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  • Mon, May 5 2014
  • 8:09 PM » Market impact: Ukraine or economic news?
    Published Mon, May 05 2014 8:09 PM by CNBC
    Which matters more to the market?
  • 8:08 PM » MarketWatch First Take: Why Ira Sohn heavy hitters keep missing
    Published Mon, May 05 2014 8:08 PM by Market Watch
    The problem is not that hedge-fund managers are bereft of good ideas. It's that the ideas they talk about are probably not their best, writes Jonathan Burton.
  • 8:08 PM » AIG revenue misses expectations
    Published Mon, May 05 2014 8:08 PM by CNBC
    American International Group delivered quarterly revenue that missed analysts' expectations on Monday.
  • 8:04 PM » Ackman endorses Fannie and Freddie
    Published Mon, May 05 2014 8:04 PM by CNBC
    Bill Ackman reiterated a popular hedge fund trade by recommending an investment in government-sponsored housing.
  • 3:35 PM » Gundlach: Odds rise that yields could see lows
    Published Mon, May 05 2014 3:35 PM by CNBC
    Jeff Gundlach expects the yield on the 10-year Treasury to continue to slide.
  • 3:32 PM » Default Mode: How Ocwen Skirts California's Mortgage Laws
    Published Mon, May 05 2014 3:32 PM by The Huffington Post
    The following story was reported by Capital and Main and published here in collaboration with The Huffington Post. Lost documents. Incomplete and confusing information. Mysterious fees. Payments received but not applied. Homeowners waiting for a loan modification and suddenly placed in foreclosure. A nightmare of uncertainty, frustration and fear. These incidents, described to me by numerous homeowners, mortgage counselors and defense lawyers, were supposed to be a thing of the past in California. After revelations of fraud and abuse throughout the mortgage business, including tens of billions of dollars in corporate penalties, state Attorney General Kamala Harris pushed through the 2012 California Homeowner Bill of Rights (HBOR), designed to standardize conduct by mortgage servicers - those companies that manage day-to-day operations on mortgages by collecting monthly payments and making decisions when homeowners go into default and seek help. Yet one company allegedly committed all these HBOR violations: Ocwen, the nation's fourth-largest mortgage servicer. According to the complaints, Ocwen ("New Co." spelled backwards) either skirts around the edges of California law or simply ignores it, causing headaches for homeowners - and potentially illegal foreclosures. (Ocwen did not respond to a request for comment for this article, but in the past, it has pointed to its track record of assisting homeowners to avoid foreclosure.) "Ocwen is one of the worst servicers in the state," says Kevin Stein, Associate Director of the California Reinvestment Coalition, a nonprofit advocate for low-income communities. Ocwen may not even be aware of the rules of the road. One lawyer, who requested anonymity because his client is currently negotiating with Ocwen on a mortgage, described a conversation with one of the company's specialized home retention consultants. The lawyer asked the Ocwen representative about the servicer's HBOR compliance efforts and...
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 3:27 PM » Banks hold line on mortgage loans: Fed survey
    Published Mon, May 05 2014 3:27 PM by Market Watch
    WASHINGTON (MarketWatch) -- Banks are not making it easier for potential homebuyers, a Federal Reserve senior loan officer survey released Monday showed. The survey of 74 domestic and 23 foreign banks operating in the U.S. shows that banks are holding loan standards steady for prime mortgages and have raised them for nontraditional and subprime loans over the past three months. Demand for mortgage loans was also weaker. The housing sector has been one of the few troublesome spots in the economy this year, with some analysts pointing to tight credit as a major factor. The Fed's survey also shows that banks made it easier for commercial and industrial firms to get loans and that these companies have stepped up their borrowing demands. Banks said that their credit-card businesses are not expanding and they said provisions in credit-card reform legislation passed in 2009 were having a negative impact.
  • 1:45 PM » Yellen's challenge: Explaining the vexing economy
    Published Mon, May 05 2014 1:45 PM by CNBC
    The recent run of mixed data will not make Janet Yellen's job this week of explaining the economy a great deal easier, POLITICO's Ben White says.
  • 1:45 PM » Realogy's ugly Q1 can't all be blamed on prices
    Published Mon, May 05 2014 1:45 PM by CNBC
    With a soft earnings report, home seller Realogy confirmed on Monday it is facing a slower housing market. Yet is it all because of higher prices?
  • 1:44 PM » Gundlach: Short homebuilders on dour housing view
    Published Mon, May 05 2014 1:44 PM by Market Watch
    NEW YORK (MarketWatch) -- Jeffrey Gundlach advised investors to short the SPDR S&P Homebuilders ETF on Monday, given a bleak outlook on single-family housing. Gundlach, founder and CEO of DoubleLine Capital, told CNBC on the sidelines of the Ira Sohn Investment Conference: "I'm really kind of surprised by how copacetic people are about the homebuilders and housing markets. If you look at the data, in recent months it's gotten really soft." The ETF was down 1.5% after his talk. Gundlach has been bearish on the housing market for some time, especially as younger generations shift preferences away from buying property. Gundlach also reiterated his view that the 10-year Treasury note yield will drop toward 2.50%, but that it will take a psychological shift in the marketplace to get below that level. He assigned a 30% chance that such a shift happens, which would prompt a flight to safe assets, and the covering of short positions. The 10-year note yielded 2.61% on Monday.
  • 1:03 PM » 4 percent bandwagon lures economists
    Published Mon, May 05 2014 1:03 PM by CNBC
    Buoyed by the April jobs report, more economists are projecting 4 percent GDP in the second quarter.
  • 12:07 PM » JPMorgan $280 million mortgage accord gets preliminary court approval
    Published Mon, May 05 2014 12:07 PM by Reuters
    NEW YORK (Reuters) - JPMorgan Chase & Co has won preliminary approval from a U.S. judge for its agreement to pay $280 million to resolve claims that it misled investors in billions of dollars worth of mortgage-backed securities.
  • 11:21 AM » U.S. attorney general says banks may face criminal cases soon
    Published Mon, May 05 2014 11:21 AM by Reuters
    WASHINGTON (Reuters) - The U.S. Justice Department is pursuing criminal investigations of financial institutions that could result in action in the coming weeks and months, U.S. Attorney General Eric Holder said in a video, adding that no company was "too big to jail."
  • 11:20 AM » The boom in $100 million home sales
    Published Mon, May 05 2014 11:20 AM by CNBC
    It wasn't that long ago that a $50 million home sale was big news. Now, $100 million home sales are becoming a monthly occurrence.
  • 10:52 AM » The challenge of housing affordability is evident across a wide range of households
    Published Mon, May 05 2014 10:52 AM by National Housing Conference
    Developing solutions through research by Lisa Sturtevant, Ph.D. Housing availability and affordability is an issue that affects nearly everyone. The expression that something "hits home" suggests the fact that where we live is an integral part of our daily lives and well-being. A key element of the Center's research is to document housing needs for all  household types, and to help local communities talk about their specific challenges. To that end, we recently weighed in on the housing affordability challenges being faced by households all along the income spectrum-from very low income to middle-class families, for both renters and owners . ·          Completing a research review of the Family Self-Sufficiency (FSS) program, Senior Research Associate Maya Brennan has demonstrated how important it is to understand the limitations that sustained poverty puts on the cognitive functioning of very low-income households . Among her recommendations is for public housing authorities to structure FSS programs that build residents' self-efficacy, provide frequent feedback and second chances, offer intensive support, and minimize requirements that put housing assistance at risk. The report, sponsored by the Annie E. Casey Foundation , will be published next month.       ·          In response to an analysis by Zillow about rising affordability challenges for middle-class households across the U.S., Senior Research Associate Robert Hickey wrote an op-ed for that outlines why the middle class is having a harder time finding affordable rents . In his analysis, he suggests two ways to start to fix the growing rental affordability problem: link local growth to affordability through inclusionary housing approache,s and help more qualified buyers purchase...
    Click Here to Read the Full Article

    Source: National Housing Conference
  • 10:18 AM » U.S. service sector growth accelerates in April: ISM survey
    Published Mon, May 05 2014 10:18 AM by Reuters
    NEW YORK (Reuters) - Growth in the U.S. services sector accelerated in April, rising at the fastest pace in eight months as new orders jumped and overall activity quickened by the most since early 2008, an industry report showed on Monday.
  • 9:45 AM » Home Price Gains Are Not Boosting Borrowing
    Published Mon, May 05 2014 9:45 AM by WSJ
    While home prices have rebounded strongly over the past two years, there's little evidence that Americans are borrowing from their homes to extract any of their recovered equity, according to a new report. Borrowers with conventional loans pulled just $6.5 billion out of their homes during the first quarter through cash-out refinancing, down from $6.7 billion during the prior quarter, according to a survey released by Freddie Mac. Cash-out refinancing has been lower only in three quarters since mid-2000, and adjusted for inflation, cash-out refinancing in since 2010 has been near its lowest levels since 1997.
  • 9:45 AM » New Foreclosures Fall to Lowest Level Since 2006
    Published Mon, May 05 2014 9:45 AM by WSJ
    Amid renewed concern about weak housing demand, there's this bright spot: the number of mortgage on which lenders initiated foreclosure in March fell to the lowest level in 7½ years, according to a new report.
  • 9:41 AM » US stocks open lower; sentiment hit by Pfizer results, China PMI
    Published Mon, May 05 2014 9:41 AM by CNBC
    Stocks fell Monday after a gauge of manufacturing in China came in below expectations, as did quarterly earnings from pharmaceutical company Pfizer.
  • 8:49 AM » Consumer Spending in April Healthy, but Flat
    Published Mon, May 05 2014 8:49 AM by
    Americans' self-reports of daily spending in April averaged $88, virtually the same as March ($87) and February ($87). This estimate ranks among the highest for the month of April since Gallup began tracking consumer spending in 2008.
    Click Here to Read the Full Article

  • 8:28 AM » US bonds creep higher on Ukraine-Russia concerns
    Published Mon, May 05 2014 8:28 AM by CNBC
    U.S. bonds rose slightly higher on Monday, as concerns about escalating violence in Ukraine largely overshadowed Friday's upbeat employment report.
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More From MND

Mortgage Rates:
  • 30 Yr FRM 4.78%
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  • 15 Yr FRM 4.21%
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  • Jumbo 30 Year Fixed 4.80%
MBS Prices:
  • 30YR FNMA 4.5 103-20 (-0-02)
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  • 30YR FNMA 5.0 105-17 (-0-01)
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  • 30YR FNMA 5.5 107-10 (0-06)
Recent Housing Data:
  • Mortgage Apps -1.15%
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  • Refinance Index -2.64%
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  • Purchase Index 5.06%