March 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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Curtain May be Rising on a New Toxic Asset Mess

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by Jann Swanson on March 31 2009, 3:29 PM

It looks like the mortgage soap opera may be well into a new act and one doomsayer is predicting that there is a rotund woman with a horned helmet and a spear waiting in the wings. Iris Martin, writing in the Huffington Post on Monday set forth her claim...
Home Prices Down Nearly 20% in Metro Areas

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March 31 2009, 9:05 AM

The S&P Case-Shiller U.S. home price index fell more than expected in January, with prices down nearly 20% from a year ago. The 20-city composite index posted a decline of 18.97% to a reading of 146.40. Economists had forecast an 18.60% drop. The...
Freddie PMMS Shows Another Record Low Rates

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by Jann Swanson on March 26 2009, 12:34 PM

For the third time in 2009 mortgage interest rates hit a new record low according to results of Freddie Mac's Primary Mortgage Market Survey released this morning. During the week ended March 26 the 30-year fixed-rate mortgage (FRM) averaged 4.85...
Treasury Wants to Impose More Stringent Requirements on Large Institutions

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March 26 2009, 10:01 AM

The U.S. Treasury Department wants to impose more stringent rules and regulations on large, systemically critical institutions in the United States, as well as the authority to unwind such firms in the event of a possible collapse. In testimony to the...
Moody's Downgrades Bank of America, Says May Need Aid

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March 25 2009, 4:01 PM

Bank of America might need another injection of capital from the U.S. government, Moody's Investor Service said after a downgrade. Moody's cut the bank's senior debt to A2 from A1, the senior subordinated debt to A3 from A2, and the junior...
Fed to Safeguard Financial System, Says Fed Governor Duke

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March 25 2009, 10:17 AM

The U.S. banking system is facing "serious challenges", but the Federal Reserve will continue "to ensure that the banking system remains safe and sound and is able to meet the credit needs of our economy," Fed Governor Elizabeth Duke...
New Home Sales Unexpectedly Surge 4.7%

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March 25 2009, 10:04 AM

New home sales in the U.S. unexpectedly rose in February, the Department of Commerce reported Wednesday. Meanwhile, the median sale price continued to fall. New home sales rose to an annualized pace of 337k, a 4.7% increase from January, the report said...
FHFA House Prices Unexpectedly Climb in January

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March 24 2009, 10:59 AM

U.S. house prices unexpectedly advanced in January, according to a report from the Federal Housing and Finance Administration on Tuesday. The report showed a 1.7% month-over-month increase in U.S. house prices following a downwardly revised 0.2% decline...
FDIC's Bair Says Some U.S. Banks Could be Beyond Help

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March 23 2009, 3:39 PM

Federal Deposit and Insurance Corporation (FDIC) head Sheila Bair said Monday that some U.S. financial institutions may be beyond help from U.S. government agencies, and some banks will close. In a conference call with reporters, Bair touted the U.S....
White House Advisor Summers Says Investors Eager to Share in Toxic Debt Plan

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March 23 2009, 11:21 AM

White House Economic Advisor Lawrence Summers said Monday that there is substantial private investor interest in the government's public and private partnership plan to take bad assets off banks' balance sheets. Stocks rallied following the announcement...
Existing Home Sales Climb Beyond Expectations, Boost Stocks

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March 23 2009, 10:08 AM

Existing home sales climbed well above expectations on Monday, a welcome respite from the mostly dismal news on the U.S. housing sector. Existing home sales grew 5.1% in February against expectations for a 0.9% decline, and following a 5.3% drop in January...
Geithner to Unveil Details of Toxic Debt Plan

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March 23 2009, 7:13 AM

The U.S. Treasury is gearing up to unveil the details of the Public-Private Investment Program on Monday in a bid to provide support to the balance sheets of financial institutions and support the " toxic debt " market, which includes mostly...
Bond Yields Continue to Drag Rates Lower

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by Jann Swanson on March 19 2009, 11:53 AM

Mortgage interest rates dropped near record lows during the week ended March 19 according to information released by Freddie Mac Thursday morning. The mortgage data is based on results from Freddie's Weekly Mortgage Market Survey and showed that the...
FDIC & Fed Want Systemic Regulator in U.S.

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March 19 2009, 10:07 AM

The Federal Reserve and Federal Deposit Insurance Corporation want to create systemic regulator in the United States and overhaul the financial system to prevent and limit impacts from financial crises, according to officials from both bodies. "It...
Now Fannie Announces Bonuses

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by Jann Swanson on March 18 2009, 4:55 PM

Under the category of "Some People Never Learn," both Freddie Mac and Fannie Mae are reportedly planning on paying huge bonuses to key executives this year in order to retain their services. The Associated Press is reported that Fannie Mae will...

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