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  • Wed, Jan 29 2014
  • 10:58 PM » In Bernanke's final act, Fed cuts stimulus despite market turmoil
    Published Wed, Jan 29 2014 10:58 PM by Reuters
    WASHINGTON (Reuters) - The Federal Reserve on Wednesday decided to trim its bond purchases by another $10 billion as it stuck to a plan to wind down its extraordinary economic stimulus despite recent turmoil in emerging markets.
  • 10:58 PM » PHH Corporation Comments on Consumer Financial Protection Bureau Action
    Published Wed, Jan 29 2014 10:58 PM by corporate.phh.com
    Mt. Laurel, NJ - January 29, 2014 - PHH Corporation (NYSE: PHH) ("PHH" or the "Company") today issued the following statement in response to the notice of charges filed by the Consumer Financial Protection Bureau ("CFPB") related to the former activities of the Company's mortgage reinsurance subsidiaries: "We are extremely disappointed that the CFPB has filed a notice of charges related to our mortgage reinsurance subsidiaries' former activities. We believe the CFPB's allegations grossly mischaracterize the legitimate business activities of our mortgage reinsurance subsidiaries, Atrium Insurance Corporation and Atrium Reinsurance Corporation. Such subsidi...
    Click Here to Read the Full Article

    Source: corporate.phh.com
  • 5:14 PM » Analysis: Obama's fresh call for housing reform unlikely to spur much action
    Published Wed, Jan 29 2014 5:14 PM by Reuters
    WASHINGTON (Reuters) – President Barack Obama’s renewed pitch for legislation to wind down mortgage-finance giants Fannie Mae and Freddie Mac is unlikely to break a political log-jam that threatens to put the goal out of reach – at least while he’s in office. Obama made the case in his State of the Union address on [...]
  • 5:00 PM » Fed Chairman Bernanke Leaves With Mixed Verdict
    Published Wed, Jan 29 2014 5:00 PM by www.gallup.com
    Americans are divided on the outgoing Ben Bernanke's performance as Federal Reserve chairman, with 40% approving and 35% disapproving. One in four have no opinion.
    Click Here to Read the Full Article

    Source: www.gallup.com
  • 3:51 PM » In Parting Gift to Bernanke, First Unanimous Fed Decision Since June 2011
    Published Wed, Jan 29 2014 3:51 PM by WSJ
    The Federal Reserve's policy committee gave outgoing Chairman Ben Bernanke something that had eluded him for some time: a unanimous decision.
  • 3:38 PM » Subprime Mispriced After Legal Ruling Boosts Banks, Narula Says - Bloomberg
    Published Wed, Jan 29 2014 3:38 PM by Bloomberg
    Subprime Mispriced After Legal Ruling Boosts Banks, Narula Says Bloomberg U.S. subprime-mortgage securities are overpriced as investors misjudge a court ruling last month that will limit bondholders' ability to force banks to buy back soured loans, according to hedge-fund manager Deepak Narula. In the case, a four-judge appellate  ... and more »
  • 3:13 PM » #ByeBernanke: Internet says goodbye to Fed chair
    Published Wed, Jan 29 2014 3:13 PM by CNBC
    Ben Bernanke left the Fed on a high note Wednesday, cutting the bank's bond buying program by another $10 billion before handing off to Janet Yellen.
  • 2:15 PM » Fed eases up on QE by another $10 billion
    Published Wed, Jan 29 2014 2:15 PM by CNBC
    The Federal Reserve's first decision of 2014 and the last of the Ben Bernanke era is a crucial one for markets worldwide.
  • 12:52 PM » CFPB Takes Action Against PHH Corporation for Mortgage Insurance Kickbacks
    Published Wed, Jan 29 2014 12:52 PM by CFPB
    Today, the Consumer Financial Protection Bureau (CFPB) initiated an administrative proceeding against PHH Corporation and its affiliates (PHH), alleging PHH harmed consumers through a mortgage insurance kickback scheme that started as early as 1995. The CFPB is seeking a civil fine, a permanent injunction to prevent future violations, and victim restitution. The filing is against New Jersey-based PHH Corporation and its residential mortgage origination subsidiaries, PHH Mortgage Corporation and PHH Home Loans LLC, and PHH's wholly-owned subsidiaries, Atrium Insurance Corporation and Atrium Reinsurance Corporation.
  • 12:14 PM » Jed Kolko: 4 Reasons Why Housing Wasn't an Issue in the State of the Union
    Published Wed, Jan 29 2014 12:14 PM by The Huffington Post
    In tonight's speech, President Obama mentioned housing twice. First, at the start of the speech, he included the "rebounding housing market" as part o... Read more: Foreclosures , Freddie Mac , Economic Recovery , Trulia , Housing Market , Housing , Housing Affordability , Sotu , Housing Recovery , Mortgage Rate , Affordability , San Franciso , Real Estate , Fannie Mae , Sotu 2014 , Politics News
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 12:13 PM » Hilsenrath: Fed Will Continue Taper Today - Wall Street Journal
    Published Wed, Jan 29 2014 12:13 PM by news.google.com
    Hilsenrath : Fed Will Continue Taper Today Wall Street Journal Emerging markets' recent selloffs likely won't discourage the Fed from deciding today to stay on course and continue to reduce its bond-buying program, said Jon Hilsenrath , The Wall Street Journal's chief economics correspondent, in a live video chat. and more »
    Click Here to Read the Full Article

    Source: news.google.com
  • 12:00 PM » Treasurys hold gains after first floater auction
    Published Wed, Jan 29 2014 12:00 PM by Market Watch
    NEW YORK (MarketWatch) -- The Treasury Department sold $15 billion in 2-year floating-rate notes Wednesday at a margin of 0.045% above a 3-month Treasury bill , in its first ever sale of securities with a variable rate. The margin is the premium that the bonds will pay investors over the 3-month T-bill, which last auctioned at a yield of 0.055%. The floaters reset based on the 3-month T-bill. The offering marks the first new security sold by the Treasury in 17 years and comes as investors look for bonds that will retain value in a rising-rate environment. Bidders offered to buy 5.67 times the amount of debt sold. Indirect bidders, a group that includes foreign central banks, bought 37.8%. Direct bidders, which include domestic money managers, purchased another 8.9.k%. The broader bond market remained higher after the auction. Yields on 10-year notes , which move inversely to prices, fell 2 basis points to 2.715%.
  • 10:14 AM » Move Over Punxsutawney: My Prognostication for Boston Real Estate in 2014
    Published Wed, Jan 29 2014 10:14 AM by blog.redfin.com
    Just like Punxsutawney Phil has been predicting the start of spring for the past 124 years, The Redfin Groundhog has been predicting the start of the real estate season each February since 2001. He predicts that the Boston spring selling season will start early and strong this year and then start to taper off in June or July. Read More The post Move Over Punxsutawney: My Prognostication for Boston Real Estate in 2014 appeared first on Redfin Real Estate Blog .
    Click Here to Read the Full Article

    Source: blog.redfin.com
  • 10:11 AM » Nonresidential Building Activity Projected to Accelerate in 2014
    Published Wed, Jan 29 2014 10:11 AM by The American Institute of Architects
    Nonresidential Building Activity Projected to Accelerate in 2014<br/>http://www.aia.org/press/releases/AIAB101616
    Click Here to Read the Full Article

    Source: The American Institute of Architects
  • 10:10 AM » Markets are waging war against central bankers
    Published Wed, Jan 29 2014 10:10 AM by CNBC
    Markets are diving after Turkey and South Africa raised interest rates, suggesting investors think many central bankers have gone too far.
  • 9:16 AM » Fed Likely to Consider Continuing, Expanding Reverse Repo Policy Tool
    Published Wed, Jan 29 2014 9:16 AM by WSJ
    Fed officials are likely to consider at their meeting this week whether to press forward with an experimental program run by the New York Fed which is designed to give the central bank with better control over short-term interest rates.
  • 9:14 AM » Jefferies pays $25 million to settle MBS trading probes
    Published Wed, Jan 29 2014 9:14 AM by Reuters
    By Jonathan Stempel and Aruna Viswanatha (Reuters) – Jefferies Group LLC has agreed to pay $25 million to settle U.S. criminal and civil probes into purchases and sales of mortgage-backed securities after the 2008 financial crisis. In a regulatory filing Tuesday, the Leucadia National Corp unit said it reached a nonprosecution agreement with the U.S. [...]
  • 8:54 AM » Fannie Mae to sell $500 million in bills on Wednesday
    Published Wed, Jan 29 2014 8:54 AM by Reuters
    (Reuters) - Fannie Mae , the largest U.S. home funding source, said on Wednesday it plans to sell $500 million of benchmark bills on Wednesday.
  • 8:43 AM » Finally, Some Exceptionally Good News About Foreclosures
    Published Wed, Jan 29 2014 8:43 AM by business.time.com
    Real Estate analytics firm Core Logic announced Wednesday that there were a total of 620,111 foreclosures across the country in 2013, a 24% decline from 2012 when 820,000 homes were foreclosed upon. Despite the marked decline in the number of foreclosures year over year, foreclosure activity remains well above its normal rate of 21,000 foreclosures per month between 2000 and 2006. "Clearly, 2013 was a transitional year for residential property in the United States.” said Anand Nallathambi, president and CEO of CoreLogic. “We are turning a long-awaited corner.” As with the real estate market in general, the pace of foreclosure activity varied greatly depending on location. Florida lead the country with 118,906 foreclosures in 2013, while booming North Dakota saw just 417. Looking forward, many states like New York, Illinois, and Florida still have many foreclosures to complete. Core Logic tracks what it refers to as ” the foreclosure inventory,” or homes that are in some stage of of foreclosure. Looking forward the states that will continue to have heavy foreclosure inventory include Florida, New Jersey, New York, Connecticut, and Maine. The map below shows the percentage of homes with a mortgage that are in some stage of foreclosure. The states which have higher foreclosure inventory are mostly those that allow judicial intervention in the process, which tends to slow down the pace at which the market can move through inventory.
    Click Here to Read the Full Article

    Source: business.time.com
  • 7:40 AM » Mortgage apps near flat in latest week
    Published Wed, Jan 29 2014 7:40 AM by CNBC
    Applications for U.S. home mortgages edged slightly lower in the latest week, an industry group said on Wednesday.
  • 7:40 AM » Subprime Called Safer Makes Comeback as 'Nonprime': Mortgages - Bloomberg
    Published Wed, Jan 29 2014 7:40 AM by Bloomberg
    Subprime Called Safer Makes Comeback as 'Nonprime': Mortgages Bloomberg Bill Dallas, whose last two subprime lenders went bust during the global credit crunch, pledges to get it right this time around. Dallas, 58, plans to offer the loans through his new company, NewLeaf Lending in Calabasas, California, this year. He's one of a  ...
  • 7:39 AM » Housing Risk Watch, January 2014
    Published Wed, Jan 29 2014 7:39 AM by www.aei.org
    Once again, the National Association of Realtors and community advocacy groups call for a loosening of what they term “tight credit” conditions. Yet, in December, nearly one-half of all home purchase loans had down payments of 5 percent or less, and nearly one-quarter had debt-to-income ratios exceeding 43 percent.
  • 7:37 AM » Obama targets patent trolls, mortgages, small biz
    Published Wed, Jan 29 2014 7:37 AM by NAFCU
    NAFCU last night welcomed the president's call in his State of the Union address for patent reform, access to affordable mortgage loans and increased capital for small businesses.
  • 7:37 AM » Cordray pressed on data security, QM
    Published Wed, Jan 29 2014 7:37 AM by NAFCU
    CFPB Director Richard Cordray was pressed by three House Financial Services Committee members on data security Tuesday in a hearing on the bureau's fourth semiannual report to Congress.
  • 7:35 AM » The State of the Union Fact Sheet: Opportunity for All
    Published Wed, Jan 29 2014 7:35 AM by www.whitehouse.gov
    The State of the Union Fact Sheet: Opportunity for All can be found HERE and below. Opportunity for All : Key Executive Actions the President Will Take in 2014 The President’s top priority remains ensuring middle class Americans feel secure in their jobs, homes and budgets.  To build real, lasting economic security the President will work with Congress and act on his own to expand opportunity for all so that every American can get ahead and have a shot at creating a better life for their kids. Middle Class Security & Opportunity at Work Raising the Minimum Wage through Executive Order to $10.10 for Federal Contract Workers. The President will also continue to urge Congress to raise the minimum wage to $10.10 across the nation because no one who works full-time should have to raise their family in poverty. Creating “myRA” – A New Starter Savings Account to Help Millions Save for Retirement. The President will take executive action to create a simple, safe and affordable “starter” retirement savings account available through employers to help millions of Americans save for retirement. This savings account would be offered through a familiar Roth IRA account and, like savings bonds, would be backed by the U.S. government. Building a 21st Century Workplace for America’s Working Families. The President will host a summit on Working Families to highlight the policies that will ensure America’s global economic competitiveness by supporting working families; showcase companies doing exemplary work in this space; and highlight model laws and policies from cities and states across the country in areas such as discrimination, flexibility and paid leave.  Jobs & Economic Opportunity Launching Four New Manufacturing Institutes in 2014. American manufacturers are adding jobs for the first time in over a decade.  To build on this progress, the President will launch...
    Click Here to Read the Full Article

    Source: www.whitehouse.gov
  • 7:34 AM » US bonds fall as 'safe-haven' bid wanes
    Published Wed, Jan 29 2014 7:34 AM by CNBC
    U.S. bonds fell on Wednesday, as investors moved back into riskier assets following an aggressive rate hike from the Turkish central bank.
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