January 2009 - 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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Seeing Gold in Troubled Mortgage Assets

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by Jann Swanson on January 30 2009, 1:46 PM

It has taken longer than I thought it would, but someone has finally moved to take advantage of the potential profit waiting out there in the midst of the current mortgage mess. With all of the bad news about subprime loans, the back and forth of the...
'Bad Bank' Plan Hits a Snag, CNBC's Gasparino Says

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January 29 2009, 7:33 PM

Plans to pool toxic assets into a U.S. government-owned bank may have encountered a problem, CNBC is reporting. On Tuesday, stock markets rallied on hopes the 'bad bank' would help clear up the problems that a plaguing balance sheets. The original...
Mortgage Rates Largely Unchanged for Week

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by Jann Swanson on January 29 2009, 10:41 AM

Mortgage rates this week were steady, moving only slightly up or down if at all. Results from the Primary Mortgage Market Survey released by Freddie Mac Thursday morning showed that the 30-year fixed-rate mortgage (FRM) averaged 5.10 percent with 0.7...
New Home Sales Plunge 14.7% in December to Slowest Pace on Record

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January 29 2009, 10:04 AM

New home sales in the U.S. fell much more than expected in December to their slowest pace on record, the Commerce Department reported Tuesday. Meanwhile, the median sale price fell to $206,500. New home sales fell to an annualized pace of 331k, a 14.7...
House Approves Obama's $819 Billion Stimulus Plan

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January 28 2009, 6:24 PM

The U.S. House of Representatives passed Barack Obama's $819 billion stimulus plan Wednesday night. Parts of the plan include spending on welfare, food stamps, unemployment benefits and community action agencies. Also, $40 billion will go towards...
Geithner Reviewing Options for Banking Sector Rescue Plan

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January 28 2009, 2:19 PM

U.S. Treasury Secretary Timothy Geithner said he is looking at a "range of options" for rescuing the banking sector and that a recovery plan will be unveiled soon. Speaking prior to his meeting with TARP officials, Geithner said, "We are...
Obama's $825 Billion Package Expected to be Passed Wednesday

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January 28 2009, 10:58 AM

President Barack Obama has been urging congressional officials to pass a massive fiscal stimulus package by mid-February. The House is set to vote on the proposal on Wednesday; once accepted, it will take several more weeks to weigh out the details. Obama...
Government Plans to Set Up 'Bad Bank' to Buy Toxic Assets

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January 28 2009, 7:59 AM

The U.S. government is crafting plans to create a 'bad bank' to purchase toxic assets from financial institutions and strengthen the balance sheets of financial institutions, according to a report from CNBC on Tuesday evening. The concept of a...
Mortgage Applications Down 38% Over Last Week

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January 28 2009, 7:02 AM

Weekly mortgage applications in the United States fell in the week ending Jan. 23, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 38.8% week-over-week decrease in applications. In the previous...
The Day Ahead: FOMC Rate Decision

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January 27 2009, 6:58 PM

Market participants are waiting in anticipation for the Federal Open Market Committee's rate decision on Wednesday. The consensus largely expects that with rates currently set between 0.00% and 0.25%, the Fed will leave rates unchanged. The focus...
Treasury to Infuse 23 Smaller Banks with Fresh Capital

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January 27 2009, 4:39 PM

The Treasury Department announced it would infuse $386 million into 23 banks across the nation as part of its Capital Purchase Program (CPP) on Tuesday. The plan will put capital directly "into healthy, viable banks with the goal of increasing the...
Treasury's Geithner Announces New Rules for Economic Stabilization Act

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January 27 2009, 11:12 AM

Wasting no time in his new position at the U.S. Treasury, Secretary Timothy Geithner announced "several key reforms" to the Emergency Economic Stabilization Act (EESA) on Tuesday. Citing "President Barack Obama's firm commitment to...
S&P/Case-Shiller Home Price Index Declines by 18.2% in November

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January 27 2009, 9:07 AM

The S&P Case-Shiller home price index fell in line with expectations in November as the 20-city composite index posted a decline of 18.18% to a reading of 154.59. Economists had forecast a 18.40% drop. The three-month annualized rate of decline was...
Timothy Geithner Confirmed as Treasury Secretary

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January 26 2009, 6:37 PM

Timothy Geithner was confirmed as U.S. Treasury secretary by the Senate Monday night. Despite outbursts of Republican opposition throughout the day from Senators, including Oklahoma's James Inhofe and South Dakota Senator John Thune, Geithner's...
Foreclosures Give Boost to Existing Home Sales

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January 26 2009, 10:37 AM

The housing market performed miserably in 2008, but the final month of the year showed an upside surprise in sales of previously-owned homes against expectations of a third consecutive monthly decline. The pace of existing home sales jumped 6.5% in December...

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