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  • Fri, May 9 2014
  • 2:59 PM » House THUD bill jeopardizes core housing and community development programs
    Published Fri, May 09 2014 2:59 PM by National Housing Conference
    Normal 0 false false false EN-US X-NONE X-NONE by Liza Getsinger, National Housing Conference This week the House THUD appropriations subcommittee marked up a FY 15 spending bill that provides $40.3 billion for the Department of Housing and Urban Development, which is $769 million below FY 14 enacted levels and nearly $2 billion below the Administration's request. At markup both Democrats and Republicans remarked on the tough allocation for FY 15, which clearly took a hit as a result of CBO's most recent FHA receipts estimate showing larger than expected declines in FHA's receipt levels. The lower CBO level leaves a large hole HUD's proposed budget that would need to be made up by additional appropriations in order to maintain level funding. Unfortunately, appropriators did not make up the full gap leaving HUD's FY spending levels at dangerously low levels. The bill, if enacted, undermines valuable housing and community development programs. Many programs were funded at previous year levels, which translates to a decrease in funding when adjusting for inflation. Both HOME and the public housing capital fund, which are essential to help build and rehabilitate our affordable housing stock, are funded at below sequestration levels. The bill also omits the expansion of the Rental Assistance Demonstration, which enables public housing agencies to leverage private investment to help renovate public housing. The THUD subcommittee referred the bill to the full Appropriations Committee for consideration the week of May 19, but not without strong objections by THUD subcommittee Ranking Member Ed Pastor (D-Ariz.). Ranking Member of the full Appropriations Committee Nita Lowey (D-N.Y.) urged her Senate colleagues to craft a bill with more reasonable funding levels for vital housing and community development programs. The Senate plans to start considering appropriations bills the week of May 22. Stay tuned to the Washington Wire and NHC's Open House Blog for...
    Click Here to Read the Full Article

    Source: National Housing Conference
  • 1:52 PM » Job Openings Edged Down, but Quitting Rose in March
    Published Fri, May 09 2014 1:52 PM by WSJ
    The number of job openings ticked down in March, but the share of employed workers who voluntarily left their jobs rose slightly, offering the latest indication of a slowly healing labor market.
  • 1:52 PM » Fed Chair Not Sure Whether To Call U.S. An Oligarchy Or Democracy
    Published Fri, May 09 2014 1:52 PM by The Huffington Post
    Federal Reserve chair Janet Yellen said Wednesday that she doesn't know whether the U.S. political system is a democracy or an oligarchy, as a recent study concluded, but that growing inequality is an issue lawmakers should address. During a hearing on Capitol Hill, Sen. Bernie Sanders (I-Vt.) asked Yellen about a Princeton study that found that wealthy, well-connected individuals have far more influence over national policy than the average voter. "All of the statistics on inequality that you've cited are ones that greatly concern me, and I think for the same reason that you're concerned about them, they can shape the ability of different groups to participate equally in a democracy and have great effects on social stability over time," Yellen responded. "I don't know what to call our system," she added. "I prefer not to give labels, but there's no question we've had the trend toward growing inequality, and I personally find it a very worrisome trend that deserves the attention of policy makers." Watch the video above. h/t Raw Story
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 12:30 PM » Fed bond buying should end in October: Fisher
    Published Fri, May 09 2014 12:30 PM by Market Watch
    WASHINGTON (MarketWatch) -- Richard Fisher, the president of the Dallas Federal Reserve Bank, said Friday that he supports the central bank ending its bond- buying program in October with a final reduction of $15 billion. The Fed has been reducing the pace of its asset purchases by $10 billion per meeting this year, which would leave a balance of $15 billion by the policy meeting in late October. There is a debate among economists about whether the Fed would decide to end the program in October or extend it until December. It is not an arcane technicality because the central bank is not expected to even contemplate tightening until after the asset purchases have been completed. In a speech to community bankers in New Orleans, Fisher, a consistent critic of the program, said the central bank couldn't speed up the pace of the taper because markets are "somewhat addicted to our accommodation of their needs." Fisher made fun of the market's fixation on the "dot chart," the graphic that lays out forecasts of the Fed's benchmark interest rate by all members of the Fed's policy committee. "Some analysts practically worship the dots. They have become analytical idols around which a doxology of sorts has developed," he said. He cautioned that the forecasts are little more than "best guesses" and that the composition of Fed voters has been in flux. "Surely economists of high repute are aware of the imperfections of this exercise...we, on the Fed policy committee, certainly are," he said.
  • 12:29 PM » Inside the most expensive ZIP code in the country
    Published Fri, May 09 2014 12:29 PM by CNBC
    Real estate brokers say last year saw a frenzy of buying for homes in the $5 million range, but demand is shifting to the even more expensive homes.
  • 11:27 AM » Bond Report: Long bond set for biggest weekly drop since March
    Published Fri, May 09 2014 11:27 AM by Market Watch
    Treasury prices fall, putting the 30-year bond on track for its biggest weekly drop since March.
  • 11:25 AM » Third Point's Loeb Says Harder to Gain on Mortgages - Bloomberg
    Published Fri, May 09 2014 11:25 AM by Bloomberg
    Third Point's Loeb Says Harder to Gain on Mortgages Bloomberg Billionaire hedge-fund manager Dan Loeb said he's targeting junior debt of financial firms and assets being divested by banks as he scales back securities such as mortgage bonds. "It's gotten much more difficult to make money in mortgages, and ... and more »
  • 10:50 AM » Home sellers on price: Sky is the limit
    Published Fri, May 09 2014 10:50 AM by CNBC
    Home prices are moving so far, so fast, that at least 1,000 local housing markets have hit all-time price highs.
  • 10:44 AM » House Votes To Make Corporate Tax Credit Permanent
    Published Fri, May 09 2014 10:44 AM by The Huffington Post
    WASHINGTON (AP) - The House has voted to make permanent a tax credit that rewards businesses for investing in research and development. The tax credit expired at the beginning of the year, along with more than 50 other tax breaks that are routinely extended. House Republicans say the vote is the beginning of a broader effort to add more certainty to the tax code. In the coming weeks, they hope to vote on bills that would make more temporary tax breaks permanent. House Democrats call the bill a corporate giveaway that would add $156 billion to the budget deficit over the next decade. President Barack Obama supports making the research and development tax credit permanent. But the White House threatened to veto the House bill because it's not offset by other tax increases.
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 10:26 AM » Wholesale inventories jump in March
    Published Fri, May 09 2014 10:26 AM by CNBC
    U.S. wholesale inventories jumped in March, suggesting less of a drag on growth than initially thought.
  • 10:25 AM » Treasurys follow European bonds lower
    Published Fri, May 09 2014 10:25 AM by Market Watch
    NEW YORK (MarketWatch) -- Treasury prices fell Friday, extending a move lower late in the previous session. The benchmark 10-year note yield, which rises as prices fall, was up 2.5 basis points at 2.625%, according to Tradeweb. The 30-year bond yield rose 2.5 basis points to 3.456%, and the 5-year note yield rose 2 basis points to 1.636%. U.S. government debt prices fell in tandem with 10-year British gilts, whose yields rose 3.5 basis points to 2.684%. The 10-year German bund yield rose 1 basis point t 1.459%. U.S. data on the calendar includes a job openings survey from the Labor Department and wholesale inventory numbers.
  • 10:25 AM » Flood insurance policies get a bailout
    Published Fri, May 09 2014 10:25 AM by CNN
    Read full story for latest details.
  • 8:58 AM » The ripple effects of housing's fading rebound
    Published Fri, May 09 2014 8:58 AM by CNBC
    With tight credit and homes sales weakening again, concerns are rising that the downturn could hold back the larger economy.
  • 8:33 AM » JPMorgan Joins Wells Fargo in Rolling Out Jumbo Offerings - Bloomberg
    Published Fri, May 09 2014 8:33 AM by Bloomberg
    JPMorgan Joins Wells Fargo in Rolling Out Jumbo Offerings Bloomberg Todd Vitale, a personal trainer who opened his own gym last year, said he was having difficulty getting a mortgage of more than $700,000 to buy a home in Greenwich, Connecticut, because his new business was untested. Vitale then tried Wells Fargo & Co.
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