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  • Mon, Jun 9 2014
  • 11:07 PM » 4 in 10 millennials overwhelmed by debt
    Published Mon, Jun 09 2014 11:07 PM by CNBC
    4 in 10 millennials are overwhelmed by debt, but they're optimistic, according to a new study.
  • 11:04 PM » Dow, S&P 500 extend string of record closes
    Published Mon, Jun 09 2014 11:04 PM by Reuters
    NEW YORK (Reuters) - The Dow and S&P 500 ended at record highs again on Monday as more deal news raised enthusiasm for stocks, though Wall Street's fear gauge advanced.
  • 10:59 PM » Stocks versus bonds - one market could get pounded
    Published Mon, Jun 09 2014 10:59 PM by CNBC
    Stocks and bonds could duke it out all summer, with both markets wooing buyers even as they flash different messages about the economy.
  • 3:43 PM » Home Sales Soft without "Big Deals"
    Published Mon, Jun 09 2014 3:43 PM by Calculated Risk Blog
    From housing economist Tom Lawler: Hovnanian Enterprises, the 7th largest US home builder in 2013, reported that net home orders, including unconsolidated joint ventures, totaled 1,907 in the quarter ending April 30, 2014, down 2.2% from the comparable quarter of 2013. Sales per community were down 8.5% from a year ago. The average net order price last quarter was $368,668, up 3.3% from a year ago. Home deliveries last quarter including JVs) totaled 1,331 last quarter, down 6.5% from the comparable quarter of 2013, at an average sales price of $354,405, up 4.3% from a year ago. The company's order backlog at the end of April was 3,032, up 7.3% from last April, at an average order price of $374,584, up 3.4% from a year ago.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 2:36 PM » Hold bank directors responsible: Fed boss
    Published Mon, Jun 09 2014 2:36 PM by CNBC
    Federal Reserve Governor Tarullo said expanding bank directors' fiduciary duties would balance profit with social goals.
  • 2:34 PM » Fed's Rosengren: May Extend Taper Process To Reinvestment Buying
    Published Mon, Jun 09 2014 2:34 PM by WSJ
    Federal Reserve Bank of Boston President Eric Rosengren said Monday the U.S. central bank might need to implement a second tapering of its bond-buying efforts.
  • 1:01 PM » Deputy Comptroller Addresses Veterans Association of Real Estate Professionals
    Published Mon, Jun 09 2014 1:01 PM by OCC
    Deputy Comptroller for Community Affairs Barry Wides today discussed programs and initiatives to support and protect the banking needs of U.S. servicemembers and veterans in remarks before the Veterans Association of Real Estate Professionals.
  • 1:00 PM » Wall Street's Bond Contrarians Lose Out as Market Rallies - Bloomberg
    Published Mon, Jun 09 2014 1:00 PM by Bloomberg
    Wall Street's Bond Contrarians Lose Out as Market Rallies Bloomberg Wall Street's top bond traders get paid millions of dollars a year to outsmart the masses. They're not earning their pay so far this year. Hedge funds that largely invest in corporate debt returned 4.1 percent in the first five months of 2014, according to data from ...
  • 11:49 AM » Why the jobs report points to the beach
    Published Mon, Jun 09 2014 11:49 AM by CNBC
    Here's why the May jobs report is pointing to the beach, says NYSE floor trader Kenny Polcari.
  • 11:49 AM » Wells Fargo shares hit all-time high
    Published Mon, Jun 09 2014 11:49 AM by Market Watch
    NEW YORK (MarketWatch) -- Wells Fargo & Co. stock hit an all-time high at $52.36 a share in early trading on Monday. The shares were up 0.7% and have been up more than 15% year-to-date. The Financial Select Sector SPDR Fund , which tracks financial stocks in the S&P 500 , was up 0.37%. Bank of America Corp. rose 1.41%. J.P. Morgan Chase & Co. was up 0.7% and was the second biggest gainer in the Dow Jones Industrial Average . Morgan Stanley was up 0.5% and Citigroup Inc. rose 0.41%. Goldman Sachs Group Inc. fell 0.1% after rising nearly 2% on Friday.
  • 11:49 AM » Macroeconomy normalizing: Fed's Bullard
    Published Mon, Jun 09 2014 11:49 AM by CNBC
    The president of the St. Louis Fed said the U.S. macroeconomy is "much closer" to a normal state than it has been in five years.
  • 11:42 AM » New York Fed Survey Shows Consumer Expectations Remain Steady
    Published Mon, Jun 09 2014 11:42 AM by NY Fed
    the New York Fed today released results from its May 2014 Survey of Consumer Expectations (SCE) which provides insight into Americans' views on inflation, prices, the labor market and household finance.
  • 10:44 AM » Robots are about to steal your job
    Published Mon, Jun 09 2014 10:44 AM by CNBC
    Manufacturers are replacing their entire legion of factory workers with robots. How will the trend affect job growth?
  • 10:44 AM » The Wall Street Journal: Stock investors unnerved by paltry wage growth
    Published Mon, Jun 09 2014 10:44 AM by Market Watch
    Wall Street is now starting to complain that U.S. wages are too low. Some chief investment officers are cutting back on small-cap stocks as a result.
  • 9:29 AM » Lawyers Are Now The Driving Force Behind Mortgage Scams
    Published Mon, Jun 09 2014 9:29 AM by The Huffington Post
    From the very first day she was allowed to speak with clients at her new law firm job, Michele Stephens wondered if she was doing something unethical. By the time she quit, nearly a year later, she no longer had any doubt about it. "I was told to lie again and again," she said. Stephens claims she took part in what consumer groups and federal regulators say is an especially ruinous scam, directed by lawyers, meant to defraud desperate and broke homeowners. Reading from a six-page script, Stephens told hundreds of clients solicited by The Hoffman Law Group of Palm Beach, Florida, that the firm was suing banks on their behalf, seeking compensation for mortgage abuses. This aggressive litigation was all made possible, she would say, by the fees homeowners paid to support the cases - $6,000 up front, plus $495 a month. Vadim Govorov, a Staten Island homeowner, claims he paid $6,000 to Hoffman Law fund a lawsuit that had no chance of success. "We want to 'make you whole' ... to get you back to where you should've been had the lenders not engaged in those shenanigans," the script says, according to a copy Stephens shared with The Huffington Post. "We don't think it will be difficult to convince a judge or a jury of the reasonableness of our position." But the lawsuits eventually filed by the firm lacked many of the most basic required elements, such as detailed information about each client's situation. The strategy never had a shot at accomplishing what was promised, Stephens said she eventually determined. It wasn't long before judges began tossing the cases out of court. Stephens maintains the operation at Hoffman Law was a fraud from the outset. Though her allegations have not been proven, her account, also described in letters she wrote to many state attorneys general, offers rare insight into the inner workings of a firm that has drawn the scrutiny of judges and state investigators. The final straw, Stephens said, came...
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 9:25 AM » Going From Renting to Buying a Home: 5 Things to Know
    Published Mon, Jun 09 2014 9:25 AM by
    When you decide to make the leap from renting to buying a home, some things will change. Here are five key differences to keep in mind. Read More The post Going From Renting to Buying a Home: 5 Things to Know appeared first on Redfin Real Estate Blog .
    Click Here to Read the Full Article

  • 8:48 AM » Are Treasury yields headed for JGB levels?
    Published Mon, Jun 09 2014 8:48 AM by CNBC
    U.S. Treasury yields, not far off 11-month lows, could fall further and even match perennially low-yielding Japanese government bonds, one analyst says.
  • 8:45 AM » Treasurys fall ahead of $62 billion in debt sales
    Published Mon, Jun 09 2014 8:45 AM by Market Watch
    NEW YORK (MarketWatch) -- Treasury prices fell Monday, with intermediate-term government debt leading the way lower ahead of a series of debt auctions this week. The 10-year Treasury note yield, which rises as prices fall, was up 1 basis point at 2.609%, according to Tradeweb. The 30-year bond yield rose half a basis point to 3.442% and the 5-year note yield rose 2.5 basis points to 1.676%. The Treasury Department will sell $28 billion of 3-year notes on Tuesday, $21 billion of 10-year notes on Wednesday, and $13 billion of 30-year bonds on Thursday. Treasury prices have fallen in recent sessions, walking back sharp gains over the past two months. As Treasury yields have risen, the yields of Europe's struggling countries have fallen, sending the Spanish 10-year yield below comparable U.S. Treasurys on Monday.
  • 8:45 AM » Italy, Spain Bonds Extend Rally to Third Day on ECB Rates View - Bloomberg
    Published Mon, Jun 09 2014 8:45 AM by Bloomberg
    Italy, Spain Bonds Extend Rally to Third Day on ECB Rates View Bloomberg Italian and Spanish government bonds extended gains that sent yields to record lows as European Central Bank Executive Board member Benoit Coeure said interest rates in the euro area will remain subdued. Yields on Portuguese 10-year securities ... and more »
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Mortgage Rates:
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  • 15 Yr FRM 4.12%
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  • Jumbo 30 Year Fixed 4.69%
MBS Prices:
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  • 30YR FNMA 5.0 105-22 (0-01)
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Recent Housing Data:
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  • Refinance Index -3.69%
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  • Purchase Index -1.98%