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You are viewing Micro News from Tuesday, Nov 29, 2011 - View all recent Micro News
  • 11/29/11
    FHFA Announces Senior Staff Appointments
    – Federal Housing Finance Agency Acting Director Edward J. DeMarco has announced the appointments of Richard B. Hornsby, as FHFA’s Chief Operating Officer (COO), and Jon Greenlee, as the agency’s Deputy Director of the Division of Enterprise Regulation...
    Category: INDUSTRY
    Share:   
  • 11/29/11
    KC Fed Alone in Seeking Higher Discount Rate - Fed Minutes
    (Reuters) - The Kansas City Federal Reserve Bank was the only institution in the Fed system to seek increases in the rate the Fed charges banks for emergency loans before the central bank's policy meeting in early November, meeting minutes showed on Tuesday.

    The Dallas Fed, which had sought an increase in the rate, known as the discount rate, in mid-September, joined the other 11 regional Fed banks in agreeing to keep the rate at 0.75 percent.

    The discount rate is distinct from the Fed's principal tool for setting monetary policy, the fed funds rate. The Fed cut the fed funds rate to near zero in December 2008 to pull the economy out of a deep recession.

    Fed bank heads said there had been small improvements to the economic recovery, but that financial turmoil due to the sovereign debt crisis in Europe posed a risk.

    With the economy growing modestly and energy and commodity prices receding, most bank heads supported keeping the discount rate steady, the minutes said. The minutes covered meetings held from late September through Oct. 31. (Reporting by Mark Felsenthal, Editing by Andrea Ricci)
    Category: MBS, FED
    Share:   
  • 11/29/11
    Granted, we've already seen a few of the early-crowd...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
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  • 11/29/11
    Bond markets are recovering now after losing a bit...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS
    Share:   
  • 11/29/11
    FED: Yellen See Scope For Further Fed Easing
    (Reuters) - Janet Yellen, the Federal Reserve's influential vice chair, said on Tuesday the U.S. central bank has room to ease monetary policy further to support a tenuous economic recovery.

    Yellen said turmoil in financial markets stemming from both Europe's banking crisis and general uncertainty about the outlook had increased the risks to the global economy, and that the Fed could offer additional support to U.S. growth.

    "The scope remains to provide additional accommodation through enhanced guidance on the path of the federal funds rate or through additional purchases of long-term financial assets," Yellen said in remarks prepared for delivery to a conference sponsored by the San Francisco Federal Reserve Bank.

    Yellen also called for policies to spur a faster recovery in the battered U.S. housing market, although she did not provide any specific recommendations.

    The Fed in September decided to dip its toes back into the housing market by reinvesting proceeds of maturing mortgage and housing agency debt from its portfolio back into the mortgage-backed securities market.

    Yellen said the contribution to the U.S. recovery from housing, which is usually key to economic rebounds, is likely to remain tepid in the near term, and that consumer spending is also not likely to be a key source of growth due to high household debt levels. (Reporting by Ann Saphir; Writing by Pedro Nicolaci da Costa; Editing by Andrea Ricci)
    Category: MBS, FED
    Share:   
  • 11/29/11
    FHFA: U.S. House Prices Rise 0.2 Percent in Third Quarter 2011
    U.S. house prices rose in the third quarter of 2011 according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted purchase-only house price index (HPI). The HPI, calculated using home sales price information from Fannie Mae- and Freddie Mac-acquired mortgages, was 0.2 percent higher on a seasonally adjusted basis in the third quarter than in the second quarter. On an unadjusted basis, prices rose 0.7 percent during the quarter. Over the past year, seasonally adjusted home prices fell 3.7 percent from the third quarter of 2010 to the third quarter of 2011. FHFA’s seasonally adjusted monthly index for September was up 0.9 percent from its August value. On a not-seasonally adjusted basis, prices were up 0.7 percent during the August to September period. Every census division but the East South Central division showed increases over the same period.
    Category: MBS, INDUSTRY
    Share:   
  • 11/29/11
    ECON: Consumer Confidence Rebounds in November
    (Reuters) - U.S. consumer confidence bounced back from a 2-1/2 year low in November as apprehension about job and income prospects eased, according to a private sector report released on Tuesday.

    The Conference Board, an industry group, said its index of consumer attitudes jumped to 56.0 from a upwardly revised 40.9 the month before.

    It was the highest level since July and handily topped economists' forecasts for 44.0. October was originally reported as 39.8.

    "Consumers' assessment of current conditions finally improved, after six months of steady declines," Lynn Franco, director of The Conference Board Consumer Research Center, said in a statement.

    "Consumers appear to be entering the holiday season in better spirits, though overall readings remain historically weak." The expectations index also rose to its highest level since July at 67.8 from 50.0, while the present situation index gained to its highest level since May at 38.3 from 27.1.

    Consumers' labor market assessment improved. The number of respondents that said they found "jobs hard to get" eased to 42.1 percent from 46.9 percent, while the "jobs plentiful" index rose to 5.8 percent from 3.6 percent.

    Consumers also felt better about price increases with expectations for inflation in the coming 12 months falling to 5.5 percent from 5.8 percent. (Reporting by Leah Schnurr, Editing by Chizu Nomiyama)
    Category: MBS, ECON
    Share:   
  • 11/29/11
    CoreLogic: Negative Equity Shows Slight Q3 Decline, Remains Elevated
    CoreLogic today released negative equity data showing that 10.7 million, or 22.1 percent, of all residential properties with a mortgage were in negative equity at the end of the third quarter of 2011. This is down slightly from 10.9 million properties, or 22.5 percent, in the second quarter. An additional 2.4 million borrowers had less than 5 percent equity, referred to as near-negative equity, in the third quarter. Together, negative equity and near-negative equity mortgages accounted for 27.1 percent of all residential properties with a mortgage nationwide in the third quarter, down from 27.5 in the previous quarter.
    Category: MBS, INDUSTRY
    Share:   
  • 11/29/11
    ECON: Home Prices Decline in September - Case-Shiller
    NEW YORK, Nov 29 (Reuters) - U.S. single-family home prices declined in September, highlighting the fragility of a market that is struggling to get back on its feet, a closely watched survey showed on Tuesday.

    The S&P/Case Shiller composite index of 20 metropolitan areas fell 0.6 percent from August on a seasonally adjusted basis. A Reuters poll of economists had forecast no change.

    Prices in August were also revised to show a decline of 0.3 percent after originally being reported as unchanged.

    The index has leveled off in recent months and analysts are hoping the market is at least stabilizing.

    "Over the last year home prices in most cities drifted lower," David Blitzer, chairman of the index committee at Standard & Poor's, said in a statement.

    "The plunging collapse of prices seen in 2007-2009 seems to be behind us. Any chance for a sustained recovery will probably need a stronger economy."

    For the third quarter, prices were down 1.2 percent from the previous quarter on a seasonally adjusted basis and were down 3.9 percent from the third quarter a year ago.

    Compared to a year ago, price declines in the 20 cities continued to improve in September and were down 3.6 percent after a year over year decline of 3.8 percent the month before. (Reporting by Leah Schnurr, Editing by Chizu Nomiyama)
    Category: MBS, ECON, INDUSTRY
    Share:   
  • 11/29/11
    (Reuters) - The European Central Bank will cut interest...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS
    Share:   
  • 11/29/11
    In the context of recent market movements and recent...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 11/29/11
    FHFA Announces Senior Staff Appointments
    – Federal Housing Finance Agency Acting Director Edward J. DeMarco has announced the appointments of Richard B. Hornsby, as FHFA’s Chief Operating Officer (COO), and Jon Greenlee, as the agency’s Deputy Director of the Division of Enterprise Regulation...
    Category: INDUSTRY
    Share:   
  • 11/29/11
    FHFA: U.S. House Prices Rise 0.2 Percent in Third Quarter 2011
    U.S. house prices rose in the third quarter of 2011 according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted purchase-only house price index (HPI). The HPI, calculated using home sales price information from Fannie Mae- and Freddie Mac-acquired mortgages, was 0.2 percent higher on a seasonally adjusted basis in the third quarter than in the second quarter. On an unadjusted basis, prices rose 0.7 percent during the quarter. Over the past year, seasonally adjusted home prices fell 3.7 percent from the third quarter of 2010 to the third quarter of 2011. FHFA’s seasonally adjusted monthly index for September was up 0.9 percent from its August value. On a not-seasonally adjusted basis, prices were up 0.7 percent during the August to September period. Every census division but the East South Central division showed increases over the same period.
    Category: MBS, INDUSTRY
    Share:   
  • 11/29/11
    CoreLogic: Negative Equity Shows Slight Q3 Decline, Remains Elevated
    CoreLogic today released negative equity data showing that 10.7 million, or 22.1 percent, of all residential properties with a mortgage were in negative equity at the end of the third quarter of 2011. This is down slightly from 10.9 million properties, or 22.5 percent, in the second quarter. An additional 2.4 million borrowers had less than 5 percent equity, referred to as near-negative equity, in the third quarter. Together, negative equity and near-negative equity mortgages accounted for 27.1 percent of all residential properties with a mortgage nationwide in the third quarter, down from 27.5 in the previous quarter.
    Category: MBS, INDUSTRY
    Share:   
  • 11/29/11
    ECON: Home Prices Decline in September - Case-Shiller
    NEW YORK, Nov 29 (Reuters) - U.S. single-family home prices declined in September, highlighting the fragility of a market that is struggling to get back on its feet, a closely watched survey showed on Tuesday.

    The S&P/Case Shiller composite index of 20 metropolitan areas fell 0.6 percent from August on a seasonally adjusted basis. A Reuters poll of economists had forecast no change.

    Prices in August were also revised to show a decline of 0.3 percent after originally being reported as unchanged.

    The index has leveled off in recent months and analysts are hoping the market is at least stabilizing.

    "Over the last year home prices in most cities drifted lower," David Blitzer, chairman of the index committee at Standard & Poor's, said in a statement.

    "The plunging collapse of prices seen in 2007-2009 seems to be behind us. Any chance for a sustained recovery will probably need a stronger economy."

    For the third quarter, prices were down 1.2 percent from the previous quarter on a seasonally adjusted basis and were down 3.9 percent from the third quarter a year ago.

    Compared to a year ago, price declines in the 20 cities continued to improve in September and were down 3.6 percent after a year over year decline of 3.8 percent the month before. (Reporting by Leah Schnurr, Editing by Chizu Nomiyama)
    Category: MBS, ECON, INDUSTRY
    Share:   
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  • 11/29/11
    (Reuters) - The Kansas City Federal Reserve Bank was the only institution in the Fed system to seek increases in the rate the Fed charges banks for emergency loans before the central bank's policy meeting in early November, meeting minutes showed on Tuesday.

    The Dallas Fed, which had sought an increase in the rate, known as the discount rate, in mid-September, joined the other 11 regional Fed banks in agreeing to keep the rate at 0.75 percent.

    The discount rate is distinct from the Fed's principal tool for setting monetary policy, the fed funds rate. The Fed cut the fed funds rate to near zero in December 2008 to pull the economy out of a deep recession.

    Fed bank heads said there had been small improvements to the economic recovery, but that financial turmoil due to the sovereign debt crisis in Europe posed a risk.

    With the economy growing modestly and energy and commodity prices receding, most bank heads supported keeping the discount rate steady, the minutes said. The minutes covered meetings held from late September through Oct. 31. (Reporting by Mark Felsenthal, Editing by Andrea Ricci)
    Category: MBS, FED
    Share:   
  • 11/29/11
    Granted, we've already seen a few of the early-crowd...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 11/29/11
    Bond markets are recovering now after losing a bit...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS
    Share:   
  • 11/29/11
    (Reuters) - Janet Yellen, the Federal Reserve's influential vice chair, said on Tuesday the U.S. central bank has room to ease monetary policy further to support a tenuous economic recovery.

    Yellen said turmoil in financial markets stemming from both Europe's banking crisis and general uncertainty about the outlook had increased the risks to the global economy, and that the Fed could offer additional support to U.S. growth.

    "The scope remains to provide additional accommodation through enhanced guidance on the path of the federal funds rate or through additional purchases of long-term financial assets," Yellen said in remarks prepared for delivery to a conference sponsored by the San Francisco Federal Reserve Bank.

    Yellen also called for policies to spur a faster recovery in the battered U.S. housing market, although she did not provide any specific recommendations.

    The Fed in September decided to dip its toes back into the housing market by reinvesting proceeds of maturing mortgage and housing agency debt from its portfolio back into the mortgage-backed securities market.

    Yellen said the contribution to the U.S. recovery from housing, which is usually key to economic rebounds, is likely to remain tepid in the near term, and that consumer spending is also not likely to be a key source of growth due to high household debt levels. (Reporting by Ann Saphir; Writing by Pedro Nicolaci da Costa; Editing by Andrea Ricci)
    Category: MBS, FED
    Share:   
  • 11/29/11
    U.S. house prices rose in the third quarter of 2011 according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted purchase-only house price index (HPI). The HPI, calculated using home sales price information from Fannie Mae- and Freddie Mac-acquired mortgages, was 0.2 percent higher on a seasonally adjusted basis in the third quarter than in the second quarter. On an unadjusted basis, prices rose 0.7 percent during the quarter. Over the past year, seasonally adjusted home prices fell 3.7 percent from the third quarter of 2010 to the third quarter of 2011. FHFA’s seasonally adjusted monthly index for September was up 0.9 percent from its August value. On a not-seasonally adjusted basis, prices were up 0.7 percent during the August to September period. Every census division but the East South Central division showed increases over the same period.
    Category: MBS, INDUSTRY
    Share:   
  • 11/29/11
    (Reuters) - U.S. consumer confidence bounced back from a 2-1/2 year low in November as apprehension about job and income prospects eased, according to a private sector report released on Tuesday.

    The Conference Board, an industry group, said its index of consumer attitudes jumped to 56.0 from a upwardly revised 40.9 the month before.

    It was the highest level since July and handily topped economists' forecasts for 44.0. October was originally reported as 39.8.

    "Consumers' assessment of current conditions finally improved, after six months of steady declines," Lynn Franco, director of The Conference Board Consumer Research Center, said in a statement.

    "Consumers appear to be entering the holiday season in better spirits, though overall readings remain historically weak." The expectations index also rose to its highest level since July at 67.8 from 50.0, while the present situation index gained to its highest level since May at 38.3 from 27.1.

    Consumers' labor market assessment improved. The number of respondents that said they found "jobs hard to get" eased to 42.1 percent from 46.9 percent, while the "jobs plentiful" index rose to 5.8 percent from 3.6 percent.

    Consumers also felt better about price increases with expectations for inflation in the coming 12 months falling to 5.5 percent from 5.8 percent. (Reporting by Leah Schnurr, Editing by Chizu Nomiyama)
    Category: MBS, ECON
    Share:   
  • 11/29/11
    CoreLogic today released negative equity data showing that 10.7 million, or 22.1 percent, of all residential properties with a mortgage were in negative equity at the end of the third quarter of 2011. This is down slightly from 10.9 million properties, or 22.5 percent, in the second quarter. An additional 2.4 million borrowers had less than 5 percent equity, referred to as near-negative equity, in the third quarter. Together, negative equity and near-negative equity mortgages accounted for 27.1 percent of all residential properties with a mortgage nationwide in the third quarter, down from 27.5 in the previous quarter.
    Category: MBS, INDUSTRY
    Share:   
  • 11/29/11
    NEW YORK, Nov 29 (Reuters) - U.S. single-family home prices declined in September, highlighting the fragility of a market that is struggling to get back on its feet, a closely watched survey showed on Tuesday.

    The S&P/Case Shiller composite index of 20 metropolitan areas fell 0.6 percent from August on a seasonally adjusted basis. A Reuters poll of economists had forecast no change.

    Prices in August were also revised to show a decline of 0.3 percent after originally being reported as unchanged.

    The index has leveled off in recent months and analysts are hoping the market is at least stabilizing.

    "Over the last year home prices in most cities drifted lower," David Blitzer, chairman of the index committee at Standard & Poor's, said in a statement.

    "The plunging collapse of prices seen in 2007-2009 seems to be behind us. Any chance for a sustained recovery will probably need a stronger economy."

    For the third quarter, prices were down 1.2 percent from the previous quarter on a seasonally adjusted basis and were down 3.9 percent from the third quarter a year ago.

    Compared to a year ago, price declines in the 20 cities continued to improve in September and were down 3.6 percent after a year over year decline of 3.8 percent the month before. (Reporting by Leah Schnurr, Editing by Chizu Nomiyama)
    Category: MBS, ECON, INDUSTRY
    Share:   
  • 11/29/11
    (Reuters) - The European Central Bank will cut interest...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS
    Share:   
  • 11/29/11
    In the context of recent market movements and recent...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 11/29/11
    ECON: Consumer Confidence Rebounds in November
    (Reuters) - U.S. consumer confidence bounced back from a 2-1/2 year low in November as apprehension about job and income prospects eased, according to a private sector report released on Tuesday.

    The Conference Board, an industry group, said its index of consumer attitudes jumped to 56.0 from a upwardly revised 40.9 the month before.

    It was the highest level since July and handily topped economists' forecasts for 44.0. October was originally reported as 39.8.

    "Consumers' assessment of current conditions finally improved, after six months of steady declines," Lynn Franco, director of The Conference Board Consumer Research Center, said in a statement.

    "Consumers appear to be entering the holiday season in better spirits, though overall readings remain historically weak." The expectations index also rose to its highest level since July at 67.8 from 50.0, while the present situation index gained to its highest level since May at 38.3 from 27.1.

    Consumers' labor market assessment improved. The number of respondents that said they found "jobs hard to get" eased to 42.1 percent from 46.9 percent, while the "jobs plentiful" index rose to 5.8 percent from 3.6 percent.

    Consumers also felt better about price increases with expectations for inflation in the coming 12 months falling to 5.5 percent from 5.8 percent. (Reporting by Leah Schnurr, Editing by Chizu Nomiyama)
    Category: MBS, ECON
    Share:   
  • 11/29/11
    ECON: Home Prices Decline in September - Case-Shiller
    NEW YORK, Nov 29 (Reuters) - U.S. single-family home prices declined in September, highlighting the fragility of a market that is struggling to get back on its feet, a closely watched survey showed on Tuesday.

    The S&P/Case Shiller composite index of 20 metropolitan areas fell 0.6 percent from August on a seasonally adjusted basis. A Reuters poll of economists had forecast no change.

    Prices in August were also revised to show a decline of 0.3 percent after originally being reported as unchanged.

    The index has leveled off in recent months and analysts are hoping the market is at least stabilizing.

    "Over the last year home prices in most cities drifted lower," David Blitzer, chairman of the index committee at Standard & Poor's, said in a statement.

    "The plunging collapse of prices seen in 2007-2009 seems to be behind us. Any chance for a sustained recovery will probably need a stronger economy."

    For the third quarter, prices were down 1.2 percent from the previous quarter on a seasonally adjusted basis and were down 3.9 percent from the third quarter a year ago.

    Compared to a year ago, price declines in the 20 cities continued to improve in September and were down 3.6 percent after a year over year decline of 3.8 percent the month before. (Reporting by Leah Schnurr, Editing by Chizu Nomiyama)
    Category: MBS, ECON, INDUSTRY
    Share:   
  • 11/29/11
    KC Fed Alone in Seeking Higher Discount Rate - Fed Minutes
    (Reuters) - The Kansas City Federal Reserve Bank was the only institution in the Fed system to seek increases in the rate the Fed charges banks for emergency loans before the central bank's policy meeting in early November, meeting minutes showed on Tuesday.

    The Dallas Fed, which had sought an increase in the rate, known as the discount rate, in mid-September, joined the other 11 regional Fed banks in agreeing to keep the rate at 0.75 percent.

    The discount rate is distinct from the Fed's principal tool for setting monetary policy, the fed funds rate. The Fed cut the fed funds rate to near zero in December 2008 to pull the economy out of a deep recession.

    Fed bank heads said there had been small improvements to the economic recovery, but that financial turmoil due to the sovereign debt crisis in Europe posed a risk.

    With the economy growing modestly and energy and commodity prices receding, most bank heads supported keeping the discount rate steady, the minutes said. The minutes covered meetings held from late September through Oct. 31. (Reporting by Mark Felsenthal, Editing by Andrea Ricci)
    Category: MBS, FED
    Share:   
  • 11/29/11
    FED: Yellen See Scope For Further Fed Easing
    (Reuters) - Janet Yellen, the Federal Reserve's influential vice chair, said on Tuesday the U.S. central bank has room to ease monetary policy further to support a tenuous economic recovery.

    Yellen said turmoil in financial markets stemming from both Europe's banking crisis and general uncertainty about the outlook had increased the risks to the global economy, and that the Fed could offer additional support to U.S. growth.

    "The scope remains to provide additional accommodation through enhanced guidance on the path of the federal funds rate or through additional purchases of long-term financial assets," Yellen said in remarks prepared for delivery to a conference sponsored by the San Francisco Federal Reserve Bank.

    Yellen also called for policies to spur a faster recovery in the battered U.S. housing market, although she did not provide any specific recommendations.

    The Fed in September decided to dip its toes back into the housing market by reinvesting proceeds of maturing mortgage and housing agency debt from its portfolio back into the mortgage-backed securities market.

    Yellen said the contribution to the U.S. recovery from housing, which is usually key to economic rebounds, is likely to remain tepid in the near term, and that consumer spending is also not likely to be a key source of growth due to high household debt levels. (Reporting by Ann Saphir; Writing by Pedro Nicolaci da Costa; Editing by Andrea Ricci)
    Category: MBS, FED
    Share:   
 
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