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  • Fri, Apr 17 2015
  • 5:06 PM » Fannie-Freddie Overseer to Make Small Changes in Mortgage Fees
    Published Fri, Apr 17 2015 5:06 PM by Bloomberg
    Fannie-Freddie Overseer to Make Small Changes in Mortgage Fees Bloomberg The U.S. regulator for Fannie Mae and Freddie Mac has released adjustments for fees the companies charge to guarantee mortgages that will keep costs largely the same for most borrowers. Borrowers with weaker credit will pay slightly lower fees, while most ... and more »
  • 4:35 PM » Loan-Level Price Adjustment Changes -Fannie
    Published Fri, Apr 17 2015 4:35 PM by Fannie Mae
    This document provides the LLPAs applicable to loans delivered to Fannie Mae and provides details of the Adverse Market Delivery Charge (AMDC). LLPAs are assessed based upon certain eligibility or other loan features, such as credit score, loan purpose, occupancy, number of units, product type, etc. Special feature codes (SFCs) that are required when delivering loans with these features are listed next to the applicable LLPAs. Not all loans will be eligible for the features described in this Matrix and unless otherwise noted, FHA, VA, Rural Development (RD) Section 502 Mortgages, HUD Section 184 Mortgages, and matured balloon mortgages (refinanced or modified, per Servicing Guide requirements) redelivered as fixed-rate mortgages (FRMs) are excluded from these LLPAs. Refer to the Selling Guide, Eligibility Matrix, and your contracts with Fannie Mae to determine loan eligibility.
  • 2:57 PM » Pulte: M&A activity buying opportunity in housing
    Published Fri, Apr 17 2015 2:57 PM by CNBC
    Pulte Capital Partners CEO likes this housing trade.
  • 11:36 AM » Second-home real estate play is hot-for now
    Published Fri, Apr 17 2015 11:36 AM by CNBC
    With interest rates projected to rise and inventory tight, the window for purchasing a second home at an affordable price may be starting to close.
  • 11:27 AM » By One Measure, Wages for Most U.S. Workers Peaked in 1972
    Published Fri, Apr 17 2015 11:27 AM by WSJ
    By one measure, wages for most U.S. workers peaked in the early 1970s.
  • 10:30 AM » A hot real estate run about to end
    Published Fri, Apr 17 2015 10:30 AM by CNBC
    With interest rates projected to rise and inventory tight, the window for purchasing a second home may be closing.
  • 10:30 AM » U.S. consumer sentiment rises in April
    Published Fri, Apr 17 2015 10:30 AM by Reuters
    NEW YORK (Reuters) - U.S. consumer sentiment rose more than expected in April, a survey released on Friday showed.
  • 8:43 AM » Gasoline, shelter costs lift U.S. consumer prices
    Published Fri, Apr 17 2015 8:43 AM by Reuters
    Washington - U.S. consumer prices rose for a second straight month in March as the cost of gasoline and shelter increased, signs of some inflation that should keep the Federal Reserve on course to start raising interest rates this year.
  • 12:53 AM » Take A Broader View to Better Understand the New-Home Market
    Published Fri, Apr 17 2015 12:53 AM by WSJ
    The Commerce Department's monthly figures on the new-home market typically come with a lot of noise. Its latest report Thursday on March home starts was no exception.
  • 12:53 AM » The standoff between Germany and Greece goes on full display in Washington
    Published Fri, Apr 17 2015 12:53 AM by Washington Post
    Before heading to the White House for a celebration of Greek independence hosted by President Obama and Vice President Biden, the Greek finance minister spent much of the day in talks that underlined how dependent his country's ailing economy is on the rest of Europe.Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 12:53 AM » Apartment Market Conditions Tighter in April Survey
    Published Fri, Apr 17 2015 12:53 AM by Calculated Risk Blog
    From the National Multi Housing Council (NMHC): Apartment Markets Expand in April NMHC Quarterly Survey All four indexes landed above the breakeven level of 50 in the April National Multifamily Housing Council (NMHC) Quarterly Survey of Apartment Market Conditions . "The song remains the same-the apartment markets are not only strong but getting stronger," said Mark Obrinsky, NMHC's SVP of Research and Chief Economist. "Despite occasional predictions to the contrary, markets keep getting tighter. As new construction increases, so do absorptions, indicating the demand for apartments is not yet close to being sated ." The Market Tightness Index increased by 7 points from last quarter (and by 2 points from a year earlier) to 58 . Thirty-one percent of respondents reported tighter conditions than three months ago. This now marks the fifth consecutive quarter where the index indicates overall improving conditions. emphasis added Click on graph for larger image. This graph shows the quarterly Apartment Tightness Index. Any reading above 50 indicates tighter conditions from the previous quarter. This indicates market conditions were tighter over the last quarter. As I've mentioned before, this index helped me call the bottom for effective rents (and the top for the vacancy rate) early in 2010.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • Thu, Apr 16 2015
  • 3:17 PM » Fed's Mester: ‘Comfortable' Raising Rates Soon If First-Quarter Slowdown Proves Transitory
    Published Thu, Apr 16 2015 3:17 PM by WSJ
    The U.S. economy has improved to a point where the risks of delaying policy tightening by the Federal Reserve could soon outweigh the benefits of keeping rates near zero, a top Fed official said Thursday, suggesting a June liftoff in rates is possible if incoming data allow.
  • 3:17 PM » Fed's Lockhart: Recent Weakness Calls for Caution on Rate Rises
    Published Thu, Apr 16 2015 3:17 PM by WSJ
    Federal Reserve Bank of Atlanta President Dennis Lockhart said unexpected economic weakness over the start of the year means it will likely take longer to gain enough confidence in the outlook to raise short-term interest rates.
  • 3:17 PM » Fed's Rosengren: Conditions Not Yet Met to Support Rate Rises
    Published Thu, Apr 16 2015 3:17 PM by WSJ
    Federal Reserve Bank of Boston President Eric Rosengren said Thursday the economy is not yet ready for higher short-term rates.
  • 3:17 PM » Fed's Fischer: U.S. Economy Should Rebound After ‘Poor' First Quarter
    Published Thu, Apr 16 2015 3:17 PM by WSJ
    The U.S. economy had a weak start to 2015 but growth should rebound going forward, Federal Reserve Vice Chairman Stanley Fischer said Thursday.
  • 3:12 PM » Comments on March Housing Starts
    Published Thu, Apr 16 2015 3:12 PM by Calculated Risk Blog
    March was another disappointing month for housing start. In February, it was easy to blame the weather, especially in the Northeast where starts plunged and then bounced back in March. However, in March, the weakness was more in the South and West (maybe related to oil prices in Texas and the drought in California). Note: It is also possible that the West Coast port slowdown impacted starts a little in March.  The labor situation was resolved in February, and any impact should disappear quickly. Click on graph for larger image. This graph shows the month to month comparison between 2014 (blue) and 2015 (red). Even with two weak months, starts are still running about 5% ahead of 2014 through March. Below is an update to the graph comparing multi-family starts and completions. Since it usually takes over a year on average to complete a multi-family project, there is a lag between multi-family starts and completions. Completions are important because that is new supply added to the market, and starts are important because that is future new supply (units under construction is also important for employment). These graphs use a 12 month rolling total for NSA starts and completions. The blue line is for multifamily starts and the red line is for multifamily completions. The rolling 12 month total for starts (blue line) increased steadily over the last few years, and completions (red line) have lagged behind - but completions have been catching up (more deliveries), and will continue to follow starts up (completions lag starts by about 12 months). Note that the blue line (multi-family starts) might be starting to move more sideways . I think most of the growth in multi-family starts is probably behind us - although I expect solid multi-family starts for a few more years ( based on demographics ). The second graph shows single family starts and completions. It usually only takes about 6 months between starting a single family home and completion - so the lines are much...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:32 PM » Ben Bernanke Isn't the Problem, the System Is the Problem
    Published Thu, Apr 16 2015 1:32 PM by The Atlantic
    The former Federal Reserve chair is only the latest top regulator to head through the revolving door to the financial industry.
  • 1:32 PM » Is the property market booming or bubbling?
    Published Thu, Apr 16 2015 1:32 PM by CNBC
    Peter Hobbs, research managing director at IPD,discusses property markets across the world.
  • 11:53 AM » Home Builders Seek Congressional, Regulatory Action to Ease Tight Credit Conditions
    Published Thu, Apr 16 2015 11:53 AM by NAHB
    Press Release
  • 11:52 AM » Yellen and Bernanke Go Separate Ways on Exit Strategy
    Published Thu, Apr 16 2015 11:52 AM by WSJ
    The Wall Street Journal's Daily Report on Global Central Banks for Thursday, April 16, 2015. Jon Hilsenrath wonders how Ben Bernanke's blogs on Fed policy are being received by Janet Yellen.
  • 10:27 AM » Fed's Fischer: Here comes the rebound
    Published Thu, Apr 16 2015 10:27 AM by CNBC
    Fed Vice Chair Stanley Fischer said the first quarter of the year was "poor," but an economic rebound is already underway.
  • 10:22 AM » Mortgage Rates Little Changed Remain Near 2015 Lows
    Published Thu, Apr 16 2015 10:22 AM by freddiemac.mwnewsroom.com
    Mortgage Rates Little Changed Remain Near 2015 Lows
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 10:22 AM » Treasuries in Narrowest Range in 3 Weeks on Fed Guessing Game
    Published Thu, Apr 16 2015 10:22 AM by Bloomberg
    Treasuries in Narrowest Range in 3 Weeks on Fed Guessing Game Bloomberg Treasury 10-year note yields traded in the narrowest range in almost three weeks as investors debated whether lower-than-forecast U.S. growth will keep the Federal Reserve from raising borrowing costs any time soon. Yields on benchmark 10-year notes ... and more »
  • 8:56 AM » German Bonds' Average Yield Turns Negative as ECB Spurs Buyers
    Published Thu, Apr 16 2015 8:56 AM by Bloomberg
    German Bonds' Average Yield Turns Negative as ECB Spurs Buyers Bloomberg The average yield on German government debt dropped below zero for the first time, an indicator of how the European Central Bank's bond-buying program has made the previously unthinkable a reality. Price gains on German bonds pushed yields through ... and more »
  • 8:55 AM » Ben Bernanke joins hedge fund Citadel
    Published Thu, Apr 16 2015 8:55 AM by CNN
    Former Federal Reserve Chairman Ben Bernanke, who helped rescue Wall Street in 2008, is joining a hedge fund.
  • 8:55 AM » Housing Starts in U.S. Increased Less Than Forecast in March
    Published Thu, Apr 16 2015 8:55 AM by Bloomberg
    Housing Starts in U.S. Increased Less Than Forecast in March Bloomberg Beginning U.S. home construction rose less than forecast in March, indicating builders were slow to take advantage of favorable weather and underscoring a temperate housing recovery. Starts climbed 2 percent to a 926,000 annualized rate from a revised ...
  • 8:55 AM » New jobless claims rise 12,000 to six-week high 294,000
    Published Thu, Apr 16 2015 8:55 AM by Market Watch
    WASHINGTON (MarketWatch) -- The number of people who applied for U.S. unemployment-insurance benefits rose by 12,000 to 294,000 in the week that ended April 11, hitting the highest tally in six weeks and signaling some pickup in the pace of layoffs, according to Labor Department data released Thursday. Economists polled by MarketWatch had expected claims for regular state unemployment-insurance benefits to hold steady at 281,000 in the most recent weekly data. The four-week average of new claims rose 250 to 282,750. Also Thursday, the government said continuing claims fell by 40,000 to 2.27 million in the week that ended April 4. This is the lowest level since December 2000. Continuing claims reflect the number of people already receiving benefits. The four-week average of continuing claims fell 32,750 to 2.33 million. This is also the lowest level since December 2000.
  • 8:51 AM » House passes bill to amend TILA points and fees definition for mortgage loans
    Published Thu, Apr 16 2015 8:51 AM by www.cfpbmonitor.com
    Richard J. Andreano, Jr. Earlier this week, in a bipartisan vote, the House of Representatives passed a bill to amend the TILA definition of “points and fees” that is used to determine whether a loan is a high-cost mortgage or, for purposes of TILA’s ability to repay provisions, a qualified mortgage. The “Mortgage Choice Act,” H.R. 685, would amend the... More >
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
  • Wed, Apr 15 2015
  • 9:25 PM » Bernanke Suggests Fed Abandon Fed Funds Rate, Keep Balance Sheet Large
    Published Wed, Apr 15 2015 9:25 PM by WSJ
    The Federal Reserve may want to change the way it controls short-term interest rates and maintain a larger asset portfolio than it did before the financial crisis, former Fed chairman Ben Bernanke said Wednesday.
  • 9:23 PM » Freddie and Fannie to Lower Some Fees
    Published Wed, Apr 15 2015 9:23 PM by rss.nytimes.com
    Fannie Mae and Freddie Mac, which back most home loans, will raise fees for other borrowers, like those who buy investment properties, to balance out the cost of the fee reduction.
    Click Here to Read the Full Article

    Source: rss.nytimes.com
  • 9:22 PM » Thursday: Housing Starts, Unemployment Claims, Philly Fed Mfg
    Published Wed, Apr 15 2015 9:22 PM by Calculated Risk Blog
    From Matthew Graham at Mortgage News Daily: Mortgage Rates Having Trouble Moving Lower Mortgage rates were unchanged to slightly higher today, though that depends largely on the individual strategies of the lender in question. Some lenders recalled rate sheets yesterday and raised rates due to afternoon market weakness. Those lenders stood a better chance of being unchanged today. Lenders who didn't reprice yesterday never saw the underlying market for mortgage-backed-securities make it back to the same levels from yesterday morning. As such, they would be slightly weaker today (higher in rate or fees). Either way, we're talking about fine-tuning adjustments rather than big-picture shifts. Conventional 30yr fixed rate quotes of 3.625% are still most prevalent for top tier scenarios, followed closely by 3.75%. Thursday: • At 8:30 AM ET, the initial weekly unemployment claims report will be released. The consensus is for claims to decrease to 280 thousand from 281 thousand. • Also at 8:30 AM, Housing Starts for March .  The consensus is for total housing starts to increase to 1.040 million (SAAR) in March. • At 10:00 AM, the Philly Fed manufacturing survey for March. The consensus is for a reading of 5.0, unchanged from 5.0 last month (above zero indicates expansion).
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:22 PM » CFPB issues final rule on homeownership counseling requirements
    Published Wed, Apr 15 2015 9:22 PM by www.cfpbmonitor.com
    Richard J. Andreano, Jr. The CFPB has issued a final rule to assist lender compliance with RESPA and TILA homeownership counseling requirements. Under RESPA, a lender must provide applicants for a federally related mortgage loan with a list of certified homeownership counselors. TILA prohibits a creditor from making a high-cost mortgage loan unless it receives written certification that the... More >
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
  • 4:44 PM » Bernanke Makes Case for Keeping Fed's Balance Sheet Large
    Published Wed, Apr 15 2015 4:44 PM by Bloomberg
    Bernanke Makes Case for Keeping Fed's Balance Sheet Large Bloomberg U.S. monetary authorities ought to consider making the central bank's big balance sheet a permanent fixture, said former Federal Reserve Chairman Ben Bernanke. "I wonder if the case for keeping the balance sheet somewhat larger than before the crisis has ...
  • 4:43 PM » World sees sharp drop in unbanked population: Report
    Published Wed, Apr 15 2015 4:43 PM by CNBC
    The world's "unbanked" population shrank by 20 percent to 2 billion adults between 2011 and 2014 as 700 million gained access to financial services, according to the World Bank, evidence of progress in its ambitious goal for universal financial access by 2020.
  • 4:43 PM » Lew: Here's the remedy for strong dollar pain
    Published Wed, Apr 15 2015 4:43 PM by CNBC
    U.S. Treasury Secretary Jack Lew also touched on a sluggish first quarter and bond market uncertainty in a CNBC interview.
  • 4:43 PM » More Americans Say Low-Income Earners Pay Too Much in Taxes
    Published Wed, Apr 15 2015 4:43 PM by www.gallup.com
    The percentage of Americans who say lower-income earners pay "too much" in taxes has risen slightly, to 45%. This is up from the 39% to 41% who said this in 2009-2014. About as many (46%) say middle-income people are paying too much.
    Click Here to Read the Full Article

    Source: www.gallup.com
  • 2:52 PM » The problem with small business taxes
    Published Wed, Apr 15 2015 2:52 PM by CNBC
    Washington has to get serious about helping American families and small businesses on taxes, says House Small Business Chair Steve Chabot.
  • 2:52 PM » Warren calls for big bank breakup, CFPB oversight of auto loans
    Published Wed, Apr 15 2015 2:52 PM by Market Watch
    WASHINGTON (MarketWatch) -- Sen. Elizabeth Warren on Wednesday called for the country's largest banks to be broken up and for the Consumer Financial Protection Bureau to regulate auto loans. On big banks, Warren said the fact that the Federal Reserve and the Federal Deposit Insurance Corp. say 11 banks threaten the entire U.S. economy means they are too big, and that banks should be split up either along size or business lines. On autos, the Massachusetts Democrat said many of the practices in this area are resembling those in the housing market before the crisis. She also said interest deductability should be limited depending on how well capitalized banks are.
  • 2:47 PM » Sacramento Housing in March: Total Sales up 11% Year-over-year
    Published Wed, Apr 15 2015 2:47 PM by Calculated Risk Blog
    During the recession, I started following the Sacramento market to look for changes in the mix of houses sold (equity, REOs, and short sales). For some time, not much changed. But over the last 2+ years we've seen some significant changes with a dramatic shift from foreclosures (REO: lender Real Estate Owned) to short sales, and the percentage of total distressed sales declining sharply. This data suggests healing in the Sacramento market and other distressed markets are showing similar improvement.  Note: The Sacramento Association of REALTORS® started breaking out REOs in May 2008, and short sales in June 2009. In March, 12.4% of all resales were distressed sales. This was down from 14.8% last month, and down from 16.3% in March 2014. Since distressed sales happen year round, but conventional sales decline in December and January, the percent of distressed sales bumps up in the winter (seasonal). The percentage of REOs was at 6.8%, and the percentage of short sales was 5.7%. Here are the statistics for February. Click on graph for larger image. This graph shows the percent of REO sales, short sales and conventional sales. There has been a sharp increase in conventional (equity) sales that started in 2012 (blue) as the percentage of distressed sales declined sharply. Active Listing Inventory for single family homes increased 25.1% year-over-year (YoY) in March.  In general the YoY increases have been trending down after peaking at close to 100%, however the YoY increase was larger in March than in February. Cash buyers accounted for 16.5% of all sales (frequently investors). Total sales were up 10.6% from March 2014, and conventional equity sales were up 15.8% compared to the same month last year. Summary: This data suggests a healing market with fewer distressed sales, more equity sales, and less investor buying.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 2:47 PM » Bonds are much riskier than you think
    Published Wed, Apr 15 2015 2:47 PM by CNN
    Investors have been on a bond buying bonanza for the past few years. The main reason? U.S. Treasury debt is thought to be among the safest investments in the world.
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Mortgage Rates:
  • 30 Yr FRM 3.66%
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  • 15 Yr FRM 3.01%
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  • Jumbo 30 Year Fixed 3.63%
MBS Prices:
  • 30YR FNMA 4.5 108-23 (-0-02)
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  • 30YR FNMA 5.0 111-13 (-0-02)
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Recent Housing Data:
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  • Purchase Index -3.07%