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State Name: New Jersey
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You are viewing Micro News from Friday, Nov 16, 2012 - View all recent Micro News
  • 11/16/12
    Here's one of those "more of a heads up than an out...
    MBS Updates are a service provided to MBS Live! subscribers only.
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    Category: MBS, alert
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  • 11/16/12
    NY AG To Wells Fargo: Reverse Policy That Denies Foreclosure Relief In The Wake Of Hurricane Sandy
    NEW YORK - Attorney General Eric T Schneiderman today warned Wells Fargo to reverse a new policy that temporarily suspends review of mortgage relief applications from New York homeowners, many of whom are still struggling to recover in the aftermath of Hurricane Sandy. In a letter to Wells Fargo, Attorney General Schneiderman warned the bank that its directive to suspend “all home preservation reviews and decisions” across the Northeast “in order to await further instructions from FEMA” likely violates the terms of the National Mortgage Settlement. That historic agreement, reached in March between 49 State Attorneys General, the Department of Justice, and the nation’s five largest mortgage servicing companies including Wells Fargo, mandates lender compliance with a number of servicing reforms, including swift review and response timelines for borrowers seeking mortgage modifications and other forms of relief.

    Attorney General Schneiderman informed Wells Fargo that his office will not allow the bank to use the devastation inflicted by Sandy to evade their obligations under the settlement. The Attorney General’s letter to the Chairman, President and CEO of Wells Fargo today demands the bank immediately rescind this policy and comply with its obligations without interruption.

    “Wells Fargo is not excused from any of its obligations under the National Mortgage Settlement or under New York law as a result of Hurricane Sandy,” wrote Attorney General Schneiderman. “My office will aggressively pursue any loan servicing company that uses this tragic event as an excuse to violate loss mitigation decision timelines.”
    Category: MBS, INDUSTRY
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  • 11/16/12
    Equities markets have been tanking from the get-go...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 11/16/12
    The overnight session was essentially a non-issue for...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 11/16/12
    ECON: Industrial Production Weaker Than Expected, Storm Cited
    - Output down 0.4 pct vs +0.2 consensus
    - Capacity Utilization 77.8 vs 78.3 consensus
    - Hurricane reduced rate of change in output by nearly 1%

    Industrial production declined 0.4 percent in October after having increased 0.2 percent in September. Hurricane Sandy, which held down production in the Northeast region at the end of October, is estimated to have reduced the rate of change in total output by nearly 1 percentage point. The largest estimated storm-related effects included reductions in the output of utilities, of chemicals, of food, of transportation equipment, and of computers and electronic products. In October, the index for manufacturing decreased 0.9 percent; excluding storm-related effects, factory output was roughly unchanged from September. The output of utilities edged down 0.1 percent in October, and production at mines advanced 1.5 percent. At 96.6 percent of its 2007 average, total industrial production in October was 1.7 percent above its year-earlier level. Capacity utilization for total industry decreased 0.4 percentage point to 77.8 percent, a rate 2.5 percentage points below its long-run (1972--2011) average.
    Category: MBS, ECON
    Share:   
  • 11/16/12
    NY AG To Wells Fargo: Reverse Policy That Denies Foreclosure Relief In The Wake Of Hurricane Sandy
    NEW YORK - Attorney General Eric T Schneiderman today warned Wells Fargo to reverse a new policy that temporarily suspends review of mortgage relief applications from New York homeowners, many of whom are still struggling to recover in the aftermath of Hurricane Sandy. In a letter to Wells Fargo, Attorney General Schneiderman warned the bank that its directive to suspend “all home preservation reviews and decisions” across the Northeast “in order to await further instructions from FEMA” likely violates the terms of the National Mortgage Settlement. That historic agreement, reached in March between 49 State Attorneys General, the Department of Justice, and the nation’s five largest mortgage servicing companies including Wells Fargo, mandates lender compliance with a number of servicing reforms, including swift review and response timelines for borrowers seeking mortgage modifications and other forms of relief.

    Attorney General Schneiderman informed Wells Fargo that his office will not allow the bank to use the devastation inflicted by Sandy to evade their obligations under the settlement. The Attorney General’s letter to the Chairman, President and CEO of Wells Fargo today demands the bank immediately rescind this policy and comply with its obligations without interruption.

    “Wells Fargo is not excused from any of its obligations under the National Mortgage Settlement or under New York law as a result of Hurricane Sandy,” wrote Attorney General Schneiderman. “My office will aggressively pursue any loan servicing company that uses this tragic event as an excuse to violate loss mitigation decision timelines.”
    Category: MBS, INDUSTRY
    Share:   
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  • 11/16/12
    Here's one of those "more of a heads up than an out...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 11/16/12
    NEW YORK - Attorney General Eric T Schneiderman today warned Wells Fargo to reverse a new policy that temporarily suspends review of mortgage relief applications from New York homeowners, many of whom are still struggling to recover in the aftermath of Hurricane Sandy. In a letter to Wells Fargo, Attorney General Schneiderman warned the bank that its directive to suspend “all home preservation reviews and decisions” across the Northeast “in order to await further instructions from FEMA” likely violates the terms of the National Mortgage Settlement. That historic agreement, reached in March between 49 State Attorneys General, the Department of Justice, and the nation’s five largest mortgage servicing companies including Wells Fargo, mandates lender compliance with a number of servicing reforms, including swift review and response timelines for borrowers seeking mortgage modifications and other forms of relief.

    Attorney General Schneiderman informed Wells Fargo that his office will not allow the bank to use the devastation inflicted by Sandy to evade their obligations under the settlement. The Attorney General’s letter to the Chairman, President and CEO of Wells Fargo today demands the bank immediately rescind this policy and comply with its obligations without interruption.

    “Wells Fargo is not excused from any of its obligations under the National Mortgage Settlement or under New York law as a result of Hurricane Sandy,” wrote Attorney General Schneiderman. “My office will aggressively pursue any loan servicing company that uses this tragic event as an excuse to violate loss mitigation decision timelines.”
    Category: MBS, INDUSTRY
    Share:   
  • 11/16/12
    Equities markets have been tanking from the get-go...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 11/16/12
    The overnight session was essentially a non-issue for...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 11/16/12
    - Output down 0.4 pct vs +0.2 consensus
    - Capacity Utilization 77.8 vs 78.3 consensus
    - Hurricane reduced rate of change in output by nearly 1%

    Industrial production declined 0.4 percent in October after having increased 0.2 percent in September. Hurricane Sandy, which held down production in the Northeast region at the end of October, is estimated to have reduced the rate of change in total output by nearly 1 percentage point. The largest estimated storm-related effects included reductions in the output of utilities, of chemicals, of food, of transportation equipment, and of computers and electronic products. In October, the index for manufacturing decreased 0.9 percent; excluding storm-related effects, factory output was roughly unchanged from September. The output of utilities edged down 0.1 percent in October, and production at mines advanced 1.5 percent. At 96.6 percent of its 2007 average, total industrial production in October was 1.7 percent above its year-earlier level. Capacity utilization for total industry decreased 0.4 percentage point to 77.8 percent, a rate 2.5 percentage points below its long-run (1972--2011) average.
    Category: MBS, ECON
    Share:   
  • 11/16/12
    ECON: Industrial Production Weaker Than Expected, Storm Cited
    - Output down 0.4 pct vs +0.2 consensus
    - Capacity Utilization 77.8 vs 78.3 consensus
    - Hurricane reduced rate of change in output by nearly 1%

    Industrial production declined 0.4 percent in October after having increased 0.2 percent in September. Hurricane Sandy, which held down production in the Northeast region at the end of October, is estimated to have reduced the rate of change in total output by nearly 1 percentage point. The largest estimated storm-related effects included reductions in the output of utilities, of chemicals, of food, of transportation equipment, and of computers and electronic products. In October, the index for manufacturing decreased 0.9 percent; excluding storm-related effects, factory output was roughly unchanged from September. The output of utilities edged down 0.1 percent in October, and production at mines advanced 1.5 percent. At 96.6 percent of its 2007 average, total industrial production in October was 1.7 percent above its year-earlier level. Capacity utilization for total industry decreased 0.4 percentage point to 77.8 percent, a rate 2.5 percentage points below its long-run (1972--2011) average.
    Category: MBS, ECON
    Share:   
 
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