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  • Wed, Jun 11 2014
  • 11:27 PM » HUD Secretary Donovan discusses housing market, Hurricane Sandy and homelessness
    Published Wed, Jun 11 2014 11:27 PM by Washington Post
    Shaun Donovan appeared before two Senate panels Wednesday for confirmation hearings that got him a step closer to leading the Office of Management and Budget - and leaving his post as secretary of the Department of Housing and Urban Development. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 11:27 PM » Treasury 30-Year Rally Ebbs in June Before $13 Billion Bond Sale - Bloomberg
    Published Wed, Jun 11 2014 11:27 PM by Bloomberg
    Treasury 30-Year Rally Ebbs in June Before $13 Billion Bond Sale Bloomberg A five-month surge in Treasury 30-year bonds is pausing in June before the U.S. sells $13 billion of the debt today. The rally in U.S. government securities has come to a standstill amid signs the economic recovery is gaining momentum, with analysts ...
  • 4:44 PM » US records $130B budget deficit in May
    Published Wed, Jun 11 2014 4:44 PM by CNBC
    The U.S. reported a $130 billion deficit in May after an April surplus, but this year's deficit is on pace to be the lowest in 6 years.
  • 4:41 PM » Exclusive: U.S. using JPMorgan penalty to speed cases against other banks
    Published Wed, Jun 11 2014 4:41 PM by Reuters
    WASHINGTON/NEW YORK (Reuters) – The U.S. Justice Department is spending some of the $13 billion JPMorgan Chase & Co agreed to pay to settle claims stemming from mortgage misdeeds to speed up similar punishments against other lenders, possibly including Bank of America Corp and Citigroup, according to people familiar with the matter. U.S. Attorney’s offices […]
  • 2:45 PM » Director Cordray testifies before Senate committee
    Published Wed, Jun 11 2014 2:45 PM by
    Tina Shin Yesterday, the Senate Committee on Banking, Housing and Urban Affairs heard testimony from Director Cordray at its hearing titled "The Consumer Financial Bureau's Semi-Annual Report to Congress." Noteworthy aspects of Director Cordray's testimony included the following: As they did at the Committee's hearing on the CFPB's Fourth Semi-Annual Report, Committee members questioned Director Cordray about... More >
    Click Here to Read the Full Article

  • 2:38 PM » IMF Survey: New Global Housing Watch Throws Spotlight on Booms and Busts
    Published Wed, Jun 11 2014 2:38 PM by IMF
    IMF Survey: New Global Housing Watch Throws Spotlight on Booms and Busts<br/>
  • 1:38 PM » Treasurys swing lower after 10-year note auction
    Published Wed, Jun 11 2014 1:38 PM by Market Watch
    NEW YORK (MarketWatch) -- The Treasury Department sold $21 billion in 10-year notes Wednesday at a yield of 2.648%. Bidders offered to buy 2.88 times the amount of debt sold, compared to an average of 2.69 times at the last six sales. Indirect bidders, a group that includes foreign central banks, bought 36.1%, versus 47.1% in recent sales. Direct bidders, which include domestic money managers, purchased another 19.4%, versus an average of 17.5%. The broader bond market swung lower after the auction. Yields on 10-year notes, which move inversely to prices, rose half a basis point on the day to 2.640%.
  • 1:37 PM » It's a Low, Low, Low, Low, Rate World
    Published Wed, Jun 11 2014 1:37 PM by The Big Picture
      Inquiring minds want to know: What is up with Yields ? Yesterday, Seabreeze Partners fund manager Doug Kass sent me a Bloomberg chart showing the 20 lowest developed nations' 10 year bond yield. Astonishingly, the United States is number 16. The US Treasury 10 year bond yields a little better more than Norway (#15),... Read More
    Click Here to Read the Full Article

    Source: The Big Picture
  • 1:36 PM » NMLS Q1 Mortgage Industry Report Released
    Published Wed, Jun 11 2014 1:36 PM by NMLS
    The NMLS Mortgage Industry Report has been released for the first quarter of 2014. The report contains an analysis of companies, branches, and mortgage loan originators who were licensed or registered through NMLS in order to conduct mortgage activities. For other reports and data, see NMLS Reports .
  • 1:33 PM » May Southland Home Sale Press Release
    Published Wed, Jun 11 2014 1:33 PM by DataQuick
    Southland Home Sales Slow; Median Price Rises Again but at Slower Pace June 11, 2014 La Jolla, CA---Southern California home sales lost momentum in May, falling from both April and a year earlier as investor demand fell and buyers continued to face inventory, affordability and credit constraints. Prices climbed again but at roughly half the year-ago pace, a real estate information service reported. A total of 19,556 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 2.3 percent from 20,008 sales in April, and down 15.1 percent from 23,034 sales in May last year, according to San Diego-based DataQuick. On average, sales have increased 5.8 percent between April and May since 1988, when DataQuick's statistics begin. Sales have fallen on a year-over-year basis for eight consecutive months. May sales have ranged from a low of 16,917 in May 2008 to a high of 35,557 in May 2005. Last month's sales were 23.0 percent below the May average of 25,393 sales. "We expected rising prices to unlock more inventory this spring and that's happened. But the supply of homes for sale still falls short of demand in many markets, contributing to a rise in prices and a below-average sales pace. The drop in affordability has also hampered activity, helping to explain how sales could be lower now even though today's inventory is higher than a year ago. The recent dip in mortgage rates will help fuel demand, adding pressure to home prices. But the sort of price spikes we saw this time last year - annual gains of 20 percent or more - are less likely today given affordability constraints, higher inventory and the drop-off in investor purchases," said Andrew LePage, a DataQuick analyst. The median price paid for all new and resale houses and condos sold in the six-county region last month was $410,000, up 1.5 percent from $404,000 in April and up 11.4 percent from $368,000 in May...
  • 12:49 PM » U.S. Economy's First-Quarter Contraction Could Be Even Worse Than You Thought
    Published Wed, Jun 11 2014 12:49 PM by WSJ
    Private economists said Wednesday that the U.S. economy may have contracted more than previously thought in the first quarter, based on new health care-sector data from the government.
  • 12:48 PM » Shares of home builders slide Wednesday
    Published Wed, Jun 11 2014 12:48 PM by Market Watch
    WASHINGTON (MarketWatch) -- Shares of major home builders fell Wednesday, becoming some of the market's hardest hit stocks. Investors traded down shares of Lennar , D.R. Horton , PulteGroup and Toll Brothers each more than 1% by the early afternoon, while the S&P 500 Index was recently off about three-tenths of a percentage point.
  • 12:48 PM » J.P. Morgan could face cuts in pay, jobs: CFO
    Published Wed, Jun 11 2014 12:48 PM by Market Watch
    J.P. Morgan Chase & Co. could face pay cuts and job reductions in its investment bank, due in part to revenue pressures and relatively slow trading conditions, the firm's chief financial officer said Wednesday.
  • 12:36 PM » Should Taxpayers Rescue Debt-stressed College Grads?
    Published Wed, Jun 11 2014 12:36 PM by
    This week, President Obama announced a plan to extend financial relief to households carrying student loan debt. The executive order would allow an additional 5 million existing borrowers with high monthly payments, relative to their income, to spread their payments out over a longer period of time. The President’s actions may well be in response to growing concern over student loans. One commonly cited statistic notes that student loan debt, totaling $1.2 trillion, has now eclipsed all other forms of consumer loans except mortgages. Others, including former Treasury Secretary Larry Summers,  have argued  that student loans are holding back economic growth by discouraging spending and restricting homeownership by young families. A  recent review of  ours at the Brookings Institution adds to this chorus of concern, noting that student loan debt can discourage graduate education, influence career choice, delay the timing of marriage and childbirth, and even lead to lower credit worthiness. But before outstanding student loans are cast as a “crisis,” it is important to note that it’s not all doom and gloom. First, one of the strongest  documented facts  is that attending and graduating from college has a strong impact on individual’s future economic prospects. This means both that attending college is a good investment and that a significant portion of the ultimate costs can and should be borne by the student or his/her family. Second, while recent increases in tuition costs have been noted frequently and are an important driver of higher student loan debt, another factor is simply that more people are attending college. Between 2002 and 2011, enrollment was up 27%, with especially large increases in graduate students. From this perspective, student debt is rising in part because more Americans are investing in themselves—unequivocally...
    Click Here to Read the Full Article

  • 11:35 AM » David Brat to Bernanke: Don't Underestimate the Value of Protestants
    Published Wed, Jun 11 2014 11:35 AM by WSJ
    David Brat, the Virginia Republican and economics professor who toppled House Majority Leader [wsj-people name="Eric Cantor" displayName="Cantor, Eric" topicId="6639" onlinesignificance="passing-mention"] (R., Va.) Tuesday, argued in an 2005 academic paper that former Fed Chairman Ben Bernanke had overlooked the role Protestant institutions play in adding to long-term economic growth.
  • 11:31 AM » Lowe's 3-D room makes remodeling a (virtual) reality
    Published Wed, Jun 11 2014 11:31 AM by CNBC
    Lowe's is launching a simulation room, called the Holoroom, that enables customers to view a 3-D representation of their renovation projects.
  • 11:30 AM » Freddie Mac Announces Seventh Multifamily Securities Offering This Year, K-038
    Published Wed, Jun 11 2014 11:30 AM by
    Freddie Mac Announces Seventh Multifamily Securities Offering This Year, K-038
    Click Here to Read the Full Article

  • 10:21 AM » Lew: Income equality is ultimate test
    Published Wed, Jun 11 2014 10:21 AM by CNBC
    U.S. Treasury Secretary Jack Lew said the economy was gaining traction but that the lack of progress on wages and employment remains disappointing.
  • 10:11 AM » Bond Report: Treasurys edge up for second session in last 10
    Published Wed, Jun 11 2014 10:11 AM by Market Watch
    Treasury prices rise after a World Bank report downgrades the global growth outlook, marking just the second rise in the last 10 sessions.
  • 8:50 AM » How Demographic Changes Could Boost Americans' Wages
    Published Wed, Jun 11 2014 8:50 AM by WSJ
    A big demographic shift could finally deliver income growth that U.S. workers have been waiting for, according to an analysis from a home-builder consulting firm published Wednesday.
  • 8:50 AM » In Janet Yellen's Eyes, Quitters Really Do Win
    Published Wed, Jun 11 2014 8:50 AM by WSJ
    The Wall Street Journal's Daily Report on Global Central Banks for Wednesday, June 11, 2014. Jon Hilsenrath delves into the jobs figures to tease out what quitters, new hiring, and vacancies mean for Janet Yellen.
  • 8:49 AM » Why do people keep buying Treasurys?
    Published Wed, Jun 11 2014 8:49 AM by CNBC
    There's just no making sense of the government bond market.
  • 8:46 AM » BofA's mortgage settlement in deadlock: NYT
    Published Wed, Jun 11 2014 8:46 AM by Reuters
    (Reuters) - Bank of America Corp and the U.S. Department of Justice (DOJ) have reached an impasse in negotiating a multibillion-dollar settlement related to the bank's mortgage investments, the New York Times reported citing people briefed on the matter.
  • 8:46 AM » Borrowers defy logic with mortgage rates
    Published Wed, Jun 11 2014 8:46 AM by CNBC
    Mortgage activity finally responded to lower interest rates but just as rates began to rise again.
  • 12:09 AM » Realtors, Builders Differ on Need for New Homes
    Published Wed, Jun 11 2014 12:09 AM by WSJ
    The top U.S. association for Realtors and that for home builders agree more home construction is needed to keep pace with job growth. What they don't agree on is how much.
  • 12:06 AM » U.S. Prosecutors Seek $17 Billion for BofA Settlement, NYT Says - Bloomberg
    Published Wed, Jun 11 2014 12:06 AM by Bloomberg
    U.S. Prosecutors Seek $17 Billion for BofA Settlement, NYT Says Bloomberg The U.S. Justice Department is seeking about $17 billion from Bank of America Corp. to settle probes into its handling of mortgages ahead of the financial crisis, the New York Times reported. Talks stalled on June 9 after the firm offered more than $12 billion to ...
  • 12:06 AM » Treasury Slide Pushes 10-Year Yield to 4-Week High Before Sale - Bloomberg
    Published Wed, Jun 11 2014 12:06 AM by Bloomberg
    Treasury Slide Pushes 10-Year Yield to 4-Week High Before Sale Bloomberg A Treasuries selloff pushed yields on 10-year notes to the highest level in four weeks before the U.S. sells $21 billion of the securities today. The extra yield that 10-year notes offer over their Group of Seven counterparts was 71 basis points, the most since ...
  • 12:06 AM » Dow hits record for fourth day
    Published Wed, Jun 11 2014 12:06 AM by Reuters
    NEW YORK (Reuters) - U.S. stocks finished nearly flat on Tuesday, although the Dow eked out another record closing high as utilities' shares fell while 10-year bond yields hit their highest level in a month.
  • 12:06 AM » Gundlach: Another look at Treasuries
    Published Wed, Jun 11 2014 12:06 AM by CNBC
    Gundlach said U.S. Treasuries are worth a look by investors as they are yielding in the upper half of his projected trading range.
  • 12:03 AM » Will Mortgage Rates be down year-over-year in late June?
    Published Wed, Jun 11 2014 12:03 AM by Calculated Risk Blog
    It is fun to try to guess future headlines, and it looks like we might see "Mortgage Rates down year-over-year" in a couple of weeks. I use the weekly Freddie Mac Primary Mortgage Market Survey® (PMMS®) to track mortgage rates. The PMMS series started in 1971, so there is a fairly long historical series.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
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More From MND

Mortgage Rates:
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  • 15 Yr FRM 4.04%
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  • Jumbo 30 Year Fixed 4.65%
MBS Prices:
  • 30YR FNMA 4.5 104-06 (0-06)
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  • 30YR FNMA 5.0 105-28 (0-02)
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Recent Housing Data:
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  • Refinance Index -2.64%
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  • Purchase Index 5.06%