June 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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Is Any Company Safe from Subprime Related Lawsuits?

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by Glenn Setzer on June 30 2008, 7:00 AM

...He cites as examples appraisers, "fee hungry" mortgage brokers, and real estate agents who participated in putting home buyers into subprime mortgages they could not afford. There may also be, as Lenckus puts it, an unknown number of "widget manufacturers...
Treasury's Paulson Says Fed's Role Must be as a Stabilizer

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June 30 2008, 7:00 AM

Speaking to journalists en route to Berlin, Treasury Secretary Henry Paulson said that his speech on July 2 will focus on the Federal Reserve's role as a macro stability regulator. Paulson said that speech will focus on the Federal Reserve's process for...
Dallas Fed Mfg Index Declines in June

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June 30 2008, 7:00 AM

Texas business activity declined further in June according to the Dallas Fed's manufacturing report on Monday, whose business activity index fell to -24.1 from May's -10.3. "Several indicators for current conditions declined from May levels and turned...
Monday's Events: Canadian GDP, ISM Chicago PMI, ECB's Constancio

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June 30 2008, 7:00 AM

Canadian GDP and the ISM-Chicago Purchasing Manager's Index will highlight the start of what is looking to be a busy shortened week on the North American data front. In the afternoon, comments from Portuguese Central Banker Vitor-Manuel Ribeiro Constancio...
Chicago Business Barometer Approaches Growth Levels at 49.6 in June

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June 30 2008, 7:00 AM

The ISM-Chicago business barometer remained below 50 for the fifth consecutive month in June, yet improved more than expected, coming in at 49.6, against expectations that it would fall to 48.0 from 49.1 in May. "The threat of an economic recession spreading...
May PCE Core Deflator Rises Lower-Than-Expected at 0.1%

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June 27 2008, 7:00 AM

The Federal Reserve's preferred measure of inflation , the personal consumption expenditures (PCE) core deflator, advanced by 0.1% (0.113%) in May, below expectations and contributing to a year-over- year change of 2.1% (2.139%), according to a report...
Fed Minutes Says Bear Stearns Actions, Primary Lending Facility Necessary

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June 27 2008, 7:00 AM

In the minutes released from a meeting of Fed Governors to approve Bear Stearns' acquisition by JPMorgan and the establishment of a lending facility to primary lenders on March 14 and 16, the Fed reaffirmed that the moves were "based on recent, rapidly...
Friday's Events: U.S. Core PCE, Personal Income and Spending, Cnd IPPI & RPI

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June 27 2008, 7:00 AM

U.S. core PCE, personal income and spending, and final data from the Michigan consumer sentiment survey will finish off the U.S. economic data week as Canadians receive industrial product and raw material prices along with average payroll earnings. Overseas...
Fed Creates Two New Entities for Risk Management and Communication

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June 26 2008, 7:00 AM

The New York Fed created two new entities on Thursday in an effort to improve the bank's risk management and communications among regional and community banks. The Communications Group "was created in recognition of the increasing roles and responsibilities...
And Yet the Sale of Countrywide is Going to Happen

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by Glenn Setzer on June 26 2008, 7:00 AM

The sale of Countrywide Mortgage to Bank of America absorbed another blow this week as three states took legal action against the lender. The attorneys general of California and Illinois and the Washington State department that regulates financial institutions...
Condo Sales Main Driver of 2.0% Rise in U.S. Existing Home Sales

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June 26 2008, 7:00 AM

Condominium sales were the main driver of the 2.0% rise in existing home sales in May, which came in higher than the 1.2% gain expected by economists. Condo sales rose 5.5% in May, more than reversing the 5.2% monthly drop in April, while single family...
Soaring Gas Price Will Push Millions Off the Road, Says CIBC Report

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June 26 2008, 7:00 AM

Soaring world oil prices will drive the cost of gasoline in the U.S. into the stratosphere over the next two years, forcing many Americans off the road and drastically altering the driving habits of millions more, according to a report released Thursday...
Higher Jobless Claims Data Indicate Job Market Deterioration, Economists Say

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June 26 2008, 7:00 AM

Economists say the higher-than-expected initial jobless claims reading for the week ending June 21 and four-year high reached in continuing claims illustrates the continued deterioration of the U.S. labour market. "Three straight weeks of claims in the...
U.S. Existing Home Sales Rise 2.0% to 4.99 Million in May

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June 26 2008, 7:00 AM

U.S. existing home sales rose to 4.99 million units in May, or 2.0%, following April's unrevised sales figure of 4.89 million. This is the third month that home sales have remained under the 5 million mark. Economists were expecting the May data to rise...
Thursday's Events: Final US Q1 GDP, Initial Jobless Claims, U.S. Existing Home Sales

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June 26 2008, 7:00 AM

A final look at U.S. first quarter GDP and initial jobless claims will be the key releases of the morning followed by the releasing of U.S. existing home sales. Europeans will be paying attention to comments from J�rgen Stark of the European Central Bank...

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