September 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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IMF's Chief Strauss-Kahn Says Europe Must Join US and Devise Bailout Strategy

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September 30 2008, 8:04 PM

In an interview with Reuters Tuesday night, IMF chief Dominique Strauss-Kahn said the United States Congress must act urgently and approve the $700 billion bailout plan. He said even if it's imperfect it's better than nothing. He said Europe needs...
Fed's Lockhart Says Markets Threatening Outlook on Economic Growth

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September 30 2008, 1:10 PM

Speaking at an event in New Orleans, Atlanta Fed President Dennis Lockhart (non-voter) said that markets pose a serious threat to the economy. "Today we're in the midst of very stressed financial markets with the potential of doing serious damage...
Economists Look to Rate Cuts, Second Financial Rescue Package for Hope

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September 30 2008, 9:37 AM

After failing to pass a bill geared at kick starting the financial system in the United States on Monday, market participants are looking for help from central bankers in the form of rate cuts and a return of the failed bill as early as Thursday. According...
Current Events Could make the World a Better Place

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by Jann Swanson on September 30 2008, 9:37 AM

Congress has lurched back and forth on the bail-out bill or, as we are now supposed to say a "rescue," coming down on the side of defeating the current version Monday afternoon. However, it was clear over the weekend that, no matter how this...
Case-Shiller Home Price Index Continues to Decline in July

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September 30 2008, 9:12 AM

The S&P Case-Shiller home price index fell more than expected in the July as the 20-city composite index posted an annual decline of 16.3%, extending the prior month's 15.9% decline. The Case-Shiller index has fallen every month since peaking...
Overnight USD LIBOR Makes Biggest Jump on Record

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September 30 2008, 8:52 AM

In the largest rise on record, the British Bankers Association reported that the overnight U.S. dollar inter-bank lending rate (LIBOR) jumped 431 basis points to 6.88% . Last week, the overnight LIBOR was 2.95%, suggesting a further sharp tightening of...
Fed Funds Futures Price in 50Bp Cut

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September 30 2008, 8:51 AM

As the U.S. Congress voted to reject the bailout legislation, Fed Funds Futures are pricing in a 66% chance of a 50bp rate cut and 34% of a 75bp cut for the next Federal Reserve meeting scheduled for Oct. 29. In a stunning turn of events that sparked...
Tuesday's Events: Canadian GDP; U.S. Consumer Confidence, ISM Chicago PMI

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September 30 2008, 7:51 AM

Economic data realeased today will include the S&P/Case Shiller house price index , U.S. consumer confidence , and the Chicago purchasing managers index. But in the aftermath of the House of Representatives rejecting the financial rescue package,...
Fed's Hoenig Says U.S. Will Emerge From Crisis With a Stronger Economy

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September 30 2008, 8:36 AM

The Federal Reserve's Thomas Hoenig said he will be more anxious than others to raise rates when feasible. The Bank of Kansas City President was speaking at a bank-sponsored forum in Nebraska. Hoenig said inflation in the U.S. at 5.5% is too high...
U.S. Attorney's Office Investigating Accounting, Disclosure at Fannie and Freddie

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September 29 2008, 10:22 AM

Freddie Mac and Fannie Mae continue to be a source of scrutiny after it was announced that the Government Sponsored Enterprises have been subpoenaed by New York Attorney's Office . Meanwhile, the Securities and Exchange Commission gave notice that...
House Rejects Emergency Economic Stabilization Act

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September 29 2008, 2:09 PM

After several days of deliberation, a majority of U.S. House representatives voted to reject the Emergency Economic Stabilization Act of 2008 in a final vote of 228 to 205. Although many U.S. officials agreed on the necessity of the plan, which was seen...
Bernanke Says Proposed Bill to Restore Flow of Credit

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September 29 2008, 8:42 AM

In a statement released Monday morning, Federal Reserve Chairman Ben Bernanke said he welcomes the rescue package bill agreed to by U.S. lawmakers and that it should help stabilize the financial system. "This legislation should help to restore the...
Rescue Plan Finalized, $250 Billion in Funding to be Released Up Front

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September 29 2008, 9:13 AM

Congressional lawmakers have reached agreement on the final details of a $700 billion U.S. financial market rescue package that will release $250 billion of funding immediately. The 106-page document, entitled the Emergency Economic Stabilization Act...
Paulson Says Wachovia Was Systemic Risk

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September 29 2008, 8:52 AM

After the Federal Deposit Insurance Corporation (FDIC), Federal Reserve and U.S. Treasury facilitated the acquisition of Wachovia by Citigroup, U.S. Treasury Secretary Henry Paulson said the failure of Wachovia posed a systemic risk to the U.S. economy...
Citigroup to Acquire Wachovia Operations in Government Brokered Deal

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September 29 2008, 8:46 AM

The U.S. government facilitated a takeover of Wachovia by Citigroup on Monday. The agreement is a complex deal that shares liabilities between the Federal Deposit Insurance Corporation (FDIC) and Citigroup while leaving Wachovia holding some of its assets...

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