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  • Tue, Jul 15 2014
  • 11:05 PM » Earnings in focus as Fed in rear view
    Published Tue, Jul 15 2014 11:05 PM by CNBC
    Stocks may respond more to earnings news than the Fed Wednesday, now that Yellen's first day of testimony is out of the way.
  • 11:03 PM » Treasury Volatility Is Near 14-Month Low on Yellen Job Comments - Bloomberg
    Published Tue, Jul 15 2014 11:03 PM by Bloomberg
    Treasury Volatility Is Near 14-Month Low on Yellen Job Comments Bloomberg Treasury market volatility approached the lowest level in 14 months before Federal Reserve Chair Janet Yellen resumes testimony before lawmakers today after saying yesterday monetary stimulus was still required. Benchmark 10-year note yields were little ... and more »
  • 11:01 PM » Fed's George says economy 'ready' for higher rates
    Published Tue, Jul 15 2014 11:01 PM by Market Watch
    WASHINGTON (MarketWatch) - The U.S. economy, with a strengthening job market and rising inflation, is "ready" for higher interest rates, said Esther George, the president of the Kansas City Fed, on Tuesday. In a dinner speech in Kansas City, George called for the Fed to raise short-term interest rates at a steady pace. George did not give a specific date she wanted the Fed to lift-off, but she said it should come "relatively soon." The Fed must remain stoic in the face of any market volatility that stems from the tightening, she said. George, a noted hawk on the Fed policy committee, is not a voting member this year. She laid out two principles for how the Fed should approach the exit, saying the central bank should take steps to return to a "Treasury-only" balance sheet. At the moment, the Fed holds $1.7 trillion of mortgage-backed securities on its $4.3 trillion balance sheet. And she said the central bank should not try to use the balance sheet to control longer-term interest rates.
  • 4:32 PM » Democrats AND Republicans are wrong
    Published Tue, Jul 15 2014 4:32 PM by CNBC
    Both Democrats and Republicans are wrong about wealth inequality. Here's the real problem, says Jim Iuorio.
  • 4:09 PM » JPMorgan pulls back from mortgage lending on foreclosure worries
    Published Tue, Jul 15 2014 4:09 PM by Reuters
    NEW YORK (Reuters) - JPMorgan Chase & Co, the second-largest U.S. mortgage lender, is backing away from making home loans to less creditworthy borrowers after losing faith in its ability to recover much money from foreclosing on homes, even with government guarantees.
  • 3:15 PM » Financial Services Committee Fires Back on CFPB Renovation Article
    Published Tue, Jul 15 2014 3:15 PM by House Financial Services
    Inaccuracy #1: "When the U.S. Consumer Financial Protection Bureau opened in 2011, the best available government office space large enough to accommodate its thousand-plus employees was a run-down concrete building on G Street near the White House that once housed the now-defunct Office of Thrift Supervision." Facts :  The House Financial Services Committee has investigated whether 1700 G Street was in fact the "best available" office space for the CFPB at the time the Bureau opened.  Earlier this year, the Committee requested that the CFPB produce "copies of all documents prepared by the Bureau, the General Services Administration or any private contractor or consultant prior to February 17, 2012 that reference or evaluate the Bureau's commercial real estate lease or purchase opportunities."  The CFPB responded that, "in regard to the documents requested, the Bureau has not, to date, found documents that can be responsive to this request."   It therefore appears that the CFPB conducted no due diligence before selecting 1700 G Street, so it could not possibly know whether the facility was the "best available." Additionally, in 2010, the Securities and Exchange Commission (SEC) had leased approximately 900,000 square feet of office space in Washington, DC at 400 Seventh Street, SW, known as Constitution Center, and, as was widely reported, soon found that it had overcommitted itself by roughly 600,000 square feet (See, e.g., https://www.sec.gov/foia/docs/oig-553.pdf ). The SEC and the building owner then solicited other government agencies to sublease the newly-renovated, Class A space.  Several agencies ultimately moved into the building, including the Office of the Comptroller of the Currency (OCC) and the Federal Housing Finance Agency (FHFA).  Prior to February 18, 2011, the date when Elizabeth Warren announced the selection of 1700 G Street as the CFPB's...
    Click Here to Read the Full Article

    Source: House Financial Services
  • 1:38 PM » "We Don't Like The Bond Market"
    Published Tue, Jul 15 2014 1:38 PM by CNBC
    "We don't like the bond market," BlackRock portfolio manager Dennis Stattman says.
  • 1:37 PM » June Southland Home Sale Press Release
    Published Tue, Jul 15 2014 1:37 PM by DataQuick
    Southland Home Sales Down from Last Year Again; Price Gains Throttle Back July 15, 2014 La Jolla, CA---Southern California homes sold at the slowest pace for a June in three years as investor purchases fell again and other would-be buyers continued to struggle with inventory and affordability constraints. The median price paid for a home rose to its highest level in 77 months but the single-digit gain from a year earlier was the smallest in two years, a real estate information service reported. A total of 20,654 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 5.6 percent from 19,556 sales in May, and down 4.4 percent from 21,608 sales in June last year, according to DataQuick, which is owned by Irvine-based CoreLogic, a leading global property information, analytics and data-enabled services provider. On average, sales have increased 6.4 percent between May and June since 1988, when DataQuick's statistics begin. Sales have fallen on a year-over-year basis for nine consecutive months. Sales during the month of June have ranged from a low of 18,032 in June 2008 to a high of 40,156 in June 2005. Last month was 23.7 percent below the June average of 27,069 sales. Sales haven't been above the long-term average for more than eight years. "Pent-up demand, job growth and still-low mortgage rates continue to put pressure on home prices. But they're climbing at a much slower pace than a year ago. In many markets price appreciation has slipped into the more sustainable single-digit range, compared with gains exceeding 20 percent this time last year. Why the drop-off? The supply of homes for sale, while still low in an historical context, is higher this year, and the decline in affordability serves as gravity for home prices. People can't stretch with exotic and risky loans the way they could during the last housing boom," said Andrew LePage, a DataQuick analyst...
  • 12:10 PM » The Economics of Marriage, and Family Breakdown
    Published Tue, Jul 15 2014 12:10 PM by webfeeds.brookings.edu
    Economists have long argued that there is such a thing as a market for spouses. The old theory, associated with University of Chicago Nobel laureate, Gary Becker, is that people marry for the same reason that nations trade with one another: comparative advantage. If men are better at earning money in the labor market and women are better at taking care of home and children, it makes sense for them to combine forces within marriage so that they can then specialize in what they each do best. The problem with Becker's theory is that with the expansion of labor market opportunities for women, it now needs revision. Along come June Carbone and Naomi Cahn, who have just written a fascinating  book  providing us with the needed update. Although they are both lawyers, their story has an economic ring to it. The book, entitled "Marriage Markets," argues that these markets are more segmented by class than in the past (lawyers now marry other lawyers not their secretaries). One can only understand what has happened to marriage if one combines this reality with another one which is the fact that growing income inequality has produced a shortage of women at the top end of the income distribution (where top earners are still primarily male) and a shortage of men at the bottom end (where less skilled men can no longer find good jobs in manufacturing, for example). Within these segmented markets, sex ratios matter, they contend. It is a simple matter of supply and demand. Among the bottom one third, there are few "good" men for women to marry so they are choosing to go it alone rather than take responsibility for both earning the bulk of the income and handling most if not all of the household chores while putting up with a lot of other problems such as infidelity, substance abuse, or domestic violence. At the top end, in contrast, men want to marry highly-educated professional women and there aren't quite enough of those to go around. So...
    Click Here to Read the Full Article

    Source: webfeeds.brookings.edu
  • 12:10 PM » Yellen Says Unemployment Causes 'Psychological Trauma' - Bloomberg
    Published Tue, Jul 15 2014 12:10 PM by Bloomberg
    Yellen Says Unemployment Causes 'Psychological Trauma' Bloomberg Federal Reserve Chair Janet Yellen said unemployment takes a psychological toll on workers and their families. People who lose their jobs "experience exceptional psychological trauma," Yellen told the Senate Banking Committee in answer to a question.
  • 10:41 AM » Yellen, Fed Still Worried About Slowdown in Housing Recovery
    Published Tue, Jul 15 2014 10:41 AM by WSJ
    The Federal Reserve remains concerned about the U.S. housing recovery--which began to slow down last year when mortgage rates spiked--and has so far has failed to regain much traction, Chairwoman Janet Yellen said Tuesday.
  • 10:22 AM » Fed's Yellen says U.S. recovery incomplete, defends loose policy
    Published Tue, Jul 15 2014 10:22 AM by Reuters
    WASHINGTON, (Reuters) - The U.S. economic recovery remains incomplete, with a still-ailing job market and stagnant wages justifying loose monetary policy for the foreseeable future, Federal Reserve Chair Janet Yellen told a Senate committee on Tuesday.
  • 10:22 AM » Quit My Job? At My Age? In This Industry?
    Published Tue, Jul 15 2014 10:22 AM by WSJ
    Even though the economy has now regained the number of jobs lost during the recession, key measures of job churn such as hiring and voluntarily quitting a job have yet to fully recover.
  • 9:22 AM » Looks like Fed wants even more power
    Published Tue, Jul 15 2014 9:22 AM by CNBC
    If recent speeches from prominent Federal Reserve officials are any indication, the U.S. central bank is feeling pretty emboldened.
  • 9:22 AM » US retail sales driven lower by weak auto sales
    Published Tue, Jul 15 2014 9:22 AM by CNBC
    June U.S. retail sales fell short of hopes, dragged down by flat auto sales.
  • 9:20 AM » Yellen Could Get Quizzed This Week on Legislation Aimed at the Fed
    Published Tue, Jul 15 2014 9:20 AM by WSJ
    The Fed's Janet Yellen may get quizzed this week on Capitol Hill about several pieces of pending legislation aimed at the central bank.
  • 9:19 AM » J.P. Morgan shares rise premarket on better-than-expected earnings
    Published Tue, Jul 15 2014 9:19 AM by Market Watch
    NEW YORK (MarketWatch) -- J.P. Morgan Chase reported second-quarter profit of $5.99 billion, or $1.46 a share, down from $6.5 billion, or $1.60 a share in the same period a year ago. Revenue slipped 2% from a year ago to $25.35 billion. Shares of J.P. Morgan rose 1.9% in premarket trade, as the results exceeded the average analyst estimates compiled by FactSet for earnings of $1.29 a share and revenue of $23.73 billion. Mortgage originations declined 66% to $16.8 billion, while markets and investor services revenue declined 12% to $5.9 billion, amid a 15% drop in fixed income revenue and a 10% slide in equity markets revenue. "Despite continued industry-wide headwinds in Markets and Mortgage, the firm has continued to deliver strong underlying performance," said Chief Executive Officer Jamie Dimon.
  • 9:19 AM » Bond Report: Treasurys fall after stronger economic data
    Published Tue, Jul 15 2014 9:19 AM by Market Watch
    Treasury prices fall for a second day after a trio of economic data comes through largely positive.
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Mortgage Rates:
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  • 15 Yr FRM 3.32%
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  • Jumbo 30 Year Fixed 4.03%
MBS Prices:
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  • 30YR FNMA 5.0 110-08 (0-02)
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Recent Housing Data:
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  • FHFA Home Price Index 0.67%