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  • Fri, Jul 19 2013
  • 5:17 PM » Hensarling Predicts Committee Passage of Housing Reform Bill - Bloomberg
    Published Fri, Jul 19 2013 5:17 PM by Bloomberg
    Hensarling Predicts Committee Passage of Housing Reform Bill Bloomberg U.S. House Financial Services Committee Chairman Jeb Hensarling said he will advance a bill to eliminate Fannie Mae and Freddie Mac and remove the federal backstop from most of the residential mortgage market. "I don't know anybody who wants to  ...
  • 5:16 PM » Fighting Foreclosures in Illinois
    Published Fri, Jul 19 2013 5:16 PM by www.treasury.gov
    Mary R. Kenney is the executive director of the Illinois Housing Development Authority (IHDA).? When Gov?ernor Pat Quinn took office in 2009, the housing market across the nation was in turmoil and Illinois was exceptionally hard hit. Governor Quinn's administration responded to the foreclosure crisis with the most aggressive housing revitalization campaign the state has ever seen. The backbone of the Illinois' foreclosure prevention response has always been the Hardest Hit Fund , a $445 million foreclosure prevention resource provided by the U.S. Department of the Treasury. IHDA created three foreclosure prevention programs from this resource: Illinois Hardest Hit Program; Home Preservation Program; and Mortgage Resolution Fund. Illinois Hardest Hit Program Today, U.S. Treasury officials joined Governor Quinn and the Illinois Housing Development Authority (IHDA) to celebrate the success of this flagship program and to announce that applications will not be accepted after September 30th. The Illinois Hardest Hit Program provides up to $35,000 over 18 months in monthly mortgage payment assistance or reinstatement assistance (to help a homeowner become current again) to households that are struggling with income loss due to unemployment or underemployment. We launched the Illinois Hardest Hit Program just under two years ago and we are proud to have assisted 9,000 homeowners in 96 of Illinois' 102 counties, to date. The program approves approximately 500 households each month. We are helping those in need at such a fast pace that we are on track to exhaust these funds. On September 30th, IHDA will stop accepting applications after successfully administering this program due to a full commitment of allotted funds. By the close of this program, we expect to have assisted 10,000 homeowners. IHDA partnered with 300 lenders and 60 housing counseling agencies across the state to connect homeowners with critical mortgage payment assistance available under the program...
    Click Here to Read the Full Article

    Source: www.treasury.gov
  • 5:16 PM » News Release - Fannie Mae Prices $583 Million Multifamily ...
    Published Fri, Jul 19 2013 5:16 PM by Fannie Mae
    July 19, 2013. Fannie Mae Prices $583 Million Multifamily DUS REMIC (FNA 2013-M11) Under Its Fannie Mae GeMS Program. ...
  • 3:17 PM » Congress Gives Bernanke A Hero's Send-Off
    Published Fri, Jul 19 2013 3:17 PM by WSJ
    Nobody in Congress knows for sure who will be the chairman of the Federal Reserve once Ben Bernanke's term ends in January. But that didn't keep lawmakers from saying goodbye to Mr. Bernanke -- with effusive praise -- during his visits to Capitol Hill this week.
  • 3:13 PM » Wall Street's Top Watchdog Is A Hot Mess: Study
    Published Fri, Jul 19 2013 3:13 PM by The Huffington Post
    Good news, Wall Street: Your top watchdog is too much of a hot mess to police you properly, according to a new study by another government watchdog. Current and former employees of the Securities and Exchange Commission complained of "low morale, distrust of management, and the compartmentalized, hierarchical, and risk-averse nature of the organization" in a new study by the nonpartisan Government Accountability Office released on Thursday. The GAO said the SEC has an organizational culture that "is not constructive and could hinder its ability to effectively fulfill its mission." The SEC now has a new chair, former federal prosecutor Mary Jo White, who just took over the agency in April. The GAO said the SEC has begun to take steps to fix its problems, and has agreed to pursue several additional recommendations outlined in the report. The news comes as the SEC is desperately trying to justify its existence with the trial of Fabrice "Fabulous Fab" Tourre, a former Goldman Sachs banker who the agency claims misled clients about the nature of a toxic mortgage security before the financial crisis. So far, that trial has been a disaster for the SEC , with its star witness shooting holes in the case and jurors falling asleep. Meanwhile, the agency is woefully underfunded and outgunned technologically by the high-speed traders that have come to dominate trading. The SEC asserts that it has at least been aggressive in holding Wall Street accountable for the financial crisis. It has brought civil charges against 157 institutions and people for misdeeds leading to the crisis, including 66 top executives, and has extracted $2.68 billion in penalties and profit clawbacks. Then again, that $2.68 billion is a sad pittance compared to Wall Street's profits and the trillions of dollars in damage done to society by the crisis. Meanwhile, the SEC has cut deals with banks such as Goldman Sachs and Citigroup that have let those banks get off without admitting...
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 3:07 PM » Brixmor May Be Biggest Retail REIT Offering in 20 Years - Bloomberg
    Published Fri, Jul 19 2013 3:07 PM by Bloomberg
    Brixmor May Be Biggest Retail REIT Offering in 20 Years Bloomberg The initial public offering of Brixmor Property Group, the second-largest U.S. shopping center landlord, may be the biggest for a retail real estate investment trust since Simon Property Group Inc.'s IPO 20 years ago. The sale of shares in New York-based  ...
  • 3:04 PM » Greener home could get you a bigger mortgage
    Published Fri, Jul 19 2013 3:04 PM by CNBC
    A bipartisan bill in the U.S. Senate, called the SAVE Act (Sensible Accounting to Value Energy), could help borrowers buying an energy-efficient home get a larger mortgage.
  • 2:40 PM » Committee to Consider Sustainable Housing Finance Reform Bill on Tuesday
    Published Fri, Jul 19 2013 2:40 PM by House Financial Services
    The Financial Services Committee will meet on  Tuesday, July 23 at 10:15 a.m.  to consider and begin voting on the Protecting American Taxpayers and Homeowners (PATH) Act. The PATH Act creates a sustainable housing finance system for America. Among its provisions, the PATH Act: ends the taxpayer-funded bailout of Fannie Mae and Freddie Mac and phases out the troubled Government-Sponsored Enterprises within five years; increases competition by ending the federal government's domination of the housing finance market that has left taxpayers liable for $5.1 trillion in mortgage guarantees; and gives consumers more choices in determining which mortgage product best suits their needs. "Americans deserve a better housing finance system. One that protects homeowners and taxpayers, so that every American who works hard and plays by the rules can have opportunities and choices to buy homes they can actually afford to keep. One that protects hardworking taxpayers, so they never again have to bail out corrupt government sponsored enterprises like Fannie Mae and Freddie Mac, whose top managers engaged in extensive accounting fraud to trigger huge executive bonuses for themselves. America needs a housing policy that is sustainable over time, not one that causes endless boom-bust cycles in real estate that harms our economy. The PATH Act protects taxpayers, protects homeowners and will give Americans the better, fairer, and sustainable housing finance system they deserve," said Chairman Jeb Hensarling (R-TX). Over the past five months, the Financial Services Committee has held  12 hearings and heard from more than 50 witnesses  on the failures of the current housing finance system and the need to create a sustainable housing finance model. Many of these expert witnesses noted that the financial crisis that began in 2008 started with failed Washington housing policies and Fannie Mae and Freddie Mac. While their senior executives engaged...
    Click Here to Read the Full Article

    Source: House Financial Services
  • 12:36 PM » June California Home Sales Press Release
    Published Fri, Jul 19 2013 12:36 PM by DataQuick
    California June Home Sales June 18, 2013 An estimated 41,027 new and resale houses and condos sold statewide last month. That was down 6.9 percent from a revised 44,087 in May, and down 3.5 percent from 42,513 sales in June 2012, according to San Diego-based DataQuick. California June sales have varied from a low of 35,202 in 2008 to a high of 76,669 in 2004. California June sales have varied from a low of 35,202 in 2008 to a high of 76,669 in 2004. Last month's sales were 16.8 percent below the average of 49,301 sales for all the months of June since 1988, when DataQuick's statistics begin. The median price paid for a home in California last month was $352,000, up 3.5 percent from $340,000 in May and up a record 28.5 percent from $274,000 in June 2012. June was the 16th consecutive month in which the state's median sale price rose year-over-year. In March/April/May 2007 the median peaked at $484,000. The post-peak trough was $221,000 in April 2009. Of the existing homes sold last month, 10.0 percent were properties that had been foreclosed on during the past year - the lowest level since foreclosure resales were 9.4 percent of the resale market in August 2007. Last month's figure was down from a revised 11.3 percent in May and 24.9 percent a year earlier. Foreclosure resales peaked at 58.8 percent in February 2009. Short sales - transactions where the sale price fell short of what was owed on the property - made up an estimated 16.0 percent of the homes that resold last month. That was down from an estimated 16.8 percent the month before and 24.3 percent a year earlier. The typical mortgage payment that home buyers committed themselves to paying last month was $1,356. That was up from $1,227 in May and up from $1,006 a year earlier. Adjusted for inflation, last month's typical payment was 41.2 percent below the 1989 peak of the prior real estate cycle, and 52.4 percent below the 2006 peak of the current cycle. DataQuick monitors real estate activity...
  • 12:34 PM » Architects Endorse "Design-Build" Reform Legislation
    Published Fri, Jul 19 2013 12:34 PM by The American Institute of Architects
    Architects Endorse "Design-Build" Reform Legislation<br/>http://www.aia.org/press/AIAB099608
    Click Here to Read the Full Article

    Source: The American Institute of Architects
  • 10:24 AM » Conference call: Three housing reform bills - AEI experts on what will (and won't) work
    Published Fri, Jul 19 2013 10:24 AM by www.aei.org
    Conference call: Three housing reform bills - AEI experts on what will (and won't) work<br/>http://www.aei.org/article/conference-call-three-housing-reform-bills-aei-experts-on-what-will-and-wont-work/
  • 9:22 AM » Fast Cash for Home Buyers: Margin Loans
    Published Fri, Jul 19 2013 9:22 AM by WSJ
    Potential home buyers who need fast cash to close a deal or end a bidding war are turning to margin loans for short-term financing.
  • 9:12 AM » Tom Coburn Can't Decide If Inflation Is 'Really' Higher or Lower
    Published Fri, Jul 19 2013 9:12 AM by The Atlantic
    Coburn the inflation hawk takes on Coburn the deficit hawk        
  • 9:11 AM » The Rise of the Young Buyer
    Published Fri, Jul 19 2013 9:11 AM by WSJ
    A new generation is skipping the "starter home" and betting heavily on high-end real estate.
  • 8:57 AM » SunTrust Profit Rises 35% on Fewer Bad Loans, Investment Banking - Bloomberg
    Published Fri, Jul 19 2013 8:57 AM by Bloomberg
    SunTrust Profit Rises 35% on Fewer Bad Loans, Investment Banking Bloomberg SunTrust Banks Inc., Georgia's biggest lender, said second-quarter profit rose 35 percent as bad-loan provisions fell and income from investment banking and wealth management grew. Net income increased to $365 million, or 68 cents a share, from $270  ...
  • 8:52 AM » Ex-CFPB Leader Raj Date Rejoins Board of Peer-to-Peer Lender
    Published Fri, Jul 19 2013 8:52 AM by Bloomberg
    Ex-CFPB Leader Raj Date Rejoins Board of Peer-to-Peer Lender Bloomberg Raj Date, the former deputy director of the U.S. Consumer Financial Protection Bureau, has rejoined the board of online peer-to-peer lender Prosper Marketplace Inc. as the industry braces for increased scrutiny from regulators. Date, 42, becomes the fourth  ...
  • 8:43 AM » Banks in the crosshairs: 'Tough new reforms' loom
    Published Fri, Jul 19 2013 8:43 AM by CNBC
    That shot across the bow you saw fired during the Delivering Alpha conference came from government authorities and was aimed straight at Wall Street. The conference, presented by CNBC and Institutional Investor, featured two big splashes.
  • 12:51 AM » Bernanke Says Too-Big-to-Fail Banks May Face New Capital Demands - Bloomberg
    Published Fri, Jul 19 2013 12:51 AM by Bloomberg
    Bernanke Says Too-Big-to-Fail Banks May Face New Capital Demands Bloomberg Federal Reserve Chairman Ben S. Bernanke said banks could face further demands for capital if the latest efforts still leave the financial system vulnerable to a failure by one of the biggest firms. "There's probably more scope for capital if we're not comfortable  ...
  • 12:51 AM » Congress to Bernanke: So long, and thanks
    Published Fri, Jul 19 2013 12:51 AM by Washington Post
    Federal Reserve Chairman Ben S. Bernanke has remained silent about widespread speculation that he will not stick around after his term as the head of the nation's central bank ends next year. But to Congress, he's as good as gone. Read full article >>        
    Click Here to Read the Full Article

    Source: Washington Post
  • 12:49 AM » Moody's: Detroit bankruptcy filing credit negative
    Published Fri, Jul 19 2013 12:49 AM by Reuters
    WASHINGTON (Reuters) - The bankruptcy filing by Detroit is a credit negative, Moody's Investors Service said on Thursday, because it creates uncertainty for bondholders, will likely interrupt payments on general obligation and limited tax bonds, and begins a process that may span years.
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