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  • Mon, Mar 20 2017
  • 3:49 PM » Wells Fargo reports decrease in retail banking activity for February
    Published Mon, Mar 20 2017 3:49 PM by CNBC
    The bank reports a 55 percent drop in new credit card applications and 43 percent drop in new checking account openings, year over year.
  • 2:29 PM » Private-label mortgage bonds are rising from the grave
    Published Mon, Mar 20 2017 2:29 PM by CNBC
    Remember the sliced and diced mortgage-backed bonds that brought down the U.S. economy? They're back - but possibly evolved.
  • 1:17 PM » House subcommittee to hold hearing tomorrow on CFPB's constitutionality
    Published Mon, Mar 20 2017 1:17 PM by
    Alan S. Kaplinsky The Subcommittee on Oversight and Investigations of the House Committee on Financial Services has scheduled a hearing for tomorrow entitled "The Bureau of Consumer Financial Protection's Unconstitutional Design." The memo from the Committee's Majority Staff to Committee Members states that "the earing will examine whether the structure of the Bureau violates the Constitution as well... More >
    Click Here to Read the Full Article

  • 10:59 AM » Housing: Upside and Downside Risks
    Published Mon, Mar 20 2017 10:59 AM by Calculated Risk Blog
    In a note today, Merrill Lynch economist Michelle Meyer notes a few upside and downside risks for housing. A few excerpts: The housing market is being hit by several cross currents. On the upside, the warmer than-normal weather in the winter likely boosted housing activity over the past few months. The risk, however, is that this could be pulling activity forward from the spring. In addition, the general improvement in the economy and gain in consumer confidence could be underpinning housing activity. The NAHB homebuilder confidence index has climbed higher, reaching a new cyclical high of 71 in March. Clearly builders are optimistic. However, on the downside , interest rates have increased which weighs on affordability . There are also a variety of potential policy changes which can impact the outlook for the housing market. High on the list is financial market deregulation and its impact on the flow of credit. In addition, there seems to be renewed focus on reforming the mortgage finance system and bringing Fannie Mae and Freddie Mac out of conservatorship . In addition, immigration reform could have significant impacts on the housing market over the medium term . emphasis added CR note: If, later this year, the Fed starts to reduce their balance sheet, that might push up longer rates (and pushing up mortgage rates a little more). Another downside risk for housing is reduced foreign buying due to the strong dollar, U.S. political concerns, and capital controls in China.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:37 AM » Fed's Kashkari, the lone dissenter, opposed the latest rate hike due to lack of inflation
    Published Mon, Mar 20 2017 9:37 AM by CNBC
    Inflation has a lot of room to rise to target and even a little above without creating worries about an overheated economy, Minneapolis Fed President Neel Kashkari tells CNBC.
  • 9:36 AM » Fed on track to raise rates twice more this year: Evans
    Published Mon, Mar 20 2017 9:36 AM by Reuters
    NEW YORK (Reuters) - The Federal Reserve is on track to raise rates twice more this year after a policy tightening last week, and it could be more or less aggressive depending on fiscal policies and other effects on the economy, a voter on Fed policy said on Monday.
  • 9:35 AM » Chicago Fed "Economic Growth Increased in February"
    Published Mon, Mar 20 2017 9:35 AM by Calculated Risk Blog
    From the Chicago Fed: Economic Growth Increased in February Led by improvements in employment-related indicators, the Chicago Fed National Activity Index (CFNAI) increased to +0.34 in February from -0.02 in January. All four broad categories of indicators that make up the index increased from January, and only one of the four categories made a negative contribution to the index in February. The index's three-month moving average, CFNAI-MA3, improved to +0.25 in February from +0.07 in January, reaching its highest level since December 2014 . February's CFNAI-MA3 suggests that growth in national economic activity was somewhat above its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests limited inflationary pressure from economic activity over the coming year. emphasis added This graph shows the Chicago Fed National Activity Index (three month moving average) since 1967. Click on graph for larger image. This suggests economic activity was somewhat above the historical trend in February (using the three-month average). According to the Chicago Fed: What is the National Activity Index? The index is a weighted average of 85 indicators of national economic activity drawn from four broad categories of data: 1) production and income; 2) employment, unemployment, and hours; 3) personal consumption and housing; and 4) sales, orders, and inventories. A zero value for the index indicates that the national economy is expanding at its historical trend rate of growth; negative values indicate below-average growth; and positive values indicate above-average growth.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:39 AM » Post-Fed Calm in Treasuries Masks a Raging Bulls-Bears Debate
    Published Mon, Mar 20 2017 8:39 AM by Bloomberg
    Bloomberg Post-Fed Calm in Treasuries Masks a Raging Bulls-Bears Debate Bloomberg The Federal Reserve's rate hike is in the rear view mirror, Treasuries volatility is tumbling and the consensus on Wall Street is for 10-year yields to tread water through June. Yet beneath that apparent calm, the range of forecasts in the latest ... and more »
  • 8:38 AM » Bond Market Calm Is Threatened by Fed's $1.75 Trillion MBS Shift
    Published Mon, Mar 20 2017 8:38 AM by Bloomberg
    Bloomberg Bond Market Calm Is Threatened by Fed's $1.75 Trillion MBS Shift Bloomberg Even as the central bank amassed trillions of dollars of debt to prop up the economy following the financial crisis, it didn't hedge its holdings or worry about gains and losses that might keep ordinary investors up at night. This extreme buy-and-hold ... and more »
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More From MND

Mortgage Rates:
  • 30 Yr FRM 3.97%
  • |
  • 15 Yr FRM 3.30%
  • |
  • Jumbo 30 Year Fixed 4.16%
MBS Prices:
  • 30YR FNMA 4.5 106-22 (-0-00)
  • |
  • 30YR FNMA 5.0 108-12 (0-03)
  • |
  • 30YR FNMA 5.5 110-08 (0-01)
Recent Housing Data:
  • Mortgage Apps 3.27%
  • |
  • Refinance Index 5.05%
  • |
  • Purchase Index 1.43%