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  • Thu, May 29 2014
  • 9:55 PM » Wells Fargo to pay $62.5 million to settle securities lending lawsuit
    Published Thu, May 29 2014 9:55 PM by Reuters
    NEW YORK (Reuters) - Wells Fargo & Co has agreed to pay $62.5 million to settle claims from a group of institutional investors that the bank improperly advertised a risky securities lending program as safe.
  • 9:55 PM » U.S. probing 15 banks, payment processors for fraud
    Published Thu, May 29 2014 9:55 PM by Reuters
    WASHINGTON (Reuters) - U.S. prosecutors have opened criminal and civil probes into at least 15 banks and payment processors as part of a wide-ranging consumer fraud investigation, according to documents released on Thursday by a congressional committee.
  • 9:53 PM » Industrial-Strength Homes
    Published Thu, May 29 2014 9:53 PM by WSJ
    To get more space or a location closer to urban downtowns, more homeowners are transforming warehouses into their houses.
  • 4:53 PM » My Response to the Financial Times
    Published Thu, May 29 2014 4:53 PM by The Huffington Post
    This is a response to the criticisms -- which I interpret as requests for additional information -- that were published in the Financial Times (FT) on May 23 2014 (see FT article here . See also the other two articles published by the FT on May 23 2014: here and there . See also my short response published here in the FT. Unfortunately I was given limited time to submit this response, so I could not address specific points; what follows is a longer response). These criticisms only refer to the series reported in chapter 10 of my book Capital in the 21st century , and not to the other figures and tables presented in the other chapters, so in what follows I will only refer to these series. This response should be read jointly with the technical appendix to my book, and particularly with the appendix to chapter 10 ( available here ). The page numbers given below refer to the HUP edition of my book that was published in March 2014. Let me start by saying that the reason why I put all excel files on line, including all the detailed excel formulas about data constructions and adjustments, is precisely because I want to promote an open and transparent debate about these important and sensitive measurement issues. Let me also say that I certainly agree that available data sources on wealth inequality are much less systematic than what we have for income inequality. In fact, one of the main reasons why I am in favor of wealth taxation, international cooperation and automatic exchange of bank information is that this would be a way to develop more financial transparency and more reliable sources of information on wealth dynamics (even if the tax was charged at very low rates, which everybody could agree with). For the time being, we have to do with what we have, that is, a very diverse and heterogeneous set of data sources on wealth: historical inheritance declarations and estate tax statistics, scarce property and wealth tax data; household surveys with self-reported data on...
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 4:53 PM » Tiny Houses With Big Ambitions
    Published Thu, May 29 2014 4:53 PM by
    Is the tiny-houses movement a viable solution for American homeowners?
  • 3:14 PM » Pimco's McCulley: Yellen doing a 'fantastic job'
    Published Thu, May 29 2014 3:14 PM by Market Watch
    NEW YORK (MarketWatch) -- Paul McCulley, who recently rejoined Pimco as its chief economist, said Thursday that he thinks Federal Reserve Chairwoman Janet Yellen is doing a "fantastic job." In an interview on CNBC, McCulley said he believes that Yellen and her colleagues are smoothly guiding the markets as they prepare to eventually lift interest rates above current levels near zero. He added that he fully subscribes to the "new neutral" secular outlook devised by Pimco, which calls for peak fed funds rate levels to be no higher than 2% this economic cycle. He described the economy as partaking in "a once-in a lifetime revaluation of assets" after the sudden collapse in asset values during the financial crisis, which he has long referred to as a Minsky Moment in reference to economist Hyman Minsky. McCulley joined Pimco for his third stint at the firm after leaving in 2010, the money management firm said Tuesday.
  • 3:14 PM » A comment on GDP Revisions: No Worries
    Published Thu, May 29 2014 3:14 PM by Calculated Risk Blog
    The BEA reported this morning that GDP declined at a 1.0% annual rate in Q1. This is disappointing, but not concerning looking forward. The key driver of the downward revision was a much larger negative change in private inventories (see table below that shows the contribution to GDP from each major category). In the advance release, change in private inventories subtracted 0.57 percentage points from GDP. With the 2nd release - based on more data - change in private inventories subtracted 1.61 percentage point. This was payback from the positive contribution in Q3 last year (change in private inventories tends to bounce around quarter-to-quarter).
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:25 PM » Fed's Lacker: Expect a positive GDP reversal in the second quarter
    Published Thu, May 29 2014 1:25 PM by CNBC
    This is a breaking news story. Please check back for updates.. Richmond Fed Reserve President Jeffrey Lacker has long called for a narrower and more restrained role for the central bank, arguing that it should shift back to a more traditional and less interventionist role.
  • 1:24 PM » U.S. probes possible overcharging by banks on foreclosure fees
    Published Thu, May 29 2014 1:24 PM by Reuters
    NEW YORK/WASHINGTON (Reuters) – The U.S. Attorney’s office in Manhattan is investigating at least five banks over whether they overcharged the government for expenses incurred during foreclosures on federally backed home loans, filings and interviews show. PNC Financial Services Group Inc, PHH Corp, MetLife Inc, Santander Holdings USA Inc and Citizens Financial Group Inc, the […]
  • 1:24 PM » 'Too Damn Low' Bond Yields Lead Tisch to Buy Stocks Begrudgingly - Bloomberg
    Published Thu, May 29 2014 1:24 PM by Bloomberg
    'Too Damn Low' Bond Yields Lead Tisch to Buy Stocks Begrudgingly Bloomberg More than five years after the Federal Reserve lowered interest rates almost to zero, Loews Corp. (L) Chief Executive Officer Jim Tisch described his frustration with bond yields by borrowing language from a New York political campaign. "They're too damn ...
  • 12:00 PM » Shareholder anger simmers worldwide over bankers' pay
    Published Thu, May 29 2014 12:00 PM by Reuters
    LONDON (Reuters) - Investors owning almost 6 billion shares rejected the pay plans of 10 of the world's biggest banks in recent weeks as anger over excessive bonuses reached record levels in Britain and jumped sharply from a year ago in the United States.
  • 11:45 AM » News Release - Fannie Mae Announces Expansion of ...
    Published Thu, May 29 2014 11:45 AM by Fannie Mae
    Fannie Mae Announces Expansion of HomePath for Short Sales Website.
  • 10:41 AM » Low volatility—calm before storm?
    Published Thu, May 29 2014 10:41 AM by CNBC
    The declining volatility index doesn't necessarily mean another correction is ahead, says NYSE floor trader Kenny Polcari.
  • 10:07 AM » Fixed Mortgage Rates Lower for Fifth Straight Week
    Published Thu, May 29 2014 10:07 AM by
    Fixed Mortgage Rates Lower for Fifth Straight Week
    Click Here to Read the Full Article

  • 10:07 AM » BlackRock's Rieder Say Low-Yield Treasuries Still a Value - Bloomberg
    Published Thu, May 29 2014 10:07 AM by Bloomberg
    BlackRock's Rieder Say Low-Yield Treasuries Still a Value Bloomberg BlackRock Inc., the world's biggest money manager, says U.S. Treasury 10-year notes yielding less than 3 percent still have value in today's low-inflation environment. "U.S. Treasuries don't look that bad, relative to the rest of the world," Chief Investment ...
  • 9:11 AM » U.S. economy shrunk, but it's not a big deal
    Published Thu, May 29 2014 9:11 AM by CNN
    Brace yourself. The U.S. economy looks like it went on a roller-coaster ride at the start of the year.
  • 9:10 AM » If Sellers List, Buyers Will Come
    Published Thu, May 29 2014 9:10 AM by
    Our latest numbers on home tours and offers indicate that housing demand in Redfin markets is holding steady despite missing a crucial ingredient: a sustained surge in new listings. Read More The post If Sellers List, Buyers Will Come appeared first on Redfin Real Estate Blog .
    Click Here to Read the Full Article

  • 9:09 AM » Bond yields slip to multi-month lows; where next?
    Published Thu, May 29 2014 9:09 AM by CNBC
    Yields on global sovereign bonds may be dropping as investors pile into the asset class, but strategists are split on what to expect next.
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