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| 30 Yr Fix |
5.94% |
-0.16% |
| 15 Yr Fix |
5.63% |
-0.15% |
| 1 Yr ARM |
5.15% |
0.03% |
| 5/1 ARM |
5.90% |
-0.10% |
| 30 Yr Tres |
4.06% |
0.03% |
| Fed Prime |
5.00% |
-0.25% |
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TOP VIDEO NEWS
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10/10/2008 11:06:18 AM
President Bush addressed the nation and said the U.S. can and will solve the credit crisis.
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10/10/2008 1:23:23 PM
The credit crunch has hit the Chicago Cubs, and CNBC's Darren Rovell has the details.
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10/10/2008 1:43:56 PM
How to play the CDS market, Tim Backshall, Credit Derivatives Research and CNBC's Bill Griffeth, Sue Herera, Michelle Caruso-Cabrera & Dennis Kneale.
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MORTGAGE NEWS DAILY HEADLINES
WSJ Says U.S. Government Planning Dramatic UK-Style Intervention
Fri, 10 Oct 2008 08:58:31 EST
An exclusive report from the Wall Street Journal says the U.S. government is weighing options on a far-reaching plan that would be the most extensive government intervention into the financial system seen so far.
A Prominent Economist and Comfort from the Past
Fri, 10 Oct 2008 09:09:35 EST
In the midst of the current panic, economist Robert J. Samuelson offers some reassurance in his Newsweek column in the October 13 issue.
Paulson Says Crisis Highlights Need for Regulatory Reform
Fri, 10 Oct 2008 08:55:25 EST
In a policy statement released by the President's Working Group on Financial Markets, U.S. Treasury Secretary Henry Paulson said that there is much work to be done on market regulation.
Treasury Likely to Take Bank Equity Stakes
Thu, 9 Oct 2008 13:00:15 EST
The U.S. Treasury will use a portion of the Troubled Asset Relief Program (TARP) to take equity stakes in financial institutions, according to the White House.
Most Mortgage Rates Drop Reflecting Bond Yields
Thu, 9 Oct 2008 12:48:17 EST
Weekly Mortgage Market Summary
RTC could be Rescue Plan Role Model
Thu, 9 Oct 2008 07:51:07 EST
The Corporation, fondly known as the RTC, was the entity created to resolve the last financial debacle when 1043 savings and loan companies (thrifts), about half the nation's total, failed due to unbridled, ill-advised, and (ahem) unregulated lending practices.
Crisis Taking Toll on U.S. Consumer Confidence, RBC Survey Shows
Thu, 9 Oct 2008 07:17:19 EST
In its largest single monthly decline, RBC's Consumer Attitudes and Spending by Household (CASH) Index showed the economic crisis is driving down consumer confidence in the U.S.
Jobless Claims Continue to Suggest Recession, Economists Say
Thu, 9 Oct 2008 07:11:33 EST
Economists say the worrying trend of jobless claims adds further evidence that payrolls will continue to decline for many months.
AIG Assumes Additional $37.8 Billion Loan
Thu, 9 Oct 2008 07:14:01 EST
On Wednesday evening, the U.S. Federal Reserve authorized an additional $37.8 billion loan to U.S. insurance giant American International Group after authorities took the firm into conservatorship and provided it with an $85 billion loan in September.
Paulson Says Rescue Fund Will Inject Capital into Financial Institutions
Wed, 8 Oct 2008 13:39:17 EST
The $700 billion rescue package passed last week by the U.S. Congress will in part be used to inject capital into financial institutions, Treasury Secretary Henry Paulson said during a press conference on Wednesday.
Economists Say Soaring Pending Home Sales Don't Point to Bottom Just Yet
Wed, 8 Oct 2008 08:11:08 EST
Economists say the surprise gain in pending home sales in August doesn't mean the worst times in the housing market are over, but the advance in sales is at least a step in the right direction.
Pending Home Sales Soar 7.4% in August
Wed, 8 Oct 2008 07:37:56 EST
Pending home sales unexpectedly soared by 7.4% in August, according to the National Association of Realtors (NAR) on Wednesday.
MBA Mortgage Applications Move Up in Week Ending Oct. 3
Wed, 8 Oct 2008 06:03:42 EST
Weekly mortgage applications increased in the week ending Oct. 3, according to data released from the Mortgage Bankers Association (MBA) on Wednesday.
World Central Banks Announce Co-ordinated 50bp Rate Cuts
Wed, 8 Oct 2008 05:59:34 EST
Major world central banks announced co-ordinated interest rate cuts early Wednesday morning.
Federal Reserve Cuts Rates 50 bps in Co-ordinated Central Bank Action
Wed, 8 Oct 2008 05:35:36 EST
The Federal Reserve was among six major world central banks that delivered an inter-meeting 50 basis point cut to its overnight lending rate.
August Consumer Credit Falls at Fastest Pace in Over a Decade
Tue, 7 Oct 2008 12:38:06 EST
The latest consumer credit report issued by the Federal Reserve shows Americans were paying down their debt at record levels in August.
IMF Says Global Growth Headed for "Major Downturn" in 2009
Tue, 7 Oct 2008 12:15:44 EST
The outlook for global growth in 2009 took a pessimistic tone on Tuesday as the International Monetary Fund released a staff report forecasting a "major downturn" in the global economy in 2009.
Tuesday's Events: Fed's Bernanke, ECB's Trichet to Speak, FOMC Minutes
Tue, 7 Oct 2008 06:28:23 EST
Comments from Fed Chairman Ben Bernake will be the highlight of the day's economic news.
Fed Creates New Facility to Purchase Unsecured Commercial Paper
Tue, 7 Oct 2008 06:29:46 EST
Using its extraordinary powers during times of turmoil, the Fed announced the creation of the Commercial Paper Funding Facility (CPFF), allowing the central bank to purchase three-month unsecured commercial paper.
Global Central Banks Continue USD Liquidity Provisions
Tue, 7 Oct 2008 06:20:01 EST
Announcing ongoing co-ordinated efforts to provide U.S. dollar liquidity to the financial system, the Fed, European Central Bank, Bank of England, Bank of Japan, Swiss National Bank, and Bank of Canada have pledged to continue working together to provide additional liquidity to the financial marketplace.
PIMCO's Gross Says Fed Must Act as Clearing House and Buy Commercial Paper
Mon, 6 Oct 2008 14:51:56 EST
The head of the world's largest bond fund said the Fed needs to take additional steps to calm markets and instill confidence.
Treasury to Name Former Goldman Banker as Interim Head of Rescue Op
Mon, 6 Oct 2008 12:39:43 EST
Neel Kashkari, former vice-president at Goldman Sachs and current assistant secretary of international affairs at the U.S. Treasury, is expected to become the interim head of the $700 billion rescue package.
World Bank President Zoellick Says G7 "Not Working"
Mon, 6 Oct 2008 09:37:45 EST
Speaking at the Peterson Institute for International Economics in Washington D.C. on Monday, World Bank President Robert Zoellick said the G7 is "not working" and called for a new multilateral network for the new global economy.
Countrywide Customers to Get Foreclosure Assistance
Mon, 6 Oct 2008 08:38:56 EST
The new program will involve the creation of a proactive home retention solutions expected to affect nearly 400,000 former Countrywide customers.
Wachovia Says Deal With Wells Fargo Still Stands, Citigroup Can Top Offer
Mon, 6 Oct 2008 07:14:01 EST
In New York Appeals Court, Wachovia Corp. has succeeded in over-turning the emergency order by Justice Charles Ramos issued yesterday in New York State Supreme Court which gave Citigroup Inc. the sole legal authority to negotiate with the bank.
Treasury May Buy Some Bad Apples From Fannie Mae and Freddie Mac
Mon, 6 Oct 2008 06:43:04 EST
Mortgage giants Fannie Mae and Freddie Mac could possibly sell some bad assets to the U.S. Treasury.
House Approves Financial Rescue Plan in 263 to 171 Vote
Fri, 3 Oct 2008 10:40:21 EST
After days of deliberation, the House of Representatives voted in favour of the Emergency Economic Stabilization Act of 2008 on Friday in a vote of 263 to 171.
Citigroup Defends Wachovia Takeover After Surprise Wells Fargo Bid
Fri, 3 Oct 2008 09:27:09 EST
Citi says Wachovia's agreement to a transaction with Wells Fargo is in clear breach of an exclusivity agreement between Citi and Wachovia.
Schwarzenegger Warns California May Have to Resort to Emergency Fed Funding
Fri, 3 Oct 2008 08:57:09 EST
In an e-mailed statement to Treasury Secretary Henry Paulson, California Governor Arnold Schwarzenegger said the State of California may have to turn to the Federal Reserve for emergency funding.
The Sad Reality Foreclosure Alley
Fri, 3 Oct 2008 07:15:43 EST
An eye opening look at one area hard hit by this crisis.
Economists Say Huge Drop in Nonfarm Payrolls Could Force Fed to Cut Rates
Fri, 3 Oct 2008 07:04:49 EST
As a result of the latest employment numbers, many are saying the Federal Reserve should cut the target interest rate.
Wall Street Holds its Breath For House Vote on Rescue Package
Fri, 3 Oct 2008 06:55:55 EST
Experts agree that the earliest this could happen would be 12 noon EDT.
Survey Suggests U.S. House Prices Decline from Dual Processes
Thu, 2 Oct 2008 10:43:26 EST
More evidence of a well-known trend emerged on Thursday when it was reported that U.S. house prices across the country continue falling as a result of foreclosure sales.
IMF Says Financial Turmoil Now "Full Blown Crisis"
Thu, 2 Oct 2008 10:41:16 EST
According to a first glance of the IMF's Global Economic Outlook, the financial turmoil has now been upgraded to a "full blown crisis", and strong action will be needed to counter it.
Mortgage Rates Moved Slightly During Past Week
Thu, 2 Oct 2008 08:33:25 EST
Weekly Mortgage Market Summary
Greenspan says "Market Freeze Will Thaw"
Thu, 2 Oct 2008 07:22:38 EST
Speaking at an event in Washington, D.C., Former Fed Chairman Alan Greenspan said that a market recovery will happen "sooner rather than later".
Jobless Claims Consistent with Recession, Trend to Continue, Economists Say
Thu, 2 Oct 2008 06:15:44 EST
Economists say the higher than anticipated number of unemployment benefits in the week ending Sept. 27 is not only consistent with recession, but is actually worse.
State Regulator's Group Finds Loan Mitigation Efforts "Disappointing"
Thu, 2 Oct 2008 06:18:58 EST
The working group found that new efforts to prevent foreclosures are on the decline, in spite of a temporary increase in loan modifications in the 2nd Quarter of 2008. The number of homeowners working toward a loan modification has fallen to the lowest level since late in 2007.
Senate Passes New Version of Emergency Economic Stabilization Act of 2008
Wed, 1 Oct 2008 18:58:03 EST
As hoped and awaited, the Senate passed an updated version of the U.S. Emergency Economic Stabilization Act of 2008.
SEC Extends Ban on Short Selling to October 17
Wed, 1 Oct 2008 18:54:19 EST
The SEC decided to extend its ban on short selling of stocks, and rules regarding mandatory disclosure of the short selling lists of hedge funds.
Senators Confident New Rescue Package Will Pass This Time
Wed, 1 Oct 2008 17:02:41 EST
Ahead of the Senate voting on an updated version of the Emergency Economic Stabilization Act of 2008, many senators are confident the bill can reach the House of Representatives for a second vote later this week.
Buffett Buys $3 Billion in Preferred Stock in GE, Expects U.S. Bailout to Pass
Wed, 1 Oct 2008 12:44:32 EST
Warren Buffett Buys $3 Billion in Preferred Stock in GE and Expects the bailout to Pass.
Affluent Investors Increasingly Concerned with Broader Economy, Poll Says
Wed, 1 Oct 2008 12:46:31 EST
A survey of affluent investors reports a new all-time low in the economic outlook for those with more than $500k to spare.
September's ISM Manufacturing Index "Screams Recession," Economists Say
Wed, 1 Oct 2008 09:11:15 EST
Economists say the details of the ISM manufacturing report in September were just as bad as the headline would suggest.
Construction Spending Falls Flat in August
Wed, 1 Oct 2008 07:24:05 EST
According to a report from the Department of Commerce, construction spending fell flat in August coming in at 0% month-over-month.
Senator Corker says Senate Will Approve Rescue Plan
Wed, 1 Oct 2008 07:22:05 EST
In an interview with CNBC Wednesday morning, Senator Bob Corker said he fully expects that the Senate will pass the $700 Billion rescue plan.
Call for FDIC Increase Aimed at Reassuring Bank Customers
Wed, 1 Oct 2008 06:18:49 EST
The FDIC supports the proposed increase in FDIC Insurance limits from $100,000 per depositor to $250,000.
MBA Mortgage Applications Move Down in Week Ending Sept. 26
Wed, 1 Oct 2008 06:17:10 EST
MBA reported Wednesday that weekly mortgage applications declined 23.0% week-over-week.
IMF's Chief Strauss-Kahn Says Europe Must Join US and Devise Bailout Strategy
Wed, 1 Oct 2008 06:14:33 EST
In an interview Tuesday night, IMF chief Dominique Strauss-Kahn said Congress must act urgently and approve the $700 billion bailout plan and said Europe needs to develop a plan for their own financial crisis.
ADP Report Says 8,000 U.S. Private Jobs Lost in September
Wed, 1 Oct 2008 05:59:56 EST
Private non-agricultural employment in the United States fell by much less than consensus with a decline of 8k jobs in September.
Economists Look to Rate Cuts, Second Financial Rescue Package for Hope
Tue, 30 Sep 2008 07:17:44 EST
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.
Current Events Could make the World a Better Place
Tue, 30 Sep 2008 06:40:55 EST
If we live through the current mess with roofs over our head and at least a few dollars in the bank it might be in a much better financial world, one in which there will not be the concentration of wealth and imbalance of earnings. But Americans are also undergoing some profound changes.
Case-Shiller Home Price Index Continues to Decline in July
Tue, 30 Sep 2008 06:21:08 EST
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%.
Overnight USD LIBOR Makes Biggest Jump on Record
Tue, 30 Sep 2008 06:16:11 EST
In the largest rise on record, the British Bankers Association reported that the overnight LIBOR jumped 431 basis points to 6.88%.
Fed Funds Futures Price in 50Bp Cut
Tue, 30 Sep 2008 05:57:13 EST
As 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.
Fed's Hoenig Says U.S. Will Emerge From Crisis With a Stronger Economy
Tue, 30 Sep 2008 05:42:57 EST
The Federal Reserve's Thomas Hoenig said he will be more anxious than others to raise rates when feasible.
Tuesday's Events: Canadian GDP; U.S. Consumer Confidence, ISM Chicago PMI
Tue, 30 Sep 2008 05:55:10 EST
Economic data realeased today will include the S&P/Case Shiller house price index, consumer confidence, and the Chicago purchasing managers index.
What Did We Learn?
Mon, 29 Sep 2008 13:50:00 EST
There are a few people out there who are "saying what needs to be said."Most students of the MBS market realize the necessity of the bailout.Most anyone else is predisposed to see it as an unjust attack on taxpayers.Those "naysayers" have not had t...
House Rejects Emergency Economic Stabilization Act
Mon, 29 Sep 2008 11:40:48 EST
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.
U.S. Attorney's Office Investigating Accounting, Disclosure at Fannie and Freddie
Mon, 29 Sep 2008 11:39:12 EST
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.
Paulson Says Wachovia Was Systemic Risk
Mon, 29 Sep 2008 06:11:33 EST
Henry Paulson said the failure of Wachovia posed a systemic risk to the U.S. economy, and he praised the FDIC's handling of the situation.
Citigroup to Acquire Wachovia Operations in Government Brokered Deal
Mon, 29 Sep 2008 06:07:23 EST
The U.S. government facilitated a takeover of Wachovia by Citigroup on Monday.
Bernanke Says Proposed Bill to Restore Flow of Credit
Mon, 29 Sep 2008 06:19:55 EST
Ben Bernanke said he welcomes the rescue package bill agreed to by U.S. lawmakers and that it should help stabilize the financial system.
Rescue Plan Finalized, $250 Billion in Funding to be Released Up Front
Mon, 29 Sep 2008 06:15:04 EST
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.
Private Mortgage Insurer Changes Business Policy
Fri, 26 Sep 2008 11:46:43 EST
MGIC Investment Corporation, one of the nation's largest issuers of private mortgage insurance, announced on Friday that it plans to stop accepting new business under one type of contract that it now considers to present an unacceptable risk.
St. Louis Fed' s Bullard Says Inflation and Growth Outlook Uncertain
Fri, 26 Sep 2008 10:08:16 EST
Speaking on the U.S. economic outlook in Tennessee, St. Louis Fed President James Bullard said his forecast on inflation and growth is uncertain in these times.
House Republicans Return to Negotiating Table
Fri, 26 Sep 2008 09:55:10 EST
Led by Minority Leader Roy Blunt, House Republicans have agreed to return to the negotiating table on Friday to salvage legislation geared at saving the financial system.
Lawmakers Return to Drawing Board on Financial Rescue Legislation
Fri, 26 Sep 2008 06:46:58 EST
After talks between Democrats and Republicans broke down on Thursday evening, lawmakers return to Capitol Hill for another round of discussion over the financial market rescue package.
FDIC's Bair Says Seizure of Washington Mutual Was Successful
Fri, 26 Sep 2008 06:42:27 EST
The largest bank failure in the history of the United States was successful and won't cost the taxpayers anything, said Federal Deposit Insurance Corp. Chairwoman Sheila Bair.
JPMorgan Chase Acquires Washington Mutual for $1.9 billion
Fri, 26 Sep 2008 06:06:13 EST
JPMorgan Chase has acquired Washington Mutual, a report from the company itself and the Federal Deposit Insurance Corporation (FDIC) said Thursday night.
Credits Markets Sick - "Securitization Transmitted Disease"
Fri, 26 Sep 2008 06:13:52 EST
Federal Reserve Bank of Dallas President Richard Fisher said credit markets have contracted an STD - "securitization transmitted disease."
Senator Shelby Says No Agreement Reached on U.S. Treasury's Bailout Plan
Thu, 25 Sep 2008 14:20:54 EST
Speaking after a meeting with President George W. Bush, Senator Richard Shelby said he does not think an agreement has been made on the $700 billion bailout plan proposed by the U.S. Treasury earlier this week.
Senator Schumer Says Congress Bailout Plan to Come in Traunches
Thu, 25 Sep 2008 13:05:31 EST
Appearing on CNBC, Senator Charles Schumer laid out the Congressional plan, which, if approved, would be delivered in instalments.
Democrats and Republicans Reach Agreement on Bailout Package
Thu, 25 Sep 2008 11:18:52 EST
The Chairman of the Senate Banking Committee, Senator Christopher Dodd, announced that Republicans and Democrats have reached an principle agreement to give Treasury the authority to enact its proposed $700 billion rescue plan.
Uncertainty Leads to Jump in Interest Rates
Thu, 25 Sep 2008 09:36:46 EST
Weekly Mortgage Market Summary
Global Recession in 2009 to be Followed by Recovery in 2010, TD Report Says
Thu, 25 Sep 2008 09:34:02 EST
The world will head into a mild recession in 2009 before bouncing back the following year, says a new report released by TD Economics.
Double-Digit Decline in New Home Sales Suggests Turnaround is Months Away
Thu, 25 Sep 2008 08:03:30 EST
"The housing outlook remains bearish, given the weak underlying fundamentals of excess supply, falling prices and tighter credit," said Sireen Hajj at Calyon.
Treasury's McCormick says "Now is the Time to Act Quickly"
Thu, 25 Sep 2008 07:27:47 EST
Treasury Under Secretary David McCormick said the seeds of the current crisis were sown many years ago and that the U.S. government is taking the appropriate measures to restore stability to the markets.
New Home Sales Fall 11.5% to Lowest Level Since January 1991
Thu, 25 Sep 2008 07:14:54 EST
New home sales in the U.S. fell much more than anticipated, dropping 11.5% in August to an annual pace of 460k.
Soaring Initial Claims Suggest +100K Nonfarm Job Losses in September
Thu, 25 Sep 2008 06:53:22 EST
Economists say the trend in jobless claims suggests marked deterioration in the U.S. jobs market.
Officials Scramble to Get Bailout Legislation Together
Thu, 25 Sep 2008 06:46:24 EST
After a series of gruelling days, Congress may be closer to hammering out the final details for the financial bailout package.
Initial Jobless Claims Soar to 493k
Thu, 25 Sep 2008 06:25:25 EST
Initial claims for unemployment benefits came well above expectations, rising to 493k in the week ending Sept. 20.
Senator McCain to Temporarily Cease Campaign to Work on Bailout Package
Wed, 24 Sep 2008 13:48:27 EST
Speaking to reporters in New York, Senator John McCain said he would temporarily suspend campaign operations to return to Washington, D.C. and participate in the crafting of legislation geared at aiding the financial markets.
Interest Group and State Regulators Express Opinions on Bailout
Wed, 24 Sep 2008 10:43:43 EST
Housing and banking special interest groups as well as a group that represents state level banking regulators have weighed in with their opinions and concerns about the banking bailout proposal which is rolling out piecemeal from the Federal Reserve and the Department of the Treasury.
Bernanke Tells Congress Financial Stability is Threatened
Wed, 24 Sep 2008 08:42:01 EST
Testifying on the state of the economy before the Joint Economic Committee in Washington D.C., Fed Chairman Ben Bernanke said there are "grave threats" to financial stability in the U.S.
Existing Home Sales Fall 2.2% to 4.91 Million in August
Wed, 24 Sep 2008 07:23:25 EST
Existing home sales fell slightly more than expected to an annualized pace of 4.91 million units in August.
Freddie Mac's Bitsberger Urges Congress to Quickly Pass Treasury Proposal
Wed, 24 Sep 2008 07:12:00 EST
Freddie Mac Treasurer Tim Bitsberger said it's business as usual at the mortgage giant but called on the U.S. Congress to quickly pass the bailout plan submitted by Treasury Secretary Paulson.
MBA Mortgage Applications Move Down in Week Ending Sept. 19
Wed, 24 Sep 2008 07:08:59 EST
Weekly mortgage applications in the United States decreased in the week ending Sept. 19.
Senator Schumer Confident Bill Will Pass in Under Two Weeks
Wed, 24 Sep 2008 06:56:54 EST
Senator Chuck Schumer said it is "highly likely" that the U.S. financial market bailout plan would pass sometime in the next two weeks, but not before some modification.
ABA Asks Protection for Banks Owning GSE Stock
Tue, 23 Sep 2008 11:30:40 EST
The American Bankers Association (ABA) has just completed a survey of its member banks and has found that far more of them are holders of preferred stock in Freddie Mac and Fannie Mae than was originally thought.
Bernanke Clarifies Government's $700 Billion Proposal
Tue, 23 Sep 2008 09:15:45 EST
In additional, prepared comments that were not published prior to delivery, Ben Bernanke clarified exactly why the Treasury needs to take such extraordinary action to save the financial market.
Paulson Says Gov't Action Will Protect Taxpayers, Restore Markets
Tue, 23 Sep 2008 08:04:57 EST
Quickly enacting a government program to save U.S. financial markets is the best option to avoid seeing the turmoil spread toward the broader economy, said Paulson.
House Prices Fall 0.6% in July, Says OFHEO
Tue, 23 Sep 2008 07:19:01 EST
House prices declined 0.6% in July following June's downwardly revised -0.3%, the Office of Federal Housing Enterprise Oversight (OFHEO) reported Tuesday.
Former Fed Governor Says Bernanke and Paulson Are Right Men for the Job
Tue, 23 Sep 2008 06:13:47 EST
Speaking in an in interview on CNBC, recently-retired Fed Governor Frederic Mishkin praised Fed Chairman Ben Bernanke and U.S. Treasury Secretary Paulson for being the right people to deal with the current situation.
Bernanke Says Government Action Necessary for Health of Economy
Tue, 23 Sep 2008 07:15:43 EST
Difficulties in the financial markets should be addressed through the private sector whenever possible, and government assistance should only be given when the stability of the financial system as a whole is at risk.
Fed and Treasury Urge Congress to "Act Swiftly" to Avoid Adverse Effects
Tue, 23 Sep 2008 06:04:27 EST
Congress needs to act swiftly to address the financial market turmoil and not drag the process of passing legislation with unnecessary provisions, Fed Chairman Ben Bernanke and Treasury Secretary Henry Paulson told lawmakers on Tuesday in prepared remarks.
Draft of Democratic Bill Includes Provision to Acquire Shares from Firms
Mon, 22 Sep 2008 08:51:31 EST
A draft of the U.S. Democratic proposals for legislation to bail out the financial system includes provisions for the government to acquire shares of financial firms seeking aid.
Harvard Study: Home Building and Remodeling Cyclical
Mon, 22 Sep 2008 07:26:37 EST
The Joint Center for Housing Studies finds remodeling to have shorter, less volatile swings than new construction but both tend to move with the overall economy.
Fed Gives O.K. For Goldman, Morgan to Become Bank Holding Companies
Mon, 22 Sep 2008 06:56:10 EST
The Federal Reserves announced Sunday night that applications by Goldman Sachs and Morgan Stanley to become bank holding companies were approved.
G7 Finance Ministers Committed to Maintaining Stability of Financial Markets
Mon, 22 Sep 2008 06:53:47 EST
The G7 stand ready to take whatever action is needed to maintain the stability of the financial sector, the group announced on Monday morning after a series of meetings over the weekend and into Monday.
The Week Ahead: U.S. Durable Goods
Mon, 22 Sep 2008 06:51:01 EST
U.S. economic reports are not going to play a big role in market direction next week as volatility continues to rule.
CBOE Head Denounces SEC's Emergency Short-Selling Ban
Sun, 21 Sep 2008 17:56:51 EST
The head of the Chicago Board Options Exchange (CBOE) is publicly criticizing the emergency ban on short-selling announced by the Securities and Exchange Commission on Friday.
Treasury's Paulson Proposes $700 Billion Plan to Bail Out Wall Street
Sun, 21 Sep 2008 17:50:21 EST
Henry Paulson on Saturday proposed to Congress a $700 billion bailout plan directed at the heart of the crisis.
OCC Says SEC Rule on Short Selling Could Be Disastrous
Fri, 19 Sep 2008 11:25:48 EST
According to the Options Clearing Corporation, the U.S. Securities and Exchange Commission's ban on short selling could have "dire" consequences for U.S. equity markets.According to the Options Clearing Corporation, the U.S. Securities and Exchange Commission's ban on short selling could have "dire" consequences for U.S. equity markets.
Obama Says Bailout Plan Must Help Main Street, Not Just Wall Street
Fri, 19 Sep 2008 10:49:24 EST
Democratic presidential candidate Barack Obama said the government's bailout plan must aid main street and not just Wall Street.
Fed's Evans Says Price Support Exposes Federal Reserve to Risk
Fri, 19 Sep 2008 10:45:40 EST
Chicago Fed President Charles Evans (non-voter) said the Federal Reserve price support may expose its balance sheet to risk.
Money Market Funds to be Protected by $50 Billion Gov't Fund
Fri, 19 Sep 2008 10:42:57 EST
While the U.S. Treasury and Federal Reserve work on the biggest government intervention in the financial markets in almost 80 years, less attention has been given to the launch of the Exchange Stabilization Fund.
ECB's Stark Says Financial Turmoil Not Over Yet
Fri, 19 Sep 2008 10:39:50 EST
In an interview with German broadcaster Deutsche Welle published on Friday, European Central Bank Governing Council member Jurgen Stark said the financial market turbulence is not over yet.
Fannie and Freddie to Resume Purchase of Mortgage Debt
Fri, 19 Sep 2008 07:33:52 EST
Treasury Secretary Henry Paulson said Fannie Mae and Freddie Mac will resume buying mortgage debt under the surveillance of the Treasury Department, and an expansion of the Mortgage-Backed Security purchase program.
Paulson and Bernanke Swoop to Rescue Financial Markets
Fri, 19 Sep 2008 06:17:27 EST
An unprecedented series of actions from the U.S. Treasury Department, the U.S. Federal Reserve and the U.S. Securities and Exchange Commission were announced over the last 24 hours.
SEC Bans Short Selling on 799 Financial Stocks
Fri, 19 Sep 2008 06:12:54 EST
The U.S. Securities and Exchange Commission enforced a temporary ban Friday on the short selling of 799 financial stocks in an effort to calm investor fear and markets in general.
Officials Mulling U.S. Government Fund to Buy Unwanted Assets
Thu, 18 Sep 2008 13:20:23 EST
The U.S. government may create a company to buy unwanted assets from the private sector in a move to free up balance sheets.
30-year FRM Falls for Fifth Straight Week
Thu, 18 Sep 2008 09:05:12 EST
Weekly Mortgage Market Summary.
Economists Say Initial Job Claims Remain Elevated but True Level a 'Mystery'
Thu, 18 Sep 2008 06:22:26 EST
The weekly U.S jobless claims survey reported that initial claims came in higher than anticipated by markets, though there was an encouraging 55k drop in the level of continuing claims.
BOJ's Shirakawa Announces USD Liquidity Provision
Thu, 18 Sep 2008 06:19:51 EST
For the first time in history, the Bank of Japan will begin to offer U.S. dollar denominated loans to help stabilize the yen and USD cross.
U.S. Commercial Real Estate Curtailed by Liquidity Crunch
Wed, 17 Sep 2008 10:35:23 EST
The credit crunch continues to filter into the commercial real estate market, which is seeing a "pronounced" effect not from lack of demand, but from challenges of obtaining credit.
"Huge Wave of Panic" Hits Money Markets as T-Bill Rates Near Zero
Wed, 17 Sep 2008 10:37:11 EST
Leitao called the yield in T-bills "absolutely absurd". It means a $1,000,000 investment will pay $1,000,076 at maturity - far below the rate of inflation.
FDIC's Bair Says IndyMac Plan Should Act as a "Catalyst"
Wed, 17 Sep 2008 10:32:32 EST
FDIC Chairperson Sheila Bair said that she hopes that IndyMac program will act as a catalyst to promote more loan modifications for troubled borrowers across the country.
SEC Issues New Rules on Short Selling
Wed, 17 Sep 2008 07:37:14 EST
In an effort to eliminate "naked short-selling," the SEC announced that, as of September 18, there will be penalties associated with failure of delivering shorted securities by the settlement date.
Plunging Housing Starts a Necessary Step on Road to Recovery, Analysts Say
Wed, 17 Sep 2008 07:08:33 EST
Economists say that, while the monthly decline was steeper than anticipated by markets, a drop in construction is a precondition for the housing sector to stabilize.
MBA Mortgage Applications Spike 33.4% in Week Ending Sept.12
Wed, 17 Sep 2008 07:06:31 EST
Weekly mortgage applications in the United States spiked by 33.4% in the week ending Sept. 12, according to data released from the Mortgage Bankers Association (MBA) on Wednesday.
AIG's Board Says Bailout to Protect Customers, Calm Ratings Agencies
Wed, 17 Sep 2008 06:18:15 EST
AIG's board of directors responded to the Fed's bailout in a statement, saying that it was the best choice for "AIG's constituencies, including policyholders, customers, creditors, counterparties, employees and shareholders."
FDIC's Bair Calls for Better Regulatory Structures
Wed, 17 Sep 2008 06:09:09 EST
FDIC chair Sheila Bair said the Fed had done a good job in its handling of the AIG situation, but warned against helping financial markets on an "ad hoc basis", calling for better regulations in the system.
Housing Starts Plunge 6.2% in August, Permits Down 8.9%
Wed, 17 Sep 2008 06:06:33 EST
Housing starts fell more than expected in August to 895k, representing a month-over-month decrease of 6.2%, according to data released Wednesday morning.
Wednesday Events: Housing Starts and Building Permits, NAR Real Estate
Wed, 17 Sep 2008 06:04:23 EST
Today's reports will focus on the state of housing sector in the U.S. with the release of the U.S housing starts and building permits along with the release of the National Association of Realtors quarterly commercial real estate market forecast.
Barclays to Pay Billions For Lehman Brother's Assets, Investment Banking
Tue, 16 Sep 2008 18:48:04 EST
Barclays announced late Tuesday night that it plans to acquire Lehman Brothers' North American investment banking for $0.25 billion.
Fed Decides to Bail Out AIG With $85 Billion Loan
Tue, 16 Sep 2008 18:39:00 EST
The Federal Reserve Bank of New York announced it would lend up to $85 billion to the American International Group late Tuesday night.
Senate Banking Committee Chairman Dodd Says Economic Woes to Continue
Tue, 16 Sep 2008 14:40:49 EST
Speaking shortly after the Federal Open Market Committee's announcement that interest rates will be held at 2.00%, U.S. Senate Banking Committee Chairman Christopher Dodd said the economic crisis is likely to continue to get worse.
Government Considering Conservatorship for AIG, Report Says
Tue, 16 Sep 2008 14:23:56 EST
The U.S. government is considering conservatorship over AIG, much like the Fannie and Freddie take over last week, according to two sources who briefed Bloomberg on today's discussions.
FOMC Decision to Hold Rates Causes Mixed Reactions
Tue, 16 Sep 2008 12:42:45 EST
Some economists viewed the decisions as a sign of strength; others were critical of the Fed's "weak" response to dangerous market turmoil.
Government May Now Participate in AIG Bailout, Reports Suggest
Tue, 16 Sep 2008 12:40:03 EST
The U.S. Federal Reserve is reconsidering a bridge loan to American International Group, Bloomberg News is reporting.
Consumers Must Know the Rules to Protect Their Assets
Tue, 16 Sep 2008 10:52:35 EST
Insurance will protect money in certain institutions but depositors need to know the limits and how to work within them.
NAHB Builder Confidence Improves in September
Tue, 16 Sep 2008 10:41:12 EST
A report from Wells Fargo and the National Association of Home Builders (NAHB) suggests that confidence amongst homebuilders has improved in September as the housing market index.
Fed Fund Futures Not an Accurate Measure of Expectations, Strategist Says
Tue, 16 Sep 2008 10:37:07 EST
Fed funds futures are not an accurate measure of what the Treasury market is pricing in for the Federal Open Market Committee's rate decision, a strategist in New York says.
Fed Funds Futures Pricing in 100% Chance of Rate Cut Today
Tue, 16 Sep 2008 10:35:31 EST
Fed funds futures are now expecting a 100% chance that the Federal Reserve will cut rates at the FOMC meeting today; the question remains, however, by how much.
August Core CPI Up 0.2% as Total Inflation Falls 0.1%
Tue, 16 Sep 2008 07:06:30 EST
The seasonally-adjusted U.S. Consumer Price Index rose in line with expectations on both fronts, as the core rate ticked up 0.2% (0.194%) in August.
Obama Says Government Not Responsible For "Bad Debts"
Tue, 16 Sep 2008 01:47:28 EST
In an interview with Bloomberg on Monday night, U.S. presidential candidate Barack Obama said he doesn't think the Federal Reserve has to "do everything."
Markets Price in 80% Chance of a Rate Cut at FOMC Meeting
Tue, 16 Sep 2008 01:38:26 EST
In a stunning reversal of fortune, markets are now beginning to digest the news of a financial world without storied investment banks Lehman Brothers and Merrill Lynch.
Preview: CPI Release Highly Anticipated Ahead of FOMC Rate Decision
Mon, 15 Sep 2008 12:58:35 EST
With the U.S. government bailing out Fannie Mae and Freddie Mac last week, followed by Lehman Brothers filing for bankruptcy and Bank of America purchasing Merrill Lynch on Sunday, Tuesday's CPI release from the Bureau of Labor Statistics promises to be highly anticipated.
Paulson Says U.S. Banking System a "Safe and Sound" One
Mon, 15 Sep 2008 11:44:52 EST
Treasury Secretary Henry Paulson reassured the American public Monday that the U.S. banking system is a "safe and sound one" following the weekend bankruptcy of investment bank Lehman Brothers and the Bank of America takeover of Merrill Lynch.
Opinions Split Over What Fed Will Do, What Fed Should Do
Mon, 15 Sep 2008 12:17:03 EST
In contrast to the last two meetings, expectations from economists, analysts, and futures markets are deeply divided over whether the FOMC will hold the target interest rate at 2.00% upon concluding the monetary policy meeting on Tuesday.
Bank of America, Merrill Lynch CEOs Upbeat About Buyout
Mon, 15 Sep 2008 11:42:49 EST
In a press conference held on Monday, Bank of America CEO Ken Lewis and Merrill Lynch CEO John Thain said the buyout of Merrill Lynch provides a good opportunity for shareholders and that the overall reaction has been positive.
GSE Executives Left to Bail Out Without Parachutes
Mon, 15 Sep 2008 10:44:43 EST
Conservator rules that multimillion dollar settlements to Fannie's and Freddie's ex-CEOs won't be paid.
Fed announces broadened collateral at the PDCF and TSLF
Mon, 15 Sep 2008 06:26:53 EST
The Federal Reserve announced several initiatives on Sunday, including "enhancements to its existing liquidity facilities."
Standard and Poor's Downgrades Bank of America After Merrill Takeover
Mon, 15 Sep 2008 07:16:57 EST
Standard and Poor's lowered its long-term counterparty credit rating on Bank of America Corp. and put the holding company and its bank subsidiaries on watch for a downgrade.
Lehman Brothers Files Chapter 11 Bankruptcy, Merrill Sold to Bank of America
Mon, 15 Sep 2008 06:08:54 EST
The financial crisis severely deteriorated on Sunday night when one of the world's biggest banks filed for bankruptcy and another was sold to the Bank of America.
Lehman Prepares Bankruptcy Papers as Barclays and Bank of America Walk Away
Sun, 14 Sep 2008 16:56:04 EST
With no bids to buy on the table and no offers of a government bailout, Lehman Brothers may be set to fall, according to strategist Sherry Cooper from BMO Capital Markets.
The Week Ahead: FOMC Rate Decision, U.S. CPI
Sun, 14 Sep 2008 16:46:56 EST
A docket full of top-tier data combined with additional financial and credit market concerns will lead to volatile market moves next week.
Greenspan Says Fed Should Avoid Bailout of Lehman Brothers
Fri, 12 Sep 2008 10:07:40 EST
Speaking in an interview with Bloomberg TV, former Federal Reserve Chairman Alan Greenspan said the current problems of Lehman Brothers can be solved without having to resort to a bailout by the Fed.
Senators Ask that Conservatorship Freeze Foreclosures on GSE Mortgages
Fri, 12 Sep 2008 08:45:57 EST
Senators from four major eastern states requested that Freddie and Fannie's new CEOs and federal conservator take time to review loans with eye to modifications.
Analysts Say Soaring U.S. Consumer Sentiment Won't Prevent Weak Q3 Consumption
Fri, 12 Sep 2008 08:34:27 EST
As commodity prices continue to fall, U.S. consumers are feeling much better than economists expected, according to the preliminary consumer sentiment survey from Reuters & the University of Michigan on Friday.
U of Michigan & Reuters Consumer Sentiment Soars in September
Fri, 12 Sep 2008 08:17:00 EST
The preliminary consumer sentiment survey from Reuters & the University of Michigan soared over 10 points to 73.1 from last month's 63.0 reading.
Foreclosures at Highest Rate Since January 2005, Says RealtyTrac
Fri, 12 Sep 2008 07:05:00 EST
Foreclosures climbed 27% from the previous month's year-over-year results, according to RealtyTrac's August 2008 U.S. Foreclosure Market Report.
August All-Items PPI Falls 0.9%, Core Up 0.2% M/M
Fri, 12 Sep 2008 06:57:11 EST
The U.S. Department of Labor's seasonally adjusted core measure of producer price inflation came in line with expectations with a 0.2% month-over-month gain in August, slower than the 0.7% gain seen in the previous month.
Most Mortgage Rates Dip to Spring Levels under Federal Conservatorship
Fri, 12 Sep 2008 06:58:55 EST
In its first week at least, the conservatorship of Freddie Mac and Fannie Mae accomplished one part of the hoped-for effect; longer term mortgage rates plunged to levels not seen for months.
Friday's Events: U.S. Retail Sales, PPI, Michigan Sentiment; Cdn Cap Utilization
Fri, 12 Sep 2008 06:52:02 EST
Retail sales and producer prices will highlight the early morning's macroeconomic events for the United States, followed by the preliminary Reuters / University of Michigan consumer sentiment index.
What's Priced in: Current Market Expectations for Future Monetary Policy
Fri, 12 Sep 2008 06:54:18 EST
Markets are currently pricing in the following probabilities for future interest rate moves as of the close on Thursday.
Fed Funds Futures Pricing 31.1% Chance of Rate Cut for Fed's Year End Meeting
Thu, 11 Sep 2008 14:55:25 EST
Fed funds futures are now pricing a 31.1% chance that the Federal Reserve will cut rates by 25 bps for the year end meeting scheduled for Dec. 16.
Fed's Kohn Says "Jury Still Out" on Whether Housing Bottom Near
Thu, 11 Sep 2008 12:02:07 EST
Federal Reserve Vice-Chairman Donald Kohn (voter) said it's not yet clear if house prices in the U.S. are close to finding a bottom.
Economist Says U.S. recovery Unlikely Before 2009
Thu, 11 Sep 2008 09:24:41 EST
The economy may show flashes of strength before the end of the year, says one of Canada's best known economists, but a real recovery "is a 2009 story."
RBC CASH Index Says U.S. Consumers Feeling Better on All Fronts
Thu, 11 Sep 2008 08:03:54 EST
With oil prices falling and a presidential election in less than two months, U.S. consumer confidence may be heating up, says a monthly survey from RBC on Thursday.
Quarterly Revenue Survey Shows Broad Advances in Q2
Thu, 11 Sep 2008 07:54:14 EST
A quarterly look at the services sector in the U.S. revealed gains in each of the areas surveyed.
Economists Say Initial Claims Suggest Jobs Market to Stay Weak for Months
Thu, 11 Sep 2008 07:08:11 EST
Economists say the jobless claims survey for the week ending Sept. 6 suggests that labor market conditions will remain weak for several months.
U.S. Trade Deficit Surges to $62.2 Billion in July
Thu, 11 Sep 2008 06:52:43 EST
The U.S. monthly trade deficit widened more than expected in July to $62.2 billion, marking the deepest monthly deficit since March 2007.
Thursday's Events: U.S. Jobless Claims, Import Prices; U.S. & Cdn Trade Balance
Thu, 11 Sep 2008 06:43:32 EST
The U.S. trade balance, jobless claims, and import prices will highlight the day's economic news with Canada receiving the international merchandise trade balance and new housing price index.
Initial Jobless Claims Fall Back Slightly to 445k
Thu, 11 Sep 2008 06:50:56 EST
Initial claims for unemployment benefits in the United States came in just slightly above expectations, but still fell 6k from the previous week's upwardly revised figure, the Department of Labor reported on Thursday.
Fed Funds Futures Price in 17.5% Chance of a Rate Cut for Year-End
Wed, 10 Sep 2008 18:25:57 EST
Fed Funds Futures are currently pricing in a 17.5% chance of a 25 bps rate cut for the year-end Federal Reserve meeting scheduled for Dec. 16.
Mortgage Rates Decline Over Labor Day Week but Real News Should Come this Week
Wed, 10 Sep 2008 08:13:25 EST
Weekly Mortgage Rates Report.
MBA Mortgage Applications Move Up in Week Ending September 5
Wed, 10 Sep 2008 07:20:36 EST
Weekly mortgage applications in the United States increased in the week ending Sept. 5, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday.
Wednesday's Events: Canadian Labour Prod; DOE Oil; ECB's Weber
Wed, 10 Sep 2008 07:15:59 EST
Canadian second-quarter labour productivity highlights the Canadian economic news of the day as U.S. markets receive the Department of Energy's oil inventories and Europeans hear from Bundesbank President Axel Weber.
S&P Puts Lehman on Watch for Downgrade
Tue, 9 Sep 2008 12:24:03 EST
Credit ratings agency Standard & Poor's put Lehman Brothers on watch for a possible downgrade because of a rapidly declining share price and potential difficulties raising capital.
Decline in U.S. Pending Home Sales Fail to Suggest a Bottom, Economists Say
Tue, 9 Sep 2008 11:38:53 EST
The report fails to indicate a bottoming out in the housing sector, economists say, though the pace of decline is slowing and falling mortgage rates should help sales in the rest of the year.
Treasuries Rally and Stocks Decline as Lehman Shares Tumble
Tue, 9 Sep 2008 11:26:16 EST
Shares of Lehman Brothers are in free fall after talks between the investment bank and a Korean state-controlled bank broke off.
White House Says Bailout Plan is the Right Move at the Right Time
Tue, 9 Sep 2008 10:54:14 EST
The White House considers the U.S. Treasury's actions to bail out Fannie and Freddie the appropriate action to take, but thinks that Congress should look at reforming the GSEs.
Experts Moderate Initial Enthusiasm for GSE Takeover
Tue, 9 Sep 2008 10:20:44 EST
The passing hours have allowed investors, analysts, and policy-makers to take deep breaths and begin to second-guess Treasury Department decision.
Pending Home Sales Falls 3.2% in July
Tue, 9 Sep 2008 07:44:41 EST
Pending home sales fell more than expected by 3.2% in July, according to the National Association of Realtors (NAR) on Tuesday.
IBD/TIPP Economic Optimism Index Improves for Second Month
Tue, 9 Sep 2008 07:32:55 EST
Economic sentiment improved for the second month in a row in September, according to a report from Investor's Business Daily and TechnoMetrica Market Intelligence.
Bernanke Avoids Monetary Policy in Speech on Afro-American Education
Tue, 9 Sep 2008 06:37:24 EST
In a speech at the 2008 National Historically Black Colleges and Universities Week Conference in Washington, DC on Tuesday, Fed Chairman Ben Bernnake made no comments on monetary policy or the U.S. economy.
IMF's Lipsky Sees Global Economic Recovery Coming in 2009
Tue, 9 Sep 2008 06:33:02 EST
International Monetary Fund First Deputy Managing Director John Lipsky speculated that the global economic slowdown would worsen in the second half of 2008, but expected recovery to come in the following year.
Preview: July Pending Home Sales Expected to Retrace from June Bounce
Tue, 9 Sep 2008 06:23:36 EST
Pending U.S. home sales in July are expected to have declined from the robust increase seen in June, more or less confirming a "sideways" trend, economists say.
Tuesday's Events: Canadian Housing Starts & U.S. Pending Home Sales
Tue, 9 Sep 2008 06:20:29 EST
Canadian housing starts and U.S. pending home sales will be the main highlights of the day's macroeconomic data releases, but comments from Fed Chairman Ben Bernanke speaking on education and European Central Banker José Manuel Gonzalez-Paramo on the financial market turmoil should also garner some attention.
Sharp Decline in Mortgage Rates Sparks Treasuries Rally
Mon, 8 Sep 2008 14:56:38 EST
Treasuries overcame a variety of bearish factors to close higher on Monday. Traders said a sharp decline in mortgage rates sparked a powerful round of buying.
Reactions to U.S. GSE Takeover Range from Strong Support to Taxpayer Worries
Mon, 8 Sep 2008 11:59:00 EST
Many are concerned about how much the de facto nationalization of the government-sponsored enterprises (GSEs) could cost American taxpayers.
Economists Pleased with Government Takeover of Fannie Mae, Freddie Mac
Mon, 8 Sep 2008 10:59:00 EST
Economists are reacting positively to the largest-ever financial rescue by the U.S. government - the takeover of mortgage giants Fannie Mae and Freddie Mac announced on Sunday.
$1.5 Trillion of Fannie and Freddie Default Swaps to be Unwound
Mon, 8 Sep 2008 07:53:13 EST
Market watchers are warning of forced selling and diminished liquidity as credit default swaps (CDS) on Fannie Mae and Freddie Mac are unwound following the government bailout of the companies.
Treasury Department Announces GSE Conservatorship
Mon, 8 Sep 2008 07:13:59 EST
The federal government finally takes action hoping to secure financial condition of Freddie Mac and Fannie Mae.
What's Priced in: Current Market Expectations for Future Monetary Policy
Mon, 8 Sep 2008 06:34:09 EST
A look at what markets are currently pricing in the following probabilities for future interest rate moves.
Treasury's Paulson Touts Fannie and Freddie Bailout Plan on Media Round
Mon, 8 Sep 2008 06:14:23 EST
Treasury Secretary Henry Paulson made the rounds of all the media outlets this morning, touting his bailout rescue plan of government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.
U.S. Government Announces Takeover of Fannie Mae and Freddie Mac
Mon, 8 Sep 2008 06:02:48 EST
The U.S. government announced on Sunday plans to takeover Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac.
Fed Supports Govt Decision of FF Takover Says Bernanke
Mon, 8 Sep 2008 05:57:53 EST
In a statement released on the Fed's website following an announcement of a takeover of GSEs Fannie Mae and Freddie Mac, Fed Chairman Ben Bernanke threw his support behind the Treasury Department's decision, saying the move would help stabilize the financial system.
The Week Ahead: U.S. PPI and Retail Sales
Sun, 7 Sep 2008 12:19:50 EST
Traders expect U.S. bonds to potentially move lower with very little data for markets to digest next week. The main data releases in North America are expected later on in the week with the issuance of U.S. PPI, retail sales and the University of Michigan/Reuters consumer sentiment figures.
Mortgage Delinquency Rate Hits 29-Year High in Second Quarter of 2008
Fri, 5 Sep 2008 07:20:39 EST
Mortgage delinquencies for U.S. homes in the second quarter of 2008 moved up six basis points from the previous quarter to 6.41% of all loans outstanding, marking a 29-year high, according to the MBA's National Delinquency Survey released Friday.
Study Says U.S. 'Housing Bubble Has Popped'
Fri, 5 Sep 2008 06:00:34 EST
A report on housing prices by Global Insight says that although prices for single-family homes are still heading downwards across the country, the rate of decline has gone down and "extreme overvaluation of house prices is essentially non-existent."
Friday's Events: U.S. & Canadian Employment Reports; Ivey PMI
Fri, 5 Sep 2008 05:56:07 EST
The Canadian and U.S. employment reports for August followed by the Canadian Ivey PMI will be today's main highlights for North America. In the afternoon, markets will also hear from San Francisco Fed President Janet Yellen (non-voter).
August Nonfarm Payrolls Decline 84k, Unemployment Rate at 6.1%
Fri, 5 Sep 2008 05:46:19 EST
U.S. nonfarm payrolls declined for the eighth straight month, falling more than expected by a total of 84k jobs in August.
Fed's Fisher Says Inflation Might Not Moderate
Thu, 4 Sep 2008 20:14:05 EST
The most hawkish voting member on the Federal Open Market Committee said on Thursday that it's unclear whether slow growth will moderate inflation into 2009, and said there are even odds that inflation will accelerate from its current level.
$7,500 Tax Credit Now Available to First-Time Home Buyers
Thu, 4 Sep 2008 09:11:02 EST
Those in the market for a first home should remember the new tax credit available through the Housing Assistance Act of 2008.
Thursday's Events: ECB & BOE Rates, ADP Employment, ISM Services, Fed-Speak
Thu, 4 Sep 2008 05:49:29 EST
The Bank of England and European Central Bank rate decisions will kick off the day, followed by the U.S. ADP unemployment report, initial jobless claims, the ISM non-manufacturing index, Department of Energy oil inventories and some Fed-speakers in the afternoon.
Initial Jobless Claims Rise to 444k
Thu, 4 Sep 2008 05:46:30 EST
Initial claims for unemployment benefits in the United States came in well above expectations, rising to 444k in the week ending Aug. 30, the Department of Labor reported on Thursday. Continuing claims rose to 3.435 million for the week ending Aug. 23.
Economists Say Fed's Beige Book is Downbeat, but No Regions in Outright Decline
Wed, 3 Sep 2008 13:04:31 EST
Markets failed to move on the release of the Fed's Beige Book, an anecdotal summary of the 12 District Banks over the six weeks ending Aug. 25. Economists say the report continues to reveal broad-based weakness, tight credit conditions and elevated price pressures, though not a single region was in outright contraction.
CME Group Volumes Fell 32% in August
Wed, 3 Sep 2008 09:14:53 EST
The number of trades at exchanges run by the CME Group declined by 32% in August compared to a year ago, the company revealed Wednesday.
Mortgage Rates are Mixed, but ARMs Nearly Disappear as Factor in Financing
Wed, 3 Sep 2008 09:28:56 EST
Weekly Mortgage Market Report
MBA Mortgage Applications Move Up in Week Ending September 3
Wed, 3 Sep 2008 06:01:02 EST
Weekly mortgage applications in the United States increased in the week ending Sept. 3, according to data released from the Mortgage Bankers Association (MBA) on Wednesday, which reported a 7.5% week-over-week rise in applications.
Wednesday's Events: BOC Rates; U.S. Factory Orders & Beige Book
Wed, 3 Sep 2008 05:58:15 EST
The Bank of Canada's rate decision tops the news of the day for the country as U.S. markets receive factory orders and the Fed's Beige Book. Also on Wednesday, Europeans will be looking out for comments from European Central banker Gertrude Tumpel-Gugerell.
Radar Logic Survey Says U.S. Housing Sector Will Weaken in 2009, Recover in 2011
Tue, 2 Sep 2008 14:42:51 EST
In contrast to expectations that the U.S. housing market could see a turnaround in the first half of 2009, the monthly housing price index report for June from Radar Logic suggests that recovery won't occur until 2011.
Korean Development Bank in Talks to Buy Stake in Lehman
Tue, 2 Sep 2008 08:52:50 EST
Shares of Lehman Brothers are up 2.8% on Monday after the state-owned Korean Development Bank (KDB) affirmed interest in the embattled Wall Street firm.
What's Priced in: Current Market Expectations for Future Monetary Policy
Tue, 2 Sep 2008 07:07:05 EST
Markets are currently pricing in the following probabilities for future interest rate moves:
Construction Spending Drops in July
Tue, 2 Sep 2008 07:30:14 EST
According to a report from the U.S. Department of Commerce, construction spending in the United States declined 0.6% month-over-month in July.
Tuesday's Events: EU PPI, UK Consumer Confidence, U.S. ISM Mfg Report
Tue, 2 Sep 2008 06:54:46 EST
Euro zone PPI and the UK construction PMI and consumer confidence index for August will dominate the European session as U.S. markets brace for the ISM's manufacturing report for August.
Fed's Kroszner Says Credit Turmoil Impairing Emerging Markets
Tue, 2 Sep 2008 06:31:22 EST
Fed Governor Randall Kroszner said emerging market growth is being hampered by the current credit turmoil.
Fed's Hoenig Says Fed's Response to Crisis Makes Price Stability Difficult
Tue, 2 Sep 2008 06:35:08 EST
Kansas Fed President Thomas Hoenig said the Federal Reserve's response to the U.S. credit crisis has threatened its ability to keep inflation under control.
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