 3:35 PM by Bloomberg
    Bloomberg Lacker Says Fed Not Near Cutting Balance Sheet; Growth Sluggish Bloomberg Federal Reserve Bank of Richmond President Jeffrey Lacker said he expects the U.S. expansion to remain "sluggish" for "a couple more years" and that the central bank isn't close to reducing its bond holdings. "This asset-purchase tapering is just slowing the  ...
  • 1:34 PM » Investors yank record $62 billion from bonds
    Published Wed, Jun 26 2013 1:34 PM by CNN
    Investors are staging a mass exodus from the bond market.
  • 1:30 PM » Real-Estate News: A Double Dose of Positive Housing News
    Published Wed, Jun 26 2013 1:30 PM by WSJ
    Here is a look at real-estate news from Wednesday's WSJ, including the Property Report.
  • 1:23 PM » Why Was GDP Revised Down so Much?
    Published Wed, Jun 26 2013 1:23 PM by WSJ
    The Commerce Department offered a surprise Wednesday in its latest estimate of U.S. economic growth: an unusually sharp downward revision to growth in the first quarter.
  • 12:24 PM » Encouraging Momentum to Reform Fannie Mae and Freddie Mac, But Nothing is Likely Soon
    Published Wed, Jun 26 2013 12:24 PM by webfeeds.brookings.edu
    Senators Corker and Warner have penned proposed legislation to reform Fannie Mae and Freddie Mac and the housing finance market more generally. This is a very important task that has been too long delayed and it is therefore encouraging to see a serious proposal with some good ideas in it. We have to find a sensible way to reduce the government’s role in the housing market while ensuring that the market works even in uncertain times and that subsidies are properly directed to those groups that warrant the help. The good news is that there are many excellent ideas for how to do that and a strong degree of consensus among policy analysts about the goals, including focusing any subsidies more narrowly on those in need. (See the  materials from Brookings’ conference of January 2011 and the subsequent Brookings book, The Future of Housing Finance , containing the papers from that conference). The bad news is that I do not expect serious action anytime soon. We remain caught in the trap that politicians want some way to provide broad financial aid to the housing market, which is very popular with the middle class and with all the lobbies associated with housing and finance, without having the subsidies show up on the federal budget and therefore in the deficit figures. Fannie and Freddie were very popular in Congress not just because of their extensive donations and other forms of help to politicians, but because they allowed politicians to square the circle by providing major subsidies to housing through implicit guarantees that reduced Fannie and Freddie’s borrowing costs without budget transparency.  Now that the financial crisis and ensuing severe recession have focused attention on the potential cost of implicit guarantees, it will, thankfully, be harder to use a similar hidden approach. (Explicit federal exposures already add up to quite a sum.  My book, Uncle Sam in Pinstripes , details the roughly $10...
    Click Here to Read the Full Article

    Source: webfeeds.brookings.edu
  • 12:00 PM » Rising Mortgage Rates Cause 'Rush to ARMs'
    Published Wed, Jun 26 2013 12:00 PM by CNBC
    Mortgage rates are rising dramatically and consumers once again are considering adjustable rate mortgages, which offer lower rates and lower monthly payments. ARMs accounted for 36 percent of mortgages in 2006 but just 4.5 percent today.
  • 12:00 PM » Cramer: Wind Now 'Out of the Sails' for Housing
    Published Wed, Jun 26 2013 12:00 PM by CNBC
    The recent spike in mortgage rates is "monumental," and that will likely cool off the hot housing market, CNBC's Jim Cramer says.
  • 11:59 AM » Chairman Hensarling Opening Statement at Today's Full Committee Hearing on 'Too-Big-to-Fail' Post- Dodd-Frank
    Published Wed, Jun 26 2013 11:59 AM by House Financial Services
    Financial Services Committee Chairman Jeb Hensarling (R-TX) delivered the following opening statement at today's full committee hearing e xamining how the Dodd-Frank Act could result in more taxpayer-funded bailouts:    "Not long after the financial crisis arose in 2008, we heard the cry 'Occupy Wall Street!' Most Americans have never wanted to occupy Wall Street, they just want to quit bailing it out. "Today, though, there is a growing bipartisan consensus that the Dodd-Frank Act regrettably did not end the Too Big To Fail phenomenon or its consequent bailouts. "Thus, we have much work ahead of us. I want to thank Chairman McHenry and the members of the O&I Subcommittee for their work so far on this subject. "Ending taxpayer funded bailouts is one of the reasons why this committee has invested so much time on Sustainable Housing Reform. The GSEs, Fannie and Freddie, are the original Too Big to Fail poster children, yet were untouched and unreformed in Dodd-Frank. They have received the largest taxpayer bailout ever - nearly $200 billion. Along with the FHA, the government now controls more than 90% of our nation's mortgage finance market with no end in sight. "One of the most important steps we can take in ending Too Big to Fail institutions is to remove the permanent, taxpayer backed, government guarantee of Fannie and Freddie. For far too long Fannie and Freddie have been where Wall Street and foreign banks go to offload their financial risk on Main Street taxpayers. "This must stop and soon it will as part of our Committee's Sustainable Housing legislation - sustainable for homeowners so they have the opportunity to buy homes they can actually afford to keep; sustainable for taxpayers so they are never again forced to fund another Washington bailout; and sustainable for our nation's economy so we avoid the boom-bust housing cycles that have hurt so many in the past. "Regrettably, Dodd...
    Click Here to Read the Full Article

    Source: House Financial Services
  • 10:37 AM » FDIC Vice Chairman Hoenig: Avoiding Taxpayer Funded Bailouts by Returning to Free Enterprise and Pro Growth Bank Regulatory Policies
    Published Wed, Jun 26 2013 10:37 AM by content.govdelivery.com
    Avoiding Taxpayer Funded Bailouts by Returning to Free Enterprise and Pro Growth Bank Regulatory Policies: Statement of FDIC Vice Chairman Thomas M. Hoenig before the Committee on Financial Services, United States House of Representatives on June 26, 2013 is available at:  http://www.fdic.gov/news/news/speeches/spjun2613.html FDIC speeches, testimony, and other information are available on the Internet at www.fdic.gov , by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html ) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). 
    Click Here to Read the Full Article

    Source: content.govdelivery.com
  • 10:36 AM » Interest rate spike emerges as concern for Fed
    Published Wed, Jun 26 2013 10:36 AM by Washington Post
    The Federal Reserve is becoming concerned that the recent spike in interest rates could disrupt the rebound in the housing market and force the central bank to delay plans to scale back its multibillion dollar economic stimulus. Read full article >>        
    Click Here to Read the Full Article

    Source: Washington Post
  • 10:32 AM » Lost decade for bonds looms
    Published Wed, Jun 26 2013 10:32 AM by money.msn.com
    U.S. Treasurys are now providing less than half the yield of stocks, giving investors little reason to keep the three-decade bull market in bonds alive as housing starts, consumer confidence and corporate profits point to an improving economy. While 10-year Treasurys yield 2.61%, up from a 2013 low of 1.61% on May 1, the aggregate earnings yield of stocks in the Standard & Poor's 500 Index was 6.4% of the index's price level, according to Federal Reserve data compiled by Bloomberg. Even after the selloff in bonds, the four percentage point gap is more than double the average of 1.9 points since 2000.
    Click Here to Read the Full Article

    Source: money.msn.com
  • 9:11 AM » Real Estate Market Is 'Uncomfortable'
    Published Wed, Jun 26 2013 9:11 AM by CNBC
    Fredrik Eklund and Ryan Serhant, two real estate stars from Bravo's "Million Dollar Listing," weigh in on the housing recovery.
  • 9:11 AM » U.S. first-quarter growth cut to 1.8 percent
    Published Wed, Jun 26 2013 9:11 AM by Reuters
    WASHINGTON (Reuters) - U.S. economic growth was more tepid than previously estimated in the first quarter, held back by a moderate pace of consumer spending, weak business investment and declining exports.
  • 9:10 AM » Freddie Mac Issues Monthly Volume Summary for May 2013
    Published Wed, Jun 26 2013 9:10 AM by freddiemac.mwnewsroom.com
    Freddie Mac Issues Monthly Volume Summary for May 2013
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 9:10 AM » Fed's Kocherlakota: Fed Needs to Be Clearer on Interest Rates, Not Just QE Taper Timing
    Published Wed, Jun 26 2013 9:10 AM by CNBC
    This is a breaking news story. Check back shortly for updates.. Minneapolis Fed President Narayana Kocherlakota appeared on CNBC's " Squawk Box" Wednesday.
  • 8:13 AM » Housing Market Shrugging Off Rise in Mortgage Rates
    Published Wed, Jun 26 2013 8:13 AM by CNBC
    Mortgage rates may be inching up, but they have not put a damper on the American housing market's rebound. The New York Times reports.
  • 8:13 AM » Real Estate Sizzles Again In Las Vegas
    Published Wed, Jun 26 2013 8:13 AM by www.npr.org
    High-paying investors have helped the market to bloom in the desert city that once ranked as the foreclosure capital. Even homeowners who thought they were underwater are benefiting. One owner says her home's value increases by about $1,000 every two days. That, she says, is the craziness of Vegas.
  • 8:12 AM » Stock futures rise, adding to Tuesday gains, on sturdy data
    Published Wed, Jun 26 2013 8:12 AM by Reuters
    NEW YORK (Reuters) - Stock futures rose on Wednesday, indicating the S&P 500 may build on its biggest gain in nearly two weeks on Tuesday, on the back of stronger-than-expected economic data.
  • 8:11 AM » Pimco Flagship Fund Loses Big on Bond Shock
    Published Wed, Jun 26 2013 8:11 AM by CNBC
    Pimco's flagship Total Return Bond Fund took a hefty hit in June, due to the sharp rise in bond yields that was sparked by fears the U.S. Established in 1997, and led by Pimco co-founder Bill Gross, the fund boasts the highest performance rating from research firm Morningstar.
  • 8:11 AM » Cordray continues to defend CFPB's data collection
    Published Wed, Jun 26 2013 8:11 AM by www.cfpbmonitor.com
    Barbara S. Mishkin When he appeared before the Senate Banking Committee on April 23, Director Cordray was questioned by Republican Senators about reports that the CFPB was demanding voluminous amounts of information from banks it supervises related to financial products and services and buying data from vendors about various financial products and services. At the hearing, Mr. Cordray vigorously defended the... More >
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
  • 8:10 AM » Despite Gains, Real Estate Market 'Uncomfortable'
    Published Wed, Jun 26 2013 8:10 AM by CNBC
    "All of these people on the sidelines are jumping in at the same time, and that's why we're having an uncomfortable market," real estate star Fredrik Eklund says on CNBC's "The Kudlow Report."
  • 8:10 AM » View of the US Economy Hits New High: Survey
    Published Wed, Jun 26 2013 8:10 AM by CNBC
    A new CNBC All-America Economic Survey finds people are more positive on the economy than at any time since the 2008 recession, but they're more disappointed with their standard of living.
  • 2:54 AM » Banking Committee Senators Introduce Legislation to Modernize and Reform America's Broken Housing Finance System
    Published Wed, Jun 26 2013 2:54 AM by www.corker.senate.gov
    Bill Protects Taxpayers, Winds Down Fannie Mae & Freddie Mac, Preserves Mortgage Market Liquidity ...
    Click Here to Read the Full Article

    Source: www.corker.senate.gov
  • 2:53 AM » China's central bank calms markets, but tighter policy looms
    Published Wed, Jun 26 2013 2:53 AM by Reuters
    SHANGHAI (Reuters) - China's financial markets were calmed on Wednesday after days of turmoil by the central bank's pledge to prevent any lasting credit crunch, but stocks kept slipping as investors braced for tougher conditions in the world's second-largest economy.
  • 2:52 AM » U.S. tops confidence survey on foreign investment, displaces China
    Published Wed, Jun 26 2013 2:52 AM by Reuters
    NEW YORK (Reuters) - After a 12-year hiatus, the United States reclaimed first place among top executives in a survey on foreign direct investment sentiment, displacing China as it makes progress toward sustainable and steady economic growth, a study showed on Wednesday.
  • 2:51 AM » Bond Yields Threaten Recovery in Banks
    Published Wed, Jun 26 2013 2:51 AM by CNBC
    The recovery in global banks' balance sheets is under threat from a surge in bond yields. The Financial Times reports.
  • 2:45 AM » US Senators Look to Shut Mortgage Firms
    Published Wed, Jun 26 2013 2:45 AM by CNBC
    A bipartisan group of U.S. senators on Tuesday introduced a bill to abolish Fannie Mae and Freddie Mac and replace them.
  • 2:45 AM » ResCap Seeks Ally Deal Approval Before Probe Report - Bloomberg
    Published Wed, Jun 26 2013 2:45 AM by Bloomberg
    ResCap Seeks Ally Deal Approval Before Probe Report Bloomberg Residential Capital LLC, the bankrupt former mortgage company, will ask a judge today to approve a $2.1 billion deal with its parent Ally Financial Inc. before unveiling a report into the disputes they settled. The companies and their allies among ResCap's  ... and more »
  • 2:45 AM » US Inflation Notes Set for Second-Worst Monthly Drop on Record - Bloomberg
    Published Wed, Jun 26 2013 2:45 AM by Bloomberg
    US Inflation Notes Set for Second-Worst Monthly Drop on Record Bloomberg Treasury inflation-linked securities were set for their second-worst monthly slump on record before data tomorrow that may show a gain in consumer prices was near an all-time low. A measure of bond investor expectations for future U.S. inflation was within  ...
  • 2:43 AM » The Biggest Risk for Asian Markets (It's Not China)
    Published Wed, Jun 26 2013 2:43 AM by CNBC
    The biggest risk for beaten-down Asian markets is not China's financial instability, say experts, it's a further spike in U.S. treasury yields.
  • 2:42 AM » Waiting on a Bond Market Auction for Cues
    Published Wed, Jun 26 2013 2:42 AM by CNBC
    It's been a while since the stock market hung on the outcome of a bond auction, but that's the case now that rates are rising and auctions don't promise to end smoothly.
  • 2:39 AM » Where the Best Real Estate Values Are
    Published Wed, Jun 26 2013 2:39 AM by CNBC
    Interest rates might not be dragging down activity in the housing sector anytime soon, Citigroup Global Head of Real Estate Thomas Flexner says.
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