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  • Tue, Mar 11 2014
  • 5:14 PM » Fed set to ditch 'threshold' guidance under Yellen
    Published Tue, Mar 11 2014 5:14 PM by Reuters
    NEW YORK/SAN FRANCISCO (Reuters) - Janet Yellen's first policy-setting meeting as chair of the U.S. Federal Reserve will focus on how to finesse a rewriting of the central bank's promise to keep interest rates low without roiling financial markets.
  • 5:14 PM » ABA Statement on GSE Reform Proposal
    Published Tue, Mar 11 2014 5:14 PM by American Bankers Assoc.
    Washington, March 11, 2014 -- The American Bankers Association commends Senate Banking Committee Chairman Tim Johnson (D-S.D.) and Ranking Member Mike Crapo (R-Idaho) for releasing details regarding their housing finance reform proposal
    Click Here to Read the Full Article

    Source: American Bankers Assoc.
  • 3:21 PM » Chairman Hensarling Welcomes Announcement by Senators Johnson and Crapo
    Published Tue, Mar 11 2014 3:21 PM by House Financial Services
    Chairman Jeb Hensarling (R-TX) of the House Financial Services Committee, which passed the PATH Act in July 2013, released the following statement today regarding the announcement from Senator Tim Johnson (D-SD) and Senator Mike Crapo (R-ID) about their housing finance reform efforts: "As someone who has worked for years on the complicated and contentious issue of housing finance reform, I salute Senator Johnson and Senator Crapo for working hard and producing a reform plan because the status quo is unacceptable. I look forward to seeing the details of the senators' plan and welcome this long-awaited development. Still, I fear the window of opportunity to pass sustainable housing finance reform during this Congress is rapidly closing. "Based on published reports, their plan features several common sense provisions including a common securitization platform utility and preserving secondary market access for small lenders. These principles are also found in the PATH Act. "The PATH Act builds the sustainable housing finance system that America needs to have a healthy economy. It ends the broken Fannie Mae and Freddie Mac model that was at the epicenter of the financial crisis and ends government's control of the housing finance market. So I am skeptical of any approach that does not end the permanent government guarantee in the secondary mortgage market. Such an approach could very well perpetuate the cycle of boom, bust and bailout we tragically just witnessed. "Since we cannot have true sustainable housing finance reform without FHA reform, the PATH Act also includes needed FHA reforms. Therefore, I am also skeptical of any housing finance reform plan that fails to include FHA reform. Without the FHA reforms found in the PATH Act, all you're probably doing is simply squeezing one side of a balloon only to have it bulge out on another. "From the beginning of this debate, I have said I am willing to listen to and negotiate in good faith...
    Click Here to Read the Full Article

    Source: House Financial Services
  • 3:21 PM » Fannie, Freddie shares plunge more than 30%
    Published Tue, Mar 11 2014 3:21 PM by Market Watch
    WASHINGTON (MarketWatch) -- Common shares of federally controlled mortgage buyers Fannie Mae and Freddie Mac were recently off more than 30% each, hours after U.S. lawmakers released a blueprint on Tuesday for a housing-finance reform proposal. At 10 am Eastern, bipartisan leaders of the Senate Banking Committee said they would soon release a draft bill that would wind down Fannie and Freddie, and reform the U.S. housing-finance system. Fannie and Freddie common shares didn't start dropping until several hours after that news broke. The most heavily traded preferred shares of Fannie and Freddie were recently down by about 11% and 9%, respectively.
  • 3:20 PM » The foreclosure crisis is still burning years after the housing crisis ended
    Published Tue, Mar 11 2014 3:20 PM by Washington Post
    All eyes are on roughly 800,000 homeowners who still start transitioning out of the Obama administration's main foreclosure prevention initiative this year: Will they or won't they keep up with their mortgage payments once the mortgage relief lapses? Read full article >>        
    Click Here to Read the Full Article

    Source: Washington Post
  • 2:18 PM » Corker Statement on Housing Finance Reform Principles Released by Senate Banking Committee
    Published Tue, Mar 11 2014 2:18 PM by
    U.S. Senator Bob Corker (R-Tenn.), a member of the Senate Banking Committee, issued the following statement today regarding Chairman Tim Johnson (D-S.D.) and Ranking Member Mike Crapo’s (R-Idaho) announcement on an agreement to reform the housing finance system. “I have been working with Senator Warner and a bipartisan group of senators for months to advance legislation that ends the failed model of private gains and public losses in our housing finance system and moves our country to a modernized structure that protects the American taxpayer,” said Corker. “I am pleased the Banking Committee is demonstrating their commitment to this effort by putting pen-to-paper and releasing a set of principles based on the bill we introduced, and I look forward to working closely with them in the coming months.” Chairman Johnson and Ranking member Crapo announced that the Housing Finance Reform and Taxpayer Protection Act (S. 1217) , introduced by Senators Corker and Mark Warner (D-Va.) and cosponsored by a bipartisan group of 10 senators, will serve as the base text for the committee’s housing finance reform bill. In June 2013, Corker and Warner introduced S.1217 to strengthen America’s housing finance system by replacing government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac with a privately capitalized system that preserves market liquidity and protects taxpayers from future economic downturns.  In 2008, Fannie Mae and Freddie Mac were taken into government conservatorship and given a $188 billion capital injection from taxpayers to stay afloat. As a result of this bailout, the private market has almost completely disappeared, and so nearly every loan made in America today comes with a full government guarantee. Despite this unsustainable situation, there has still been no real reform to our housing finance system since the financial crisis. In addition to Corker and Warner...
    Click Here to Read the Full Article

  • 1:33 PM » Wal-Mart says sales 'very good' since weather improved
    Published Tue, Mar 11 2014 1:33 PM by CNBC
    March 11- Wal-Mart Stores Inc said on Tuesday that U.S. sales have improved since mid-February after cold and snowy weather dented business in the first half of that month.
  • 1:32 PM » SIFMA Statement on Housing Finance Reform Proposal
    Published Tue, Mar 11 2014 1:32 PM by SIFMA
    SIFMA Statement on Housing Finance Reform Proposal<br/>
  • 12:37 PM » Wholesale Inventories Piled Up in January as Sales Tumbled
    Published Tue, Mar 11 2014 12:37 PM by WSJ
    Merchandise piled up on wholesalers' shelves in January, likely reflecting a shift in consumer spending toward heat and healthcare during a bad-weather month.
  • 12:35 PM » Statement from NAHB Chairman Kevin Kelly on Johnson-Crapo Housing Finance Reform Deal
    Published Tue, Mar 11 2014 12:35 PM by NAHB
    Press Release
  • 11:24 AM » Making Home Affordable Five Years Later
    Published Tue, Mar 11 2014 11:24 AM by
    Since the launch of Making Home Affordable (MHA) in 2009, Treasury has worked diligently to help homeowners at risk of foreclosure, and stabilize the nation's housing market. So far, nearly two million mortgage assistance actions have been provided under MHA to offer relief to struggling homeowners. Treasury's programs have also changed the way the industry interacts with its struggling borrowers. Many private sector modifications now look a lot like HAMP modifications, with over four million homeowners in private sector modifications benefiting from the framework of the HAMP program. To date, there have been more than 1.3 million permanent mortgage modifications obtained by homeowners through MHA's Home Affordable Modification Program (HAMP). Homeowners in HAMP save a median of approximately $544 on their mortgage payments each month, reducing their monthly payments by about a third. This meaningful payment reduction makes HAMP a more affordable and sustainable solution than many other programs in the marketplace today. Over the last five years, MHA programs have continued to evolve, in response to changing conditions and the needs of the nation's struggling homeowners. The Home Affordable Unemployment Program (UP) provides temporary relief to unemployed homeowners while they look for another job. Those needing to transition to more affordable housing can access short sales or deeds in-lieu-of foreclosure through our Home Affordable Foreclosure Alternatives (HAFA) program. And, underwater homeowners have received more than $13 billion in principal reduction through HAMP's Principal Reduction Alternative (PRA) program. Program changes and enhancements -from the assignment of a Single Point of Contact to the application of a standard modification protocol - have all helped and protected struggling homeowners. Most recently, Treasury required the largest servicers in HAMP to offer financial counseling to homeowners who have received modifications under...
    Click Here to Read the Full Article

  • 11:24 AM » NAR Generational Trends Study Shows Confidence in Market, Some Challenges
    Published Tue, Mar 11 2014 11:24 AM by Google News
    WASHINGTON (March 11, 2014) – Young home buyers remain optimistic and see their home as a good investment, while older buyers are more likely to trade down to a smaller property to match changing lifestyles, according to the 2014 National Association of Realtors® Home Buyer and Seller Generational Trends study, which evaluates the generational differences of recent home buyers and sellers. Eight out of 10 recent buyers considered their home purchase a good financial investment, ranging from 87 percent for buyers age 33 and younger, to 74 percent for buyers 68 and... Read More
  • 10:46 AM » Senators Release Details of New Bill Eliminating Fannie Mae
    Published Tue, Mar 11 2014 10:46 AM by Bloomberg
    Senators Release Details of New Bill Eliminating Fannie Mae Bloomberg Fannie Mae (FNMA) and Freddie Mac (FMCC) would be eliminated and private interests would be on the hook for the first 10 percent of mortgage losses under a bill leaders of the Senate Banking Committee plan to introduce within days. The bipartisan  ... and more »
  • 10:46 AM » Senate banking leaders reach deal on Fannie, Freddie future
    Published Tue, Mar 11 2014 10:46 AM by Reuters
    WASHINGTON (Reuters) - The leaders of the U.S. Senate Banking Committee on Tuesday outlined plans for legislation to wind down government-owned mortgage financiers Fannie Mae and Freddie Mac that they said would continue to provide access to long-term, fixed-rate mortgages.
  • 9:22 AM » U.S. Economic Confidence Index Down to -20
    Published Tue, Mar 11 2014 9:22 AM by
    Gallup's Economic Confidence Index edged down to -20 last week, the lowest weekly score for the index so far in 2014.
    Click Here to Read the Full Article

  • 9:15 AM » 10 products that raise your home's IQ
    Published Tue, Mar 11 2014 9:15 AM by CNBC
    Home automation is growing up. Cloud-enabled products with artificial intelligence are being rolled out that help consumers save time and money.
  • 8:20 AM » US bonds trade flat ahead of $30 billion auction
    Published Tue, Mar 11 2014 8:20 AM by CNBC
    U.S. government bonds held steady on Tuesday, ahead of the first in a heavy week of Treasury bond auctions.
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More From MND

Mortgage Rates:
  • 30 Yr FRM 3.98%
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  • 15 Yr FRM 3.26%
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  • Jumbo 30 Year Fixed 4.25%
MBS Prices:
  • 30YR FNMA 4.5 107-18 (0-03)
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  • 30YR FNMA 5.0 109-16 (0-00)
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  • 30YR FNMA 5.5 111-07 (0-13)
Recent Housing Data:
  • Mortgage Apps 4.36%
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  • Refinance Index 10.47%
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  • Purchase Index -0.82%