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  • Thu, Mar 26 2009
    Published Thu, Mar 26 2009 5:58 PM by American Bankers Assoc.
    The American Bankers Association will host Washington’s largest gathering of bankers on March 31 – April 1 at the Marriott Renaissance hotel to hear from key government officials on banking issues. More than 750 bankers from across the country will attend ABA’s annual Government Relations Summit and carry ABA’s priority legislative issues to Capitol Hill. Featured speakers for Tuesday, March 31 include: Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee (9:00 – 9:30 a.m.) Scott Polakoff , Acting Director of the Office of Thrift Supervision (9:35 – 10:00 a.m.) John Dugan , Comptroller of the Currency (10:00 – 10:45 a.m.) Featured speakers for Wednesday, April 1 include: Sen. Jon Kyl (R-Ariz.), member of the Senate Judiciary Committee (8:30 -9:00 a.m.) Sheila Bair , FDIC Chairman (9:30 – 10:00 a.m.) Members of the press are invited to attend the portion of the summit during which government speakers will deliver their addresses. The Marriott Renaissance is located at 999 9th Street, NW. NOTE: Cameras must be set up by 8:00 a.m. on both days. Mult-box will be available.
    Click Here to Read the Full Article

    Source: American Bankers Assoc.
  • 3:56 PM » Cuomo to subpoena AIG on credit default swaps
    Published Thu, Mar 26 2009 3:56 PM by Reuters
    NEW YORK (Reuters) - New York state's top legal officer will issue subpoenas on Thursday to American International Group Inc over credit default swaps (CDS) contracts, a source familiar with the matter said.
  • 3:42 PM » NY FED: Purchases $33 Billion in Agency MBS
    Published Thu, Mar 26 2009 3:42 PM by NY Fed
    New York Fed purchases $33 billion net ($47 billion gross) in agency mortgage-backed securities.
  • 2:25 PM » FREDDIE MAC: PMMS Survey Shows Mortgage Rates Setting Another Record Low
    Published Thu, Mar 26 2009 2:25 PM by Freddie Mac
    McLean, VA - Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.85 percent with an average 0.7 point for the week ending March 26, 2009, down from last week when it averaged 4.98 percent. Last year at this time, the 30-year FRM averaged 5.85 percent. The 30-year FRM has not been lower in the life of Freddie Mac’s weekly survey, which dates back to 1971 for the 30-year FRM.
  • 2:18 PM » TREASURY: Outlines Framework For Regulatory Reform
    Published Thu, Mar 26 2009 2:18 PM by US Treasury
    March 26, 2009 tg-72 Treasury Outlines Framework For Regulatory Reform Provides new Rules of the Road, focuses first on containing systemic risk The crisis of the past 18 months has exposed critical gaps and weaknesses in our financial regulatory system. As risks built up, internal risk management systems, rating agencies and regulators simply did not understand or address critical behaviors until they had already resulted in catastrophic losses. These failures have caused a dramatic loss of confidence in our financial institutions and have contributed to severe recession. Our financial system failed to serve its historical purpose of helping families finance homes and college educations for their children or of providing affordable capital for entrepreneurs and innovators – enabling them to turn new ideas into jobs and growth that raise our living standards. The President's comprehensive regulatory reform is aimed at reforming and modernizing our financial regulatory system for the 21st century, providing stronger tools to prevent and manage future crises, and rebuilding confidence in the basic integrity of our financial system – for sophisticated investors and working families with 401(k)s alike. As Secretary Geithner stated in his testimony today, "To address these failures will require comprehensive reform -- not modest repairs at the margin, but new rules of the road. The new rules must be simpler and more effectively enforced and produce a more stable system, that protects consumers and investors, that rewards innovation and that is able to adapt and evolve with changes in the financial market." Four Broad Components of Comprehensive Regulatory Reform: Addressing Systemic Risk : This crisis – and the cases of firms like Lehman Brothers and AIG – has made clear that certain large, interconnected firms and markets need to be under a more consistent and more conservative regulatory regime. It is not enough to address the potential...
  • 1:00 PM » ABA: Statement on Treasury's Proposal to Change Financial Oversight
    Published Thu, Mar 26 2009 1:00 PM by American Bankers Assoc.
    "There is much to like in the Treasury's proposal, and ABA has previously testified before Congress in favor of the creation of a systemic regulator, a mechanism for resolving troubled non-bank firms that pose systemic risk and closing gaps in our regulatory system. However, several specific items raise serious concerns and merit careful deliberation.
    Click Here to Read the Full Article

    Source: American Bankers Assoc.
  • 11:50 AM » FREDDIE MAC: To Offer Reverse REMIC Giant PC Securities
    Published Thu, Mar 26 2009 11:50 AM by Freddie Mac
    Freddie Mac (NYSE: FRE) announced today that beginning with March 2009 REMIC settlements, the company will offer Reverse REMIC Giant PC securities, a new mortgage-related security intended to provide liquidity to the U.S. residential mortgage market and new options for investors.
  • 11:46 AM » HUD: President Obama Nominates Helen R. Kanovsky for HUD General Counsel
    Published Thu, Mar 26 2009 11:46 AM by
    Helen R. Kanovsky is currently the chief Operating Officer of the AFL-CIO Housing Investment Trust. She has been with the Trust nearly 13 years. The Trust is a $3.4 billion registered investment company which invests in housing securities for its institutional investors, who are union and public pension plans. The AFL-CIO Housing Investment Trust has provided over $5.25 billion to finance 86,000 units of multifamily housing creating over 58,000 union jobs in the construction industry. Kanovsky previously served as Chief of Staff to U.S. Senator John Kerry. She was Executive Vice President and General Counsel of GE Capital Asset Management and its predecessor, Skyline Financial Services Corporation. She was a partner and associate at Dickstein, Shapiro and Morin. She served as Special Assistant to Secretary Patricia Roberts Harris at HUD, HEW and HHS. For the past three years she has been the Chair of the National Housing Conference and she is a member of the Boards of the Center for Housing Policy and the Special Olympics of the District of Columbia, as well as a Trustee of the National Labor College. She holds an A.B. cum laude from Cornell University where she was Phi Beta Kappa and a J.D. cum laude from Harvard Law School. Kanovsky has two children, Dr. Jennifer Dorfman, a resident in emergency medicine; and Emily Dorfman, union organizer.
  • 11:43 AM » FHFA: Reports Mortgage Interest Rates
    Published Thu, Mar 26 2009 11:43 AM by FHFA
    Washington, DC – The Federal Housing Finance Agency today reported that the average interest rate on conventional 30-year, fixed-rate, mortgage loans of $417,000 or less decreased 6 basis points to 5.03 percent in February. The average interest rate on 15-year, fixed-rate loans of $417,000 or less decreased 19 basis points to 4.92 percent in February. These rates are calculated from the FHFA’s Monthly Interest Rate Survey (MIRS) of purchase-money mortgages. These results reflect loans closed during theFebruary 23-28 period. Typically, the interest rate is determined 30 to 45 days before the loan is closed. Thus, the reported rates depict market conditions prevailing in mid- to late January.
  • 11:15 AM » PHILLY FED: Analysis of Housing Data
    Published Thu, Mar 26 2009 11:15 AM by
    March 26, 2009 — The Philadelphia Fed today posted an analysis of data on regional housing permits for February.
    Click Here to Read the Full Article

  • 8:23 AM » How Banks Use TARP Money
    Published Thu, Mar 26 2009 8:23 AM by Seeking Alpha
    submits: The TARP money, which in case anyone has forgotten is a taxpayer subsidy to the largest banks, was supposed to help recapitalize the banks so that they would lend money. For people with even a tiny knowledge of accounting, like me, this was never a credible idea. Money, after all, is fungible. In other words, if you give Citi (C) $30B and it lends $30B there is no way to know how much it would have lent without a the subsidy. The Treasury Secretary knows this, but many members of Congress and other lay people do not which is why, on the one hand, they ask the banks to produce nonsensical reports about "how the money is spent", while on the other complain about the fact that they spend money to compensate their employees.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 8:23 AM » Geithner says US Loan Modification Plan is Only “Pretty Good.”
    Published Thu, Mar 26 2009 8:23 AM by
    I just picked this up from Reuters. The big Obama big plan gets a HUGE, ummmmmmmmmm, actually just a so-so “pretty good” rating from U.S. Treasury Secretary Timothy Geithner. Reuters: NEW YORK (Reuters) - A U.S. mortgage loan modification program has “a pretty good chance” of success, though it will take a couple of months to gauge its effect, [...]
    Click Here to Read the Full Article

  • 8:10 AM » FED: On Credit, Trade, and Food Stability
    Published Thu, Mar 26 2009 8:10 AM by
    Atlanta Fed President and Chief Executive Officer Dennis Lockhart speaks about the importance of credit to the flow of trade at a conference in Paris, France.
    Click Here to Read the Full Article

    Published Thu, Mar 26 2009 8:09 AM by
    WASHINGTON - U.S. Secretary of Housing and Urban Development Secretary Shaun Donovan released the following statement today in response to new data suggesting improvements in the housing market. Today, the U.S. Census Bureau and HUD announced an increase in residential home sales in February 2009.
  • 8:08 AM » Taxing times for the FDIC
    Published Thu, Mar 26 2009 8:08 AM by CNN
    Sheila Bair's band of bank watchdogs is about to get even busier.
  • 8:07 AM » BofA to fold Premier Banking into Merrill unit: report
    Published Thu, Mar 26 2009 8:07 AM by Reuters
    (Reuters) - Bank of America Corp , the largest U.S. bank, is folding its Premier Banking unit into Merrill Lynch Global Wealth Management, laying off several hundred workers, the Wall Street Journal said.
  • 8:07 AM » Commercial Property Faces Crisis
    Published Thu, Mar 26 2009 8:07 AM by WSJ
    Commercial real-estate loans are souring at an accelerating pace, threatening to exceed the commercial downturn of the early 1990s.
  • 8:07 AM » Schwarzenegger Opens Fairgrounds to Residents of Tent City
    Published Thu, Mar 26 2009 8:07 AM by
    California Governor Arnold Schwarzenegger said a make-shift tent city for the homeless that sprang up in the capital city of Sacramento will be shut down and its residents allowed to stay at the state fairgrounds.
    Click Here to Read the Full Article

  • Wed, Mar 25 2009
  • 4:30 PM » New Home Sales: Is this the bottom?
    Published Wed, Mar 25 2009 4:30 PM by Calculated Risk Blog
    Earlier today I posted some of new home sales, inventory and months of supply. A few key points: Please do not confuse a bottom in new home sales with a bottom in existing home prices. Please see: New home sales numbers are heavily revised and there is a large margin of error . Regarding the sales for February, the Census Bureau reported: This is 4.7 percent (±18.3%) above the revised January rate of 322,000, but is 41.1 percent (±7.9%) below the February 2008 estimate of 572,000. The "rebound" in February was very small , and this is the worst February since the Census Bureau started tracking new home sales in 1963. Click on graph for larger image in new window. This graph shows the February "rebound". You have to look closely - this is an eyesight test - and you will see the increase in sales (if you expand the graph). Not only was this the worst February in the Census Bureau records, but this was the 2nd worst month ever on a seasonally adjusted annual rate basis (only January was worse). Still, I believe there is a good chance new home sales will bottom in 2009 . See . Because the data is heavily revised, we won't know until many months after the bottom occurs. Also, as Dr. Yellen noted earlier, we need to distinguish between growth rates and levels. Any bottom would be at a very grim level, and any recovery would probably be very sluggish because of the huge overhang of existing homes (especially distressed homes). It is theoretically possible for new home sales to go to zero (very unlikely), and it is also possible that January was the bottom. We just don't know ... Anecdotally, I just spoke to two SoCal builders - both told me sales had picked up in the last week or so (March). Of course sales in SoCal have been close to zero, so this is like a few rain drops to a thirsty man lost in a desert - it seems like a flood! For a healthy market, the distressing gap between new and existing home sales will probably close. This graph shows existing...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 4:30 PM » Hope for Homeowners Program Has Helped Just One Borrower
    Published Wed, Mar 25 2009 4:30 PM by
    The Hope for Homeowners program introduced by the Bush Administration and HUD last year continues to be a major flop, as evidenced by a report from CNN. The foreclosure prevention program, which aims to put borrowers into more affordable loans via principal balance reductions, has resulted in just a single conversion since its inception in October. “As [...]
    Click Here to Read the Full Article

  • 4:30 PM » Mortgage Bankers Assn. Downward Spiral Continues
    Published Wed, Mar 25 2009 4:30 PM by Seeking Alpha
    submits: The Mortgage Bankers Association continues its downward spiral. Last summer we wrote about the association’s : brand new HQs constructed, at the top of the market, by former President and CEO Jonathan Kempner. Not helping matters was MBA’s trouble finding tenants to fill the 60% of the building they don’t occupy. An MBA spokeswoman wouldn’t comment on how much of the space has been filled. To cut costs, MBA reduced headcount by 20 this week, including four vice presidents. From a statement sent to employees:
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 1:55 PM » Fed's Yellen: The Uncertain Economic Outlook
    Published Wed, Mar 25 2009 1:55 PM by Calculated Risk Blog
    From San Francisco Fed President Janet Yellen: . Dr. Yellen does an excellent job of describing the economy (pretty grim comments!), but I'd like to focus on just a short section: With the caveat that my forecast is subject to exceptional uncertainty in the present environment, my best guess is similar to that of most forecasters, who expect to see moderately positive real GDP growth rates beginning later this year or early in 2010, followed by a gradual recovery. However, I am well aware that my views are strikingly more optimistic than those I hear from the vast majority of my business contacts. They tend to see conditions as dire and getting worse. In fact, many of them can’t believe I would even suggest what they see as such a patently rosy scenario! So why is it that so many of us who prepare forecasts seem to be more optimistic than many others? I think there are several reasons. First, as forecasters, we distinguish between growth rates and levels . It’s true that the Blue Chip consensus shows moderate positive growth rates in output in the second half of this year. But even so, the level of the unemployment rate would still rise throughout 2009 and into 2010. So, in this sense, the worst of the recession is not expected to occur until next year. And, even by the end of 2011, I would expect the unemployment rate to be above its full-employment level. So I wouldn’t call this a particularly rosy scenario. Second, it takes less than many people think for real GDP growth rates to turn positive. Just the elimination of drags on growth can do it. For example, residential construction has been declining for several years, subtracting about 1 percentage point from real GDP growth. Even if this spending were only to stabilize at today’s very low levels—not a robust performance at all—a 1 percentage point subtraction from growth would convert into a zero, boosting overall growth by 1 percentage point. A decline in the pace of inventory liquidation is another factor...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:26 PM » Whitney: Regional Banks Are the Future
    Published Wed, Mar 25 2009 1:26 PM by
    The big-bank model isn’t going to last much longer, banking industry analyst Meredith Whitney said at the Journal’s Future of Finance Initiative , and said a more sustainable approach would be bigger regional banks.
    Click Here to Read the Full Article

    Published Wed, Mar 25 2009 12:52 PM by
    As Treasury Secretary Tim Geithner orchestrated a plan to help the nation's largest banks purge themselves of toxic mortgage assets, Citigroup and Bank of America have been aggressively scooping up those same securities in the secondary market, sources told The Post. Both Citi and BofA each have received $45 billion in federal rescue cash meant to help prop up the economy and jumpstart the housing market. But the banks' purchase of so-called AAA-rated mortgage-backed securities, including some that use alt-A and option ARM as collateral, is raising eyebrows among even the most seasoned traders. Alt-A and option ARM loans have widely been seen as the next mortgage type to see increases in defaults. One Wall Street trader told The Post that what's been most puzzling about the purchases is how aggressive both banks have been in their buying, sometimes paying higher prices than competing bidders are willing to pay.
    Click Here to Read the Full Article

  • 12:46 PM » California Home Prices Sank 41% Last Month on Foreclosures
    Published Wed, Mar 25 2009 12:46 PM by Bloomberg
    California home prices dropped 41 percent last month from a year earlier, more than double the U.S. decline, as surging foreclosures drove down values, the said today. The median price for an existing, single-family detached home in California sank to $247,590 in February from $418,260 a year earlier, the Los Angeles-based group said in a statement. The U.S. median price fell 16 percent during the same period, the second-biggest drop on record, according to the National Association of Realtors.
  • 12:05 PM » ‘Shadow’ Supply Of Foreclosures May Delay Housing’s Recovery
    Published Wed, Mar 25 2009 12:05 PM by
    "Everybody is stalled 100%; the lenders aren't doing anything" with modifications, said Moe Bedard, president of Loan Safe Solutions, a Corona, Calif.-based firm that does mortgage auditing for attorneys. Some shadow inventory may not be listed publicly because some lenders sell foreclosures via in-house divisions, says Bedard. Or, lenders may be selling the defaulted paper to investors. But these gray market sales can't account for all unlisted foreclosed properties.
    Click Here to Read the Full Article

  • 12:05 PM » ABA Testifies On Mixed Messages In Government Programs To Stimulate The Economy
    Published Wed, Mar 25 2009 12:05 PM by American Bankers Assoc.
    Washington, March 25, 2009 The American Bankers Association today expressed its concern over the mixed messages that are resulting from the various federal programs designed to address problems with the financial system.
    Click Here to Read the Full Article

    Source: American Bankers Assoc.
    Published Wed, Mar 25 2009 12:05 PM by
    WASHINGTON - Just over a month after President Obama signed the American Recovery and Reinvestment Act of 2009 into law, the U.S. Department of Housing and Urban announced today that, subject to HUD approval, public housing authorities can begin spending nearly $3 billion to make significant improvements to tens of thousands of public housing units nationwide. HUD is informing 3,122 local housing authorities in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands that spending can begin on a backlog of previously underfunded capital improvement projects.
  • 11:18 AM » New Home Sales Unexpectedly Climb 4.7% in February
    Published Wed, Mar 25 2009 11:18 AM by
    Sales of newly built U.S. single-family homes unexpectedly rose at their fastest pace in 10 months in February, while prices fell by a record margin from a year ago, a government report showed on Wednesday. The Commerce Department said sales rose 4.7% to a 337,000 annual pace, the fastest increase since April last year, from an upwardly revised 322,000 in January. Despite the increase, February sales were the second lowest ever after the drop in January to the slowest pace in records going back to 1963, the department said. Economists polled by Reuters had forecast sales at a 300,000 rate in February. The median sales price in February fell a record 18.1% to $200,900 from a year earlier, the department said. The median marks the half-way point, with half of all houses sold above that level and half below. The inventory of homes available for sale in February was at 330,000, the smallest since June 2002. The February sales pace left the supply of homes available for sale at 12.2 month's worth.
    Click Here to Read the Full Article

  • 11:18 AM » Why BlackRock wants to buy up toxic assets
    Published Wed, Mar 25 2009 11:18 AM by CNN
    When Treasury Secretary Tim Geithner unveiled details of the government's plan to help banks get toxic assets off their balance sheets, the plan got an instant boost when such investment firms as PIMCO and BlackRock expressed enthusiasm over the program. BlackRock has also said it will apply to Treasury to manage some of these bad assets. Fortune talked with BlackRock's Curtis Arledge, a managing director and co-head of the firm's U.S. fixed-income department, about the pros and cons of Treasury's plan. Here are excerpts of the conversation:
  • 11:18 AM » Developers Scale Back Luxury Projects
    Published Wed, Mar 25 2009 11:18 AM by WSJ
    A number of shopping developments are slated to open this year, even though many will be less extravagant than initially envisioned.
  • 9:13 AM » Refinance applications up 41.5% last week: MBA
    Published Wed, Mar 25 2009 9:13 AM by Market Watch
    Applications filed to refinance an existing mortgage rose an unadjusted 41.5% last week, compared with the week before, after an announcement by the Federal Reserve caused fixed-rate mortgage rates to fall, according to the latest Mortgage Bankers Association survey results, released on Wednesday.
  • 9:13 AM » America's Abandoned Cities
    Published Wed, Mar 25 2009 9:13 AM by Google News
    Flint Michigan typifies the plight of inner city urban decay. Inquiring minds are wondering what if anything can be done. MLive explores that issue in an article discussing . The view through an abandoned house's broken window looks out on a boarded-up house across the street on East Russell Avenue in Flint. Look in any direction from Bianca Bates' north Flint home, and you'll see graffiti-covered siding, boarded-up windows and overgrown lots. About half of the homes on her block are burned out or vacant magnets for drug dealers and squatters. It isn't where she thought she'd end up, but it's all she can afford to rent. Property abandonment is getting so bad in Flint that some in government are talking about an extreme measure that was once unthinkable -- shutting down portions of the city, officially abandoning them and cutting off police and fire service. Temporary Mayor Michael Brown made the off-the-cuff suggestion Friday in response to a question at a Rotary Club of Flint luncheon about the thousands of empty houses in Flint. City Council President Jim Ananich said the idea has been on his radar for years. The city is getting smaller and should downsize its services accordingly by asking people to leave sparsely populated areas, he said. "It's going to happen whether we like it or not," he said. "We'd have to be creative about it, but it's something worth looking into. We're not there yet, but it could definitely happen." The concept of "shrinking cities" isn't new to urban areas similar to Flint. Last year, the city of Youngstown, Ohio, proposed incentives to encourage people to move out of nearly empty blocks and relocate to more populated areas closer to the heart of the city. Some people were offered upward of $50,000, according to news reports. The idea was to shut down entire streets and bulldoze abandoned properties so the city could discontinue services such as police patrols and street...
  • 9:13 AM » Successful bank rescue still far away
    Published Wed, Mar 25 2009 9:13 AM by
    With the IMF expecting world output to shrink by up to 1 per cent this year and the economies of the advanced countries to shrink by between 3 and 3.5 per cent, this is the worst global economic crisis since the 1930s. So far the congressional response has been a disaster, writes Martin Wolf
  • 9:11 AM » Miami "condo king" hit by boom-to-bust downturn
    Published Wed, Mar 25 2009 9:11 AM by Reuters
    The once-booming real estate market that made Jorge Perez a billionaire is crumbling around Miami's "condo king" in what may be the biggest U.S. condo glut.
  • Tue, Mar 24 2009
  • 3:48 PM » Duke, Credit availability and prudent lending standards
    Published Tue, Mar 24 2009 3:48 PM by Federal Reserve
    Testimony before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C.
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 2:48 PM » Economic Data Cheat Sheet-Updated
    Published Tue, Mar 24 2009 2:48 PM by US Treasury
    Monthly Economic Statistics Summary
  • 1:11 PM » Q4 Mortgage Equity Extraction Strongly Negative
    Published Tue, Mar 24 2009 1:11 PM by Calculated Risk Blog
    Here are the Kennedy-Greenspan estimates (NSA - not seasonally adjusted) of home equity extraction for Q4 2008, provided by Jim Kennedy based on the mortgage system presented in "," Alan Greenspan and James Kennedy, Federal Reserve Board FEDS working paper no. 2005-41. Click on graph for larger image in new window. For Q4 2008, Dr. Kennedy has calculated Net Equity Extraction as minus $77 billion, or negative 2.9% of Disposable Personal Income (DPI). This graph shows the net equity extraction, or mortgage equity withdrawal (MEW), results, both in billions of dollars quarterly (not annual rate), and as a percent of personal disposable income. Dr. Kennedy provides several other measures of equity extraction. The second graph shows what Dr. Kennedy calls "active MEW" (Mortgage Equity Withdrawal). This is defined as "Gross cash out" plus the change in the balance of "Home equity loans". This measure is near zero ($7.2 billion for the quarter) and is probably a better estimate of the impact of MEW on consumption. When people refinance with cash out or draw down HELOCs, they usually spend the money. The Fed's Flow of Funds report shows the amount of mortgages outstanding is declining, and this is partially because of debt cancellation per foreclosure sales, and partially due to homeowners paying down their mortgages (as opposed to borrowing more). Note: most homeowners pay down their principal a little each month (unless they have an IO or Neg AM loan), so with no new borrowing, equity extraction would always be negative. Clearly the Home ATM has now been closed for a few quarters. Note: This will be the last update of MEW from Dr. Kennedy. My thanks to Jim Kennedy and the other contributors to the MEW updates.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:11 PM » MBA Ups 2009 Mortgage Forecast by $800 Billion
    Published Tue, Mar 24 2009 1:11 PM by
    More good news…for loan originators. The Mortgage Bankers Association increased its 2009 mortgage lending forecast by $800 billion to $2.78 trillion thanks to the expected refinance bonanza. The group now expects refinancing to total $1.96 trillion in 2009 and purchase originations to ring in at $821 billion. The refinance figure is up from an estimated $765 billion [...]
  • 11:21 AM » Mortgage Bankers Association Cuts 16 Percent of Staff
    Published Tue, Mar 24 2009 11:21 AM by
    The embattled Mortgage Bankers Association cut another 20 full-time staff positions yesterday, according to National Mortgage News. The layoffs affected roughly 16 percent of its workforce, which has now been reduced by some 30 percent since last year thanks to ongoing contraction in the mortgage industry. The latest cuts included four of its vice presidents, bringing the [...]
    Click Here to Read the Full Article

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