January 2008 - MND NewsWire

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MND NewsWire features plain and simple interpretations of industry related data and events written in a manner that maintains the interest of random readers while still catering to the perspective of a housing market professional.

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MBIA Reports Record Losses While Connecticut Investigates

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by Glenn Setzer on January 31 2008, 8:00 AM

Less than 48 hours after it was specifically named as a target of a state investigation of major bond rating agencies and insurers, MBIA announced a record quarterly loss after writing down $3.5 billion....
Mortgage Rates Still Falling Hitting Four Year Low

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by Glenn Setzer on January 30 2008, 8:00 AM

Mortgage interest rates for the week ended January 24 continued to fall and long term rates hit their lowest levels since the spring of 2004 according to the results of Freddie Mac's Primary Mortgage Market Survey for the week ended January 24, 2008....
NAHB Urges Mix of Housing Measures To Stimulate Economy

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by Glenn Setzer on January 29 2008, 8:00 AM

As predicted, special interest groups are chiming in with suggestions as to what the economic stimulus package proposed by the Bush Administration and being debated by Congress should contain. On Thursday, about the time the House was approving its version...
RealtyTrac Report Confirms Foreclosures Skyrocketing

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by Glenn Setzer on January 29 2008, 8:00 AM

RealtyTrac� an Irvine, California based firm that bills itself as the "leading online marketplace" released its 2007 U.S. Foreclosure Market Report on Tuesday which revealed that, during 2007, more than 2.2 million foreclosure filings were logged against...
New Homes Sales for 2007 Post Record Decline

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by Glenn Setzer on January 28 2008, 8:00 AM

The sales of new houses continued to decline in December according to monthly data jointly released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. Sales of new one-family houses during December were consummated at...
Countrywide CEO Waives Massive Severance Package

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by Glenn Setzer on January 28 2008, 8:00 AM

One of the more colorful characters in the ongoing subprime drama has given in to pressure and announced that he will forfeit about $37.5 million in severance pay and perks that were to accompany his retirement. Angelo Mozilo , CEO of Countrywide Financial...
Existing Home Sales Drop Again

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by Glenn Setzer on January 24 2008, 8:00 AM

Despite the steadily dropping sales throughout the year, 2007 ended up with the fifth highest sales of existing homes on record. 5,652,000 existing homes sold during the year but this was 12.8 percent fewer units than the 6,478,000 sold in 2006. Lawrence...
Increased Loan Limts May Be Included In House Bill

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by Glenn Setzer on January 24 2008, 8:00 AM

Reuter's news agency was announcing late Thursday morning that the U.S. economic stimulus package being hammered out in Congress would include a temporary up tick in the size of loans that Freddie Mac and Fannie Mae would be allowed to purchase. Republicans...
Mortgage Rates at 2.5 Year Low

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by Glenn Setzer on January 24 2008, 8:00 AM

Mortgage rates continued to fall during the week ended January 17 according to the results of the Primary Mortgage Market Survey released by Freddie Mac and, in the case of 30 and 15-year fixed rate mortgages (FRMs) reached the lowest level since July...
Can Saving PMI Also Save the Economy? Cramer Thinks So

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by Glenn Setzer on January 23 2008, 8:00 AM

Wall Street has been gyrating as it considers the Bush Administration's proposed economic stimulus plan and the Democrat controlled Congress's response to it. The plan is largely based on tax cuts for businesses and small cash rebates to individuals and...
Fed Slashes Interest Rates

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by Glenn Setzer on January 22 2008, 8:00 AM

In a nearly unprecedented move the Federal Reserve early Tuesday cut the Federal discount rate by .75 of a point, the largest single rate cut in 20 years......
NAR Chimes in With an Economic Stimulus Wishlist

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by Glenn Setzer on January 18 2008, 8:00 AM

Now it begins. The President and the Chairman of the Federal Reserve admitted on Thursday (whether belatedly or not is for others to determine) that the U.S. economy is taking a header, and yes something needs to be done about it but, no, we aren't quite...
MBA Touts Role in Helping Mortgage Borrowers

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by Glenn Setzer on January 18 2008, 8:00 AM

The Mortgage Bankers Association ( MBA ) released information Thursday on the role the mortgage industry is playing in the current drive to help homeowners who are delinquent on or struggling with their mortgages. According to MBA's data, during the third...
Housing Permits and Starts Drop Sharply In December

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by Glenn Setzer on January 17 2008, 8:00 AM

Housing starts took another nose-dive in December according to a joint release from the U.S. Census Bureau and the Department of Housing and Urban Development. According to Wall Street Journal OnLine, the magnitude of the decline surprised Wall Street...
Merrill Lynch Losses Near Top of Analysts Estimates

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by Glenn Setzer on January 17 2008, 8:00 AM

As expected, Merrill Lynch became the umpteenth financial institution to take record write-downs linked to the sub-prime mortgage fiasco. The U.S. investment bank's announced $14.1 billion in adjustments in the fourth quarter came in......

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