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  • Thu, Sep 3 2015
  • 5:27 PM » The dangerous separation of the American upper middle class
    Published Thu, Sep 03 2015 5:27 PM by webfeeds.brookings.edu
    The American upper middle class is separating, slowly but surely, from the rest of society. This separation is most obvious in terms of income—where the top fifth have been prospering while the majority lags behind. But the separation is not just economic. Gaps are growing on a whole range of dimensions, including family structure, education, lifestyle, and geography. Indeed, these dimensions of advantage appear to be clustering more tightly together, each thereby amplifying the effect of the other. In a new series of Social Mobility Memos, we will examine the state of the American upper middle class: its composition, degree of separation from the majority, and perpetuation over time and across generations. Some may wonder about the moral purpose of such an exercise. After all, what does it matter if those at the top are flourishing? To be sure, there is a danger here of indulging in the economics of envy. Whether the separation is a problem is a question on which sensible people can disagree. The first task, however, is to get a sense of what’s going on. “We are the 80 percent!” Not quite the same ring as “We are the 99 percent!” For many, the most attractive class dividing line is the one between those at the very, very top and everybody else.  It is true that the top 1 percent is pulling away very dramatically from the bottom 99 percent. But the top 1 percent is by definition a small group. It is not plausible to claim that the individual or family in the 95 th or 99 th percentile are in any way part of mainstream America, even if many of them think so: over a third of the demonstrators on the May Day ‘Occupy’ march in 2011 had annual earnings of more than $100,000 . For others, the most important division is at the other end of the spectrum: the poverty line. The poor have not fallen behind the middle class in recent decades. But they have not caught up either. There is a case...
    Click Here to Read the Full Article

    Source: webfeeds.brookings.edu
  • 5:19 PM » Bond market sentiment: Depressed
    Published Thu, Sep 03 2015 5:19 PM by CNBC
    There's a sentiment of depression and cautiousness hovering over the bond market as many traders take to the sidelines.
  • 3:01 PM » Panel of ex-Fed officials say no rate hike will come at September meeting
    Published Thu, Sep 03 2015 3:01 PM by Market Watch
    The Federal Reserve will not raise rates in September, according to a panel of former Fed officials speaking Thursday at the Brookings Institution.
  • 3:00 PM » Homemakers unprepared for retirement
    Published Thu, Sep 03 2015 3:00 PM by CNBC
    Retirement saving is hard for everyone, but homemakers face special hurdles-and their current practices spell trouble.
  • 1:13 PM » Los Angeles drops mortgage discrimination case against JPMorgan
    Published Thu, Sep 03 2015 1:13 PM by Reuters
    NEW YORK (Reuters) - Los Angeles has dropped a lawsuit accusing JPMorgan Chase, the largest U.S. bank, of discriminatory mortgage lending, ending the first of the city's four lawsuits accusing major banks of driving up foreclosures among minority borrowers.
  • 10:47 AM » Almost Half of Homes in New York and D.C. Are Now Losing Value
    Published Thu, Sep 03 2015 10:47 AM by Bloomberg
    Bloomberg Almost Half of Homes in New York and D.C. Are Now Losing Value Bloomberg Almost half of single-family houses in the New York and Washington metropolitan areas are losing value, a sign that buyers' tolerance for high prices in many large U.S. cities may be reaching a limit. The values of 45 percent of houses in both the ... and more »
  • 10:37 AM » Bond market pricing in Sept fed hike
    Published Thu, Sep 03 2015 10:37 AM by CNBC
    Wall Street may be torn about when the Fed will raise benchmark interest rates, but the message is clear in the bond market.
  • 10:36 AM » Fixed Mortgage Rates Tick Higher Amid Continued Volatility
    Published Thu, Sep 03 2015 10:36 AM by freddiemac.mwnewsroom.com
    Fixed Mortgage Rates Tick Higher Amid Continued Volatility
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 8:50 AM » U.S. jobless claims rise; trend shows labor market still strong
    Published Thu, Sep 03 2015 8:50 AM by Reuters
    WASHINGTON, Sept 3 (Reuters) - The number of Americans filing new applications for unemployment benefits rose more than expected last week, but the underlying trend remained consistent with a strengthening labor market.
  • 8:50 AM » US trade deficit smallest in five months
    Published Thu, Sep 03 2015 8:50 AM by CNBC
    The Commerce Department said on Thursday the trade gap narrowed 7.4 percent to $41.9 billion.
  • 12:36 AM » Thursday: Trade Deficit, Unemployment Claims, ISM non-mfg
    Published Thu, Sep 03 2015 12:36 AM by Calculated Risk Blog
    From Matthew Graham at Mortgage News Daily: Mortgage Rates Still Waiting for Bigger News Mortgage rates were almost flat again today. Most lenders were just a hair higher in costs vs yesterday. The most prevalent conventional 30yr fixed quote remains 4.0% for top tier scenarios, but 3.875% is still available. Mortgage rates are mostly moving sideways. Thursday: • At 8:30 AM ET, the initial weekly unemployment claims report will be released. The consensus is for 273 thousand initial claims, up from 271 thousand the previous week. • Also at 8:30 AM, Trade Balance report for July from the Census Bureau. The consensus is for the U.S. trade deficit to be at $42.9 billion in July from $42.8 billion in June. • At 10:00 AM, the ISM non-Manufacturing Index for August. The consensus is for index to decrease to 58.5 from 60.3 in July.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:36 AM » What happens when the Fed raises interest rates?
    Published Thu, Sep 03 2015 12:36 AM by webfeeds.brookings.edu
    Event Information September 3, 2015 10:30 AM - 12:00 PM EDT The Brookings Institution Falk Auditorium 1775 Massachusetts Ave., N.W. Washington, DC 20036 This event has reached capacity for in-person attendance. Sign up to watch the live webcast instead » The Federal Reserve, which has been holding interest rates near zero since late 2008, is poised to raise them sometime this year, perhaps in September, perhaps in December. What happens when the Fed finally makes its move—to the U.S. economy, to bond and stock markets, to the rest of the world? What should the Fed’s strategy be going forward for raising interest rates? Should it be predictable? Or dependent on data? Should it stick to its vow to move gradually? And what should the Fed do with its $4 trillion bond portfolio? Allow it to shrink gradually? Sell off bonds? Maintain a portfolio bigger than pre-2008 levels?  On September 3, the Hutchins Center on Fiscal and Monetary Policy at Brookings will discuss all these questions and more with four experts: Brookings’ Donald Kohn, a former Fed vice chairman; Peterson Institute’s Joseph Gagnon, a former top Fed staffer, Johns Hopkins’s Jon Faust, and Julia Coronado of Graham Capital. David Wessel will moderate the discussion.    You can tweet questions from the public at #FedRates .                
    Click Here to Read the Full Article

    Source: webfeeds.brookings.edu
  • 12:36 AM » Low-Income Workers See Biggest Drop In Paychecks
    Published Thu, Sep 03 2015 12:36 AM by rss.nytimes.com
    Despite an improving economy, the take-home pay for many Americans has fallen since 2009, and the sharpest decline has been experienced by those with the lowest-paid jobs.
    Click Here to Read the Full Article

    Source: rss.nytimes.com
  • Wed, Sep 2 2015
  • 4:26 PM » Currency wars may put the Fed on hold
    Published Wed, Sep 02 2015 4:26 PM by CNBC
    Currency wars are one reason Michael Farr thinks the Fed will either defer the first rate hike to next year or do one small move and then pause.
  • 4:11 PM » Fed Beige Book finds increasing wage pressures
    Published Wed, Sep 02 2015 4:11 PM by Market Watch
    WASHINGTON ( MarketWatch) - The Federal Reserve's Beige Book indicated growing wage pressure in the U.S. economy, a development that could impact the central bank's deliberations at the upcoming September interest-rate-setting meeting. The report said that "several" of the 12 district banks "reported increasing wage pressures caused by labor market tightening." Earlier Beige Book reports this year have found only higher pay in isolated sectors and other labor market data has shown no sign of higher wage pressure so far this year. Wage pressures could give Fed officials more confidence that inflation may move higher, a key condition to any rate hike. Overall, the report was optimistic about activity, echoing the tone of the prior report earlier in the summer. There were some more mixed views underneath the surface due to the stronger dollar and sharp drop in the price of oil. The slowdown in China was a factor in reducing demand in businesses in three districts.
  • 4:11 PM » Three Fed Indexes Are Pointing to the Tightest U.S. Financial Conditions Since 2012
    Published Wed, Sep 02 2015 4:11 PM by Bloomberg
    Bloomberg Three Fed Indexes Are Pointing to the Tightest U.S. Financial Conditions Since ... Bloomberg On the back of the recent sell-off in stock and bond markets, a number of measures of U.S. financial conditions and financial stress compiled by regional Federal Reserve banks are signaling the tightest readings in three years. Data released Wednesday ...
  • 4:11 PM » Goldman Says China Burning Reserves No Big Deal for Treasuries
    Published Wed, Sep 02 2015 4:11 PM by Bloomberg
    Goldman Says China Burning Reserves No Big Deal for Treasuries Bloomberg Don't expect China's sale of billions of dollars of U.S. Treasuries to drive yields higher -- at least not right away -- says Goldman Sachs Group Inc. China's central bank has been buying yuan and selling dollar assets to support the exchange rate ... and more »
  • 1:50 PM » Economist: Why US economy is torn
    Published Wed, Sep 02 2015 1:50 PM by CNBC
    The U.S. economy is being pulled in opposite directions by two factors, Pimco's Joachim Fels said.
  • 11:47 AM » FDIC-Insured Institutions Earn $43 Billion in Second Quarter 2015
    Published Wed, Sep 02 2015 11:47 AM by content.govdelivery.com
    Press Release FDIC-Insured Institutions Earn $43 Billion in Second Quarter 2015 FOR IMMEDIATE RELEASE September 2, 2015 Media Contact: Barbara Hagenbaugh, (202) 898-7192 Email: bhagenbaugh@fdic.gov Community Bank Earnings Rise 12 Percent to $5.3 Billion   Net Operating Revenue of $172.9 Billion is 2.1 Percent Higher Than a Year Ago Asset Quality Indicators Show Further Improvement Net Interest Margins Remain Under Pressure   "The banking industry — and community banks in particular — had another positive quarter, but challenges remain." -- FDIC Chairman Martin J. Gruenberg   Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $43.0 billion in the second quarter of 2015, up $2.9 billion (7.3 percent) from a year earlier and the highest quarterly income on record. The increase in earnings was mainly attributable to a $3.6 billion rise in net operating revenue (net interest income plus total noninterest income). Financial results for the second quarter of 2015 are included in the FDIC's latest Quarterly Banking Profile released today. Of the 6,348 insured institutions in the second quarter of 2015, more than half (58.7 percent) reported year-over-year growth in quarterly earnings. The proportion of banks that were unprofitable during the second quarter fell from 6.8 percent a year earlier to 5.6 percent, the lowest since the first quarter of 2005. "Bankers generally reported another quarter of higher earnings, improved asset quality, and increased lending," Gruenberg said. "There were fewer problem banks, and only one bank failed during the second quarter. "However," he continued, "the low interest-rate environment remains a challenge. Many institutions have responded by acquiring higher-yielding, longer-term assets, but this has left banks more vulnerable to rising interest rates and that is a matter...
    Click Here to Read the Full Article

    Source: content.govdelivery.com
  • 10:39 AM » Autos lift U.S. factory goods orders in July
    Published Wed, Sep 02 2015 10:39 AM by Reuters
    WASHINGTON (Reuters) - New orders for U.S. factory goods rose for a second straight month in July on strong demand for automobiles, which could help to keep manufacturing supported as it deals with a strong dollar and softening global demand.
  • 10:38 AM » Stocks crash to push more China cash into global real estate
    Published Wed, Sep 02 2015 10:38 AM by CNN
    A wall of Chinese money is heading for global real estate as local investors look for alternatives to the country's crashing stock markets.
  • 8:21 AM » August job creation falls short of hopes: ADP
    Published Wed, Sep 02 2015 8:21 AM by CNBC
    Companies added 190,000 jobs to close out the summer, below anticipation for 201,000 new positions.
  • 8:18 AM » US Treasurys gain on safe haven bid, data eyed
    Published Wed, Sep 02 2015 8:18 AM by CNBC
    U.S. sovereign bonds saw further gains on Wednesday ahead of some key data releases that could offer hints on the timing on an interest rate rise, following a severe sell off in stocks on Wall Street to kick off September. China growth worries are likely to remain in focus, but with a host of data releases this session, attention is expected to return to whether the Federal Reserve will raise ...
  • 8:18 AM » Bill Gross: Fed tightening cycle could create self-inflicted financial instability
    Published Wed, Sep 02 2015 8:18 AM by Reuters
    NEW YORK (Reuters) - Bond guru Bill Gross, who has long called for the Federal Reserve to raise interest rates, said on Wednesday that U.S. central bankers may have missed their window of opportunity to hike rates earlier this year and normalizing them now could create "self-inflicted financial instability."
  • 8:18 AM » Bond Pros Cut Yield Forecasts as Rosengren Warns on Inflation
    Published Wed, Sep 02 2015 8:18 AM by Bloomberg
    Bond Pros Cut Yield Forecasts as Rosengren Warns on Inflation Bloomberg Treasury market analysts are scaling back their forecasts for a selloff as yields show traders expect almost no inflation for the next two years. Benchmark 10-year yields will hold below 3 percent through September 2016, based on Bloomberg surveys of ... and more »
  • Tue, Sep 1 2015
  • 5:47 PM » Central Banks Are Playing a Game of Chess That Results in an Endless Cycle of Easing
    Published Tue, Sep 01 2015 5:47 PM by Bloomberg
    Bloomberg Morgan Stanley: Central Banks Are Playing a Game of Chess That Results in an ... Bloomberg After the European Central Bank decided to initiate an asset purchasing program, President Mario Draghi reportedly elected to unwind with a game of chess on his iPad during the plane ride back to Rome. According to Morgan Stanley's Marco Spaltro and ...
  • 3:01 PM » Economic Report: Construction emerging as strongest sector of the economy
    Published Tue, Sep 01 2015 3:01 PM by Market Watch
    Construction is heating up this summer, turning the sector into the strongest in the economy.
  • 1:19 PM » Fed's Rosengren: Job target for hike 'largely' met
    Published Tue, Sep 01 2015 1:19 PM by CNBC
    The U.S. employment target needed to justify raising short-term interest rates has "largely been met," but other key metrics remain unclear, a top Federal Reserve official said Tuesday. Whether inflation has reached a point necessary to justify a rate hike is not "as clear-cut," said Eric Rosengren, president of the Federal Reserve Bank of Boston. In prepared remarks, he noted that global ...
  • 1:19 PM » History predicts another wild week
    Published Tue, Sep 01 2015 1:19 PM by CNBC
    The combination of big swings and flat returns in a week is unusual, which consistently leads to another week of huge swings.
  • 12:09 PM » Stocks slide Tuesday following weak reports in China
    Published Tue, Sep 01 2015 12:09 PM by Washington Post
    Stocks fell again Tuesday after disappointing economic reports abroad refueled concerns about a slowdown in China.The Dow Jones industrial average was down about 350 points, or 2 percent, by mid-morning, sending it back into correction territory. The Standard & Poor's 500-stock index had slipped 40 points, also leading to a 2 percent drop. The Nasdaq was down by 1.5 percent.Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 10:25 AM » U.S. construction spending jumps 0.7% in July to highest level in seven years
    Published Tue, Sep 01 2015 10:25 AM by Market Watch
    WASHINGTON (MarketWatch) -- Outlays for U.S. construction projects rose 0.7% in July to a seasonally adjusted annual rate of $1.08 trillion, the highest level since May 2008, the Commerce Department reported Tuesday. The gain was in line with expectations. But there was significant strength beneath the headline with June's gain revised up to a 0.7% increase compared with originally reported 0.1% gain in June. Private-construction spending rose 1.3% in July, fueled by a 1.1% increase for residential projects. There was also a 1.5% gain for nonresidential projects. Meanwhile, public-construction spending rose 1.0% in the month,
  • 10:25 AM » Manufacturing growth slows in August
    Published Tue, Sep 01 2015 10:25 AM by CNBC
    The pace of growth in the U.S. manufacturing sector slowed in August to its weakest in over two years, according to a report released on Tuesday.
  • 9:52 AM » The Fed: September rate hike just the surprise move the Fed hoped to avoid
    Published Tue, Sep 01 2015 9:52 AM by Market Watch
    A September rate hike would be the surprise move the Fed hoped to avoid.
  • 8:22 AM » Only the Fed can crash Wall Street
    Published Tue, Sep 01 2015 8:22 AM by CNBC
    Here is why: Through its direct and indirect control of American interest rates, the Fed exercises a decisive influence on dollar-denominated asset valuation models. With that in mind, how can anyone think that peripheral foreign exchange moves and flagging East Asian growth dynamics could throw the Big Board into an irretrievable decline? The Fed also controls a currency that remains an ...
  • 8:19 AM » Fannie Mae: Mortgage Serious Delinquency rate declined in July, Lowest since August 2008
    Published Tue, Sep 01 2015 8:19 AM by Calculated Risk Blog
    Fannie Mae reported today that the Single-Family Serious Delinquency rate declined in July to 1.63% from 1.66% in June. The serious delinquency rate is down from 2.00% in July 2014, and this is the lowest level since August 2008. The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%. Note: These are mortgage loans that are "three monthly payments or more past due or in foreclosure". Click on graph for larger image The Fannie Mae serious delinquency rate has only fallen 0.37 percentage points over the last year - the pace of improvement has slowed - and at that pace the serious delinquency rate will not be below 1% until 2017. The "normal" serious delinquency rate is under 1%, so maybe Fannie Mae serious delinquencies will be close to normal some time in 2017.  This elevated delinquency rate is mostly related to older loans - the lenders are still working through the backlog.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:19 AM » US Treasury buying resumes as China fears entrench
    Published Tue, Sep 01 2015 8:19 AM by CNBC
    U.S. sovereign bonds prices rose on Tuesday, as investors resumed their buying of the perceived safe-haven, after poor manufacturing data out of China further dented confidence. Yields on benchmark 10-year Treasury notes (U.S.: US10Y) fell to 2.17 percent after closing at 2.20 percent on Monday. Longer-dated debt also fell, with 30-year Treasury bond yields falling to 2.91 percent from 2.93 ...
  • 8:19 AM » Wonkblog: He wrote the law to end housing discrimination. Fifty years later, he's still fighting
    Published Tue, Sep 01 2015 8:19 AM by Washington Post
    Walter Mondale expected, as a lot of people did in 1968, that the Fair Housing Act would really change things. He thought it would break down segregation, force communities that had long discriminated to do the right thing, and foster more places where blacks and whites live as neighbors.Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 8:18 AM » Is This September the Perfect Month to Buy a Home?
    Published Tue, Sep 01 2015 8:18 AM by www.realtor.com
    This September we may hit the home-buying trifecta: We will likely have more supply, less demand, and, for now, still-low mortgage rates. The post Is This September the Perfect Month to Buy a Home? appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • Mon, Aug 31 2015
  • 3:21 PM » Freddie Mac August 2015 Insight & Outlook
    Published Mon, Aug 31 2015 3:21 PM by freddiemac.mwnewsroom.com
    Freddie Mac August 2015 Insight & Outlook
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 2:05 PM » Homebuilders call new labor law ruling crippling
    Published Mon, Aug 31 2015 2:05 PM by CNBC
    Homebuilders are balking at a new labor law ruling that puts them on the hook for issues involving millions of subcontractors. Roofers, plumbers, electricians, framers are just some of the 25 categories of subcontractors used to build a home. The National Labor Relations Board (NLRB) could, in some cases, now deem them "joint employees" of the homebuilders. "The homebuilding industry, which is ...
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Mortgage Rates:
  • 30 Yr FRM 3.99%
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  • 15 Yr FRM 3.25%
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  • Jumbo 30 Year Fixed 3.81%
MBS Prices:
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  • 30YR FNMA 5.0 110-06 (0-01)
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Recent Housing Data:
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  • Refinance Index 16.76%
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  • Purchase Index 4.13%