May 2008 - MND NewsWire

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Mortgage Market Hit Hard by Fed Announcement; Bernanke OK with Higher Rates; Apps Tumble; Servicers Struggle With Settlement

Published: 6/20/2013

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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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Atlanta Fed's Lockhart Says U.S. Slowdown to Have Global Impact

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May 19 2008, 7:00 AM

Speaking at a conference on Saturday, Dennis Lockhart, Atlanta Fed President (non-voter) said inflation levels were 'elevated' and that a slowing U.S. economy would have global repercussions . He also pointed out that the U.S. economic slowdown was technically...
Rise in Housing Starts Unlikely to Begin a New Trend

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May 16 2008, 7:00 AM

Brian Bethune, chief U.S. financial economist at Global Insight, said the decline in single-family starts "certainly makes sense given the level of inventory , but the other numbers are puzzling." TD's Millan Mulraine added that "it may be tempting to...
Housing Starts Take a Small but Encouraging Jump in April

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by Glenn Setzer on May 16 2008, 7:00 AM

The rate of housing starts during April was 8.2 percent higher than in March. April�s rate was 1,032,000 and the revised March estimate was 954,000. The April figure, however, is 30.6 percent lower than the revised April 2007 rate of 1,487,000. Home builders...
Consumer Sentiment Unaffected by Tax Rebates

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May 16 2008, 7:00 AM

The first monthly reading for consumer confidence in May failed to show any improvement despite the beginning of the fiscal stimulus tax rebates , economists say. The preliminary consumer sentiment survey from Reuters and the University of Michigan tumbled...
Industrial Production Consistent with Recessionary Levels, Economists Say

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May 15 2008, 7:00 AM

Weakness in U.S. industrial production is consistent with recessionary levels , economists said following the 0.7% decline in Thursday's report from the Federal Reserve. T.J. Marta, fixed income strategist from RBC Capital Markets, said the "collapse"...
Bernanke Urges Firms to Raise More Capital

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May 15 2008, 7:00 AM

Speaking at the Chicago Fed's Conference on Bank Structure and Competition , Fed Chairman Ben Bernanke said he would strongly urge firms to continue raising new capital. "Recent events have also demonstrated the importance of generous capital cushions...
MBA Mortgage Applications Climbs 2.9%

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May 14 2008, 7:00 AM

Weekly mortgage applications in the United States rose in the week ending May 9, according to data from the Mortgage Bankers' Association (MBA) on Wednesday, which said applications increased by 2.9%. In the previous week, applications rebounded 15.6...
Investment Banks Need to Be Regulated

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May 14 2008, 7:00 AM

There is a need for investment banks to be regulated like commercial banks, according to former Fed Chairman Paul Volcker testifying before the Congressional Joint Economic Committee on Wednesday morning. Volcker also observed that the Fed's involvement...
Core CPI Gives Fed Green Light to Cut, Economist Says

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May 14 2008, 7:00 AM

The lower-than-expected core CPI report released Wednesday should allow the Fed to cut rates once again rather than worry about rising inflation, an economist says. However, as energy prices continue rising, there may be reason to put more emphasis on...
Banks Show Elevated Reluctance To Lend

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May 14 2008, 7:00 AM

There is an elevated amount of reluctance from banks to lend, according to Boston Fed President Eric Rosengren, speaking Wednesday at the Boston Fed's Basel II conference on New Challenges for Operational Risk Measurement and Management. "The practices...
Fed's Lockhart Sees Fragile Credit Conditions in U.S.

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May 13 2008, 7:00 AM

Delivering opening remarks at the Atlanta Fed's Financial Markets Conference, Dennis Lockhart , head of the Atlanta Federal Reserve (non-voter) said credit markets remain fragile given a loss of confidence from the subprime crisis....
Results from Piecemeal Housing Plans Leave Doubts About Effectiveness

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by Glenn Setzer on May 13 2008, 7:00 AM

Even as the House of Representatives passed two housing rescue bills and the Senate wrestles over a bill of its own, criticism is raining down on those remedies to the housing crisis that are already in place. There are so many piecemeal plans operating...
Dallas Fed Head Fisher Warns that Slowdown Will Be Prolonged but Not Very Deep

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May 13 2008, 7:00 AM

Dallas Federal Reserve President Richard Fisher (voter) speaking at the Hilton Midland Plaza in Texas said that the current economic slowdown will be prolonged, but not very deep. Fisher warned that the Federal Reserve is in a difficult situation trying...
Bernanke: Financial Market Conditions "Far From Normal"

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May 13 2008, 7:00 AM

Speaking at the Atlanta Fed's Financial Markets Conference, Federal Reserve Chairman Ben Bernanke addressed the current state of the U.S. economy, calling current financial market conditions "far from normal." "The provision of liquidity by a central...
New Fannie Mae Program May Benefit 150,000 Homeowners

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by Glenn Setzer on May 12 2008, 7:00 AM

Another program to aid in the subprime mortgage crisis has been announced by Fannie Mae . Under the new rules Fannie will refinance mortgages at up to 120 percent loan to value and the program appears to be limited to loans that are paid to date and that...

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