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  • Wed, Feb 26 2014
  • 11:10 PM » Bank of America disputes $2.1 billion claim in U.S. fraud suit
    Published Wed, Feb 26 2014 11:10 PM by Reuters
    NEW YORK (Reuters) - Bank of America Corp said it does not owe the U.S. government the $2.1 billion it is seeking in penalties after a jury found the bank liable for fraud over defective mortgages sold by its Countrywide unit, according to a court filing made on Wednesday.
  • 11:08 PM » News Release - 2014 Economic Growth Off to a Chilly Start ...
    Published Wed, Feb 26 2014 11:08 PM by Fannie Mae
    2014 Economic Growth Off to a Chilly Start.
  • 11:07 PM » House to Consider CFPB Accountability Reforms This Week
    Published Wed, Feb 26 2014 11:07 PM by House Financial Services
    On Thursday, February 27 the House will consider H.R. 3193, the Consumer Financial Freedom and Washington Accountability Act, sponsored by Financial Services Committee member Rep. Sean Duffy (R-WI). H.R. 3193 is a package of bills to bring greater accountability and transparency to the powerful CFPB. These bills passed the Financial Services Committee on November 21, 2013. H.R. 3193 does the following: - Replaces the single, unaccountable CFPB Director with an accountable, five-member Commission appointed by the president and confirmed by the Senate to ensure that a diversity of viewpoints inform the CFPB's regulatory and enforcement agenda, and to conform the CFPB's governance to that of other federal agencies charged with consumer or investor protection. - Subjects the CFPB to the regular appropriations process and makes the CFPB a stand-alone independent agency rather than a bureau within the Federal Reserve System. - Prohibits the CFPB from using a consumer's private, personal financial information without the consumer's knowledge and consent. The CFPB is currently engaged in a massive, multi-million dollar data collection effort of consumers' financial information. - Prevents the CFPB from undermining the safety and soundness of U.S. financial institutions through regulatory overreach. - Sets the basic rates of pay for CFPB employees in accordance with the General Services (GS) scale. "These are modest, common-sense reforms that bring a modicum of accountability and transparency to the CFPB. We know that this is an agency that was designed to be unique, if not perhaps rogue; it is an agency like no other. Arguably it is the single most powerful and least accountable Federal agency in the history of our nation and thus demands rigorous oversight. The American people deserve better. They now have witnessed a failed stimulus plan, trillions of dollars of unsustainable debt revelations of NSA domestic data collection and a broken promise of...
    Click Here to Read the Full Article

    Source: House Financial Services
  • 5:00 PM » One thing Yellen could say that may worry markets
    Published Wed, Feb 26 2014 5:00 PM by CNBC
    Yellen testifies before the Senate Banking Committee Thursday and if she decides to stop using the weather as an excuse for a down economy, watch out.
  • 4:12 PM » Realtors® Oppose Tax Plan to Limit Mortgage Interest Deduction, Real Estate Provisions
    Published Wed, Feb 26 2014 4:12 PM by Google News
    WASHINGTON (February 26, 2014) – The following is a statement by National Association of Realtors® President Steve Brown: “NAR supports reforms that promote economic growth, but we strongly oppose severely altering the rules that govern ownership and investment in real estate.  Real estate powers almost one-fifth of the U.S. economy, employs more than 17 million Americans, and contributes a quarter of all federal and state tax revenue and as much as 70 percent of local taxes. “We are extremely disappointed with several of the provisions... Read More
  • 4:12 PM » Home-Renovation Spree Allays Concern Housing Recovery Is Slowing - Bloomberg
    Published Wed, Feb 26 2014 4:12 PM by Bloomberg
    Home-Renovation Spree Allays Concern Housing Recovery Is Slowing Bloomberg Both Home Depot Inc. and Lowe's Cos. topped their initial sales forecasts for last year, benefiting from consumers' eagerness to invest in their homes. The results helped alleviate concern that a slowdown in the housing market's rebound and sluggish job  ... and more »
  • 2:54 PM » Jed Kolko: Buying a Home 38% Cheaper Than Renting - But How Risky Is It?
    Published Wed, Feb 26 2014 2:54 PM by The Huffington Post
    Homeownership remains cheaper than renting nationally and in all of the 100 largest metro areas. Rising mortgage rates and home prices have narrowed t... Read more: Interest Rates , Mortgages , Housing , Selling , Refinance , Real Estate , Rent vs. Buy , Trulia , Buying , HuffPost Home News
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 2:54 PM » Many Business Leaders Doubt U.S. Colleges Prepare Students
    Published Wed, Feb 26 2014 2:54 PM by www.gallup.com
    More than one-third of business leaders are not confident that U.S. college students are graduating with the skills and competencies that their businesses need.
    Click Here to Read the Full Article

    Source: www.gallup.com
  • 2:50 PM » In Yellen's words, small hints will matter big-time
    Published Wed, Feb 26 2014 2:50 PM by CNBC
    When Yellen testifies before the Senate Banking Committee on Thursday, the market may learn something about the Fed's next move.
  • 1:50 PM » Housing Tax Break Used By Banks Said to Stay in Camp Plan - Bloomberg
    Published Wed, Feb 26 2014 1:50 PM by Bloomberg
    Housing Tax Break Used By Banks Said to Stay in Camp Plan Bloomberg A revised version of the low-income housing tax credit often used by banks will be included in Representative Dave Camp's proposal to revamp the U.S. tax code, said House Republican aides with knowledge of the plan. The credit would be altered to  ... and more »
  • 1:50 PM » Home buyers are losing confidence in the housing market.
    Published Wed, Feb 26 2014 1:50 PM by Washington Post
    Economists Robert Shiller and Karl Case, experts in home prices, have been digging into the psyches of recent home buyers to figure out how they form expectations about home values. Each year since 2003, the duo sent surveys to a random sample of 500 buyers in each of four metropolitan areas: Los Angeles and San Francisco (hot markets), Boston (a "cold" post-boom market), and Milwaukee (a relatively stable market.) They asked each buyer, among other things, to predict what would happen to the value of his or her home over the next decade. Read full article >>        
    Click Here to Read the Full Article

    Source: Washington Post
  • 1:50 PM » Rosengren: Fed should be 'very patient'
    Published Wed, Feb 26 2014 1:50 PM by CNBC
    Recent economic data prompted Fed president Eric Rosengren to say the Fed should be patient with monetary easing.
  • 1:49 PM » Surprise! These are the richest US neighborhoods
    Published Wed, Feb 26 2014 1:49 PM by CNBC
    A new ranking of the 100 richest neighborhoods in America finds that three of the top five are in Maryland, all of them close to Washington, D.C.
  • 12:46 PM » U.S. Housing Markets Faces Growing Wealth Inequality
    Published Wed, Feb 26 2014 12:46 PM by WSJ
    Home prices will rise between 2.1% annually between 2015 and 2018, according to a new report, but those gains mask major differences between the pace of recovery from one community to the next.
  • 12:46 PM » Wells Fargo trims predictions for legal costs
    Published Wed, Feb 26 2014 12:46 PM by Market Watch
    NEW YORK (MarketWatch) -- Wells Fargo & Co. has cut its predictions legal costs. The bank said in a regulatory filing Wednesday that it estimates it could spend up to $951 million on legal expenses over and above reserves, down 5% from estimates of $1 billion a year ago. Unresolved demands for mortgage repurchases fell by more than half. The bank still has some prominent outstanding lawsuits, including the Justice Department's suit alleging that Wells Fargo misled the government about the quality of its mortgages. Wells Fargo has denied the charges. The bank's shares darted between small gains and losses in morning trading. They were up slightly after the release of the regulatory filing.
  • 12:44 PM » Why Higher Interest Rates Could Depress Housing Turnover
    Published Wed, Feb 26 2014 12:44 PM by WSJ
    Low interest rates could serve as an additional -- and underappreciated -- contributor to the depressed level of homes being offered for sale, according to a forthcoming paper from researchers at DePaul University.
  • 12:44 PM » Don't Get Excited by Jump in New Home Sales
    Published Wed, Feb 26 2014 12:44 PM by WSJ
    New home sales jumped to the highest level since July 2008 in January. But when you take a longer look at the series it's pretty clear that the nation's two-year-old real estate turnaround is still largely a recovery in prices.
  • 12:02 PM » Syncora, J.P. Morgan settle MBS dispute
    Published Wed, Feb 26 2014 12:02 PM by Market Watch
    NEW YORK (MarketWatch) -- Bond insurer Syncora says it has settled disputes over residential-mortgage-backed securities with J.P. Morgan Chase & Co. Syncora didn't reveal the amount of the cash settlement, but the money will help it stay solvent. The insurer has suffered since the financial crisis, as mortgage securities that it insured went sour. The settlement is the latest step in J.P. Morgan's efforts to wade through legal disputes over mortgage securities it sold in the run-up to the financial crisis. A J.P. Morgan spokesman declined to comment. Michael Corbally, a spokesman for Syncora, didn't return messages.
  • 10:58 AM » FDIC-Insured Institutions Earned $40.3 Billion in the Fourth Quarter of 2013 - Full-Year Net Income Rose to $154.7 Billion
    Published Wed, Feb 26 2014 10:58 AM by content.govdelivery.com
    Press Release FDIC-Insured Institutions Earned $40.3 Billion in the Fourth Quarter of 2013 Full-Year Net Income Rose to $154.7 Billion FOR IMMEDIATE RELEASE February 26, 2014 Media Contact Andrew Gray (202) 898-7192 angray@fdic.gov Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $40.3 billion in the fourth quarter of 2013, a $5.8 billion (16.9 percent) increase from the $34.4 billion in earnings that the industry reported a year earlier. This is the 17 th time in the last 18 quarters — since the third quarter of 2009 — that earnings have registered a year-over-year increase. The improvement in earnings was mainly attributable to an $8.1 billion decline in loan-loss provisions. Lower income stemming from reduced mortgage activity and a drop in trading revenue contributed to a year-over-year decline in net operating revenue (the sum of net interest income and total noninterest income). More than half of the 6,812 insured institutions reporting (53 percent) had year-over-year growth in quarterly earnings. The proportion of banks that were unprofitable fell to 12.2 percent, from 15 percent in the fourth quarter of 2012. "The trend of slow but steady improvement that has been underway in the banking industry since 2009 continued to gain ground," said FDIC Chairman Martin J. Gruenberg. "Asset quality improved, loan balances were up, and there were fewer troubled institutions. However, challenges remain in the industry. Narrow margins, modest loan growth, and a decline in mortgage refinancing activity have made it difficult for banks to increase revenue and profitability. Nonetheless, these results show a continuation of the recovery in the banking industry." The average return on assets (ROA), a basic yardstick of profitability, rose to 1.10 percent in the fourth quarter from 0.96 percent a year ago. The average return on equity (ROE) increased from...
    Click Here to Read the Full Article

    Source: content.govdelivery.com
  • 10:20 AM » New US home sales total 468,000 in January vs. 400,000 estimate
    Published Wed, Feb 26 2014 10:20 AM by CNBC
    This is a breaking news story. Please check back for updates.. Economists polled by Reuters expected new home sales to fall to 400,000 from December's total of 414,000..
  • 10:20 AM » New home sales hit five-and-a-half year high in January
    Published Wed, Feb 26 2014 10:20 AM by Reuters
    WASHINGTON (Reuters) - Sales of new single-family homes surged to a 5-1/2-year high in January, which could ease concerns of a sharp slowdown in the housing market.
  • 9:05 AM » Chart of the Day: Mortgage plunge
    Published Wed, Feb 26 2014 9:05 AM by CNBC
    At the start of the spring season, mortgage applications should rise. But applications in the most recent week fell to their lowest level since 1995.
  • 9:02 AM » Wall Street to eye more housing data, Q4 earnings
    Published Wed, Feb 26 2014 9:02 AM by CNBC
    U.S. stock index futures pushed higher on Wednesday ahead of more housing data and several quarterly fourth quarter earnings updates.
  • 9:02 AM » US bonds fall ahead of housing data, auctions
    Published Wed, Feb 26 2014 9:02 AM by CNBC
    U.S. bonds fell back on Wednesday, ahead of more housing market indicators and two Treasury bond auctions.
  • 9:02 AM » Retailer Lowe's earnings match expectations
    Published Wed, Feb 26 2014 9:02 AM by CNBC
    Home retailer Lowe's posted earnings on Wednesday that matched expectations.
  • 1:12 AM » A Nonprofit Lender Revives the Hopes of Subprime Borrowers
    Published Wed, Feb 26 2014 1:12 AM by www.nytimes.com
    An unconventional lender is trying to make it easier for low-income people to buy houses despite the tighter requirements that other lenders adopted after the mortgage bust.        
    Click Here to Read the Full Article

    Source: www.nytimes.com
  • 1:12 AM » January Las Vegas Region Home Sale Press Release
    Published Wed, Feb 26 2014 1:12 AM by DataQuick
    Las Vegas Region January Home Sales Las Vegas-area homes sold at the slowest pace for a January in five years as the median sale price dipped month-to-month but remained 22 percent higher than a year earlier. Price growth has slowed, however, with the median's year-over-year gain dropping to the lowest level in 15 months, a real estate information service reported. In January 3,232 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County). That was down 15.1 percent from the month before and down 10.8 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records. A sharp drop in sales between December and January is normal for the season. On average, sales between those two months have fallen 21.0 percent since 1994, when DataQuick's complete Las Vegas-area statistics begin. Sales have fallen on a year-over-year basis for the past four months. Total January home sales were the lowest for that month since January 2009, when 3,127 homes sold, and were 11.7 percent below the average number sold during all months of January since 1994. However, resales of houses and condos combined were 14.7 percent above average for the month of January, while sales of newly built homes were 63.5 percent below the January average. Condo resales in January were nearly 26 percent higher than the January average since 1994. In recent months home sales have been constrained by a combination of factors, including higher prices and mortgage rates, a fussy mortgage market and the relatively low supply of homes on the market, especially in the lower price ranges. Some owners still can't afford to sell their homes because they owe more than they are worth. Also, lenders aren't foreclosing on as many properties, further limiting the supply of homes for sale. In January, sales of homes priced below $100,000 dropped 45.3 percent compared with a year earlier, while...
  • 1:11 AM » Foreclosures Climaxing in New York-New Jersey Market: Mortgages - Bloomberg
    Published Wed, Feb 26 2014 1:11 AM by Bloomberg
    Foreclosures Climaxing in New York-New Jersey Market: Mortgages Bloomberg The epicenter of the U.S. foreclosure crisis is shifting to New Jersey and New York, threatening a housing rebound in one of the country's most densely populated areas. New Jersey has surpassed Florida in having the highest share of residential mortgages  ...
  • 1:11 AM » U.S. housing recovery uneven across markets, study finds
    Published Wed, Feb 26 2014 1:11 AM by Reuters
    WASHINGTON (Reuters) - The U.S. housing sector is likely to experience an uneven recovery over the next five years, with some local markets bouncing back faster than others, according to a study released on Wednesday.
  • 1:11 AM » BofA under probe over U.S. housing program, forex
    Published Wed, Feb 26 2014 1:11 AM by Reuters
    (Reuters) - Bank of America Corp may have a new mortgage problem on its plate, saying on Tuesday that federal investigators are looking into whether the bank violated requirements of a U.S. government housing program.
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More From MND

Mortgage Rates:
  • 30 Yr FRM 4.18%
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  • 15 Yr FRM 3.32%
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  • Jumbo 30 Year Fixed 4.02%
MBS Prices:
  • 30YR FNMA 4.5 107-19 (-0-11)
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  • 30YR FNMA 5.0 110-05 (-0-05)
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  • 30YR FNMA 5.5 110-25 (-0-02)
Recent Housing Data:
  • Mortgage Apps 2.43%
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  • Refinance Index 4.14%
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  • FHFA Home Price Index 0.67%