Around The Web

After Hours: Fannie Mae shares may be on late-trading radar

www.marketwatch.com — Fri, 06 Nov 2009 20:33:40 GMT

Shares of Fannie Mae may be active after the shares drop during the day in the wake of the mortgage lender's request for further financial aid from the U.S. government....(read more)

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Wells Fargo Tries Loan Exchange

www.realtor.org — Fri, 06 Nov 2009 20:33:39 GMT

Anticipating eventual market pick-up, Wells Fargo is trading option ARMs for interest-only loans, while economists question whether it's an improvement....(read more)

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Even More Unemployment Charts

feedproxy.google.com — Fri, 06 Nov 2009 20:32:39 GMT

These are butt ugly: click for larger graphics Charts via RM Chart by CalculatedRisk...(read more)

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Watch Foreclosures, Seriously

www.cnbc.com — Fri, 06 Nov 2009 20:31:38 GMT

While the Realtors and Home Builders and Mortgage Bankers all bask in the glow of the home buyer tax credit extension/expansion, we all need to turn our attention to the real drag on a housing recovery: Foreclosures....(read more)

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Employment-Population Ratio, Record Part Time Workers, Weak Holiday Hiring

feedproxy.google.com — Fri, 06 Nov 2009 20:31:37 GMT

The [un]employment report headline numbers were ugly, but the internals are even less encouraging ... Employment-Population Ratio Click on graph for larger image in new window. This graph shows the employment-population ratio; this is the ratio of employed Americans to the adult population. Note : the graph doesn't start at zero to better show the change. The general upward trend from the early '60s was mostly due to women entering the workforce. This measure fell in October to 58.5%, the lowest level since the early '80s. The Labor Force Participation Rate fell to 65.1% (the percentage of the working age population in the labor force). This is also the lowest since the mid-80s. When the job market starts to recover, many of these people will reenter the workforce and look for employment...(read more)

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Employment Report: 190K Jobs Lost, 10.2% Unemployment Rate

feedproxy.google.com — Fri, 06 Nov 2009 20:31:36 GMT

From the BLS : The unemployment rate rose from 9.8 to 10.2 percent in October, and nonfarm payroll employment continued to decline (-190,000), the U.S. Bureau of Labor Statistics reported today. The largest job losses over the month were in construction, manufacturing, and retail trade. Click on graph for larger image. This graph shows the unemployment rate and the year over year change in employment vs. recessions. Nonfarm payrolls decreased by 190,000 in October. The economy has lost almost 5.5 million jobs over the last year, and 7.3 million jobs 1 during the 22 consecutive months of job losses. The unemployment rate increased to 10.2 percent. This is the highest unemployment rate in 26 years. Year over year employment is strongly negative. The second graph shows the job losses from the...(read more)

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Top 5 Loan Modification Myths

llenrock.com — Fri, 06 Nov 2009 19:44:20 GMT

This list of Top 5 Loan Modification Myths is reproduced from the New York Real Estate Lawyer blog written by The Devery Law Group. It is geared towards borrowers in single-family homes, but I think owners of commercial property can benefit from some of the points as well. Myth 1: You need to be late on [...]...(read more)

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NAIC To Produce New Ratings Model For RMBS

Adam Quinones — Fri, 06 Nov 2009 16:55:00 GMT

Members of the National Association of Insurance Commissioners (NAIC) approved a proposal this week to develop a new model for determining the regulatory treatment of residential mortgage-backed securities (RMBS). The new model will produce ratings designations for approximately 18,000 RMBS owned by U.S. insurers at the end of 2009....(read more)

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Environmentalism vs Homeownership

gregmankiw.blogspot.com — Fri, 06 Nov 2009 16:36:22 GMT

My Harvard colleague Ed Glaeser looks at the negative externalities from suburban sprawl ....(read more)

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Regulation Going Backwards

feedproxy.google.com — Fri, 06 Nov 2009 16:21:07 GMT

Here’s another one of those stories that will make your blood pressure boil: Instead of moving forward with broad regulatory protections of economics system, we are undoing effective regulations that protect investors. Floyd Norris has the details. Under the guise of helping small businesses, the accounting requirements of Sarbanes-Oxley are being watered down to near nothing. So long economic collapse, hello accounting fraud: “Sarbanes-Oxley was passed, almost unanimously, by a Republican-controlled House and a Democratic-controlled Senate. Now a Democratic Congress is gutting it with the apparent approval of the Obama administration. The House Financial Services Committee this week approved an amendment to the Investor Protection Act of 2009 — a name George Orwell would appreciate — to allow...(read more)

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Fannie Mae's Deal: Rent Your Home from the Government

seekingalpha.com — Fri, 06 Nov 2009 14:47:51 GMT

Trader Mark submits: There are so many rescue programs going on, I am losing track. Thanks to reader Patrick for notifying me of this; I have been so busy staring at the mirror (while clicking heels 3x) slowly repeating "prosperity is back" I sometime forget how "prosperity" is being achieved. So here is the latest... if you don't qualify for any of the current homeowner rescue plans, which allow you to refinance even if you owe 105% 125% of the value of your home, you now can qualify for this new Fannie Mae plan. Yes sir... step right up... the government (via Fannie) will allow you to stay in your home as they take over the deed, and offer you a rental option, at market prices. So did you overpay when you put nothing down on that option interest loan using a 48% income...(read more)

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Goldman, Buffett Deal with Fannie Mae Inked a Month Ago

seekingalpha.com — Fri, 06 Nov 2009 14:47:50 GMT

If you were curious about the recent news regarding Goldman Sachs' ( GS ) and Warren Buffett’s ( BRK.A ) interest in acquiring the tax losses of Fannie Mae ( FNM ), the details are in Fannie's 10-Q. This deal was agreed to and inked a month ago. It is still pending approval. So the information that was first reported by Bloomberg was a deliberate plant. A possible objective would have been to get a decision on the transaction before yesterday's release. Note that the Q provides an update of the deal’s status as of November 5. Someone was waiting to edit this section right up to the last minute. A tad unusual. Complete Story »...(read more)

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Statement of FHFA Acting Director Edward J. DeMarco Concerning the Possible Transfer of Fannie Mae Low-Income Housing Tax Credits to Investors

www.fhfa.gov — Thu, 05 Nov 2009 23:21:32 GMT

November 5, 2009: Statement of FHFA Acting Director Edward J. DeMarco Concerning the Possible Transfer of Fannie Mae Low-Income Housing Tax Credits to Investors...(read more)

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Fannie Mae posts $18.9 billion Q3 loss, taps Treasury

feeds.reuters.com — Thu, 05 Nov 2009 23:21:03 GMT

NEW YORK (Reuters) - Fannie Mae, the largest provider of funding for U.S. home loans, on Thursday said it would again tap the Treasury to plug a net worth deficit after bad mortgages and foreclosure prevention efforts resulted in a $18.9 billion net loss in the third quarter....(read more)

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MBA Study: Commercial and Multifamily Mortgage Originations Remained Low in Third Quarter 2009

Adam Quinones — Thu, 05 Nov 2009 18:42:00 GMT

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