 |
| 30 Yr Fix |
6.45% |
0.03% |
| 15 Yr Fix |
6.04% |
0.02% |
| 1 Yr ARM |
5.27% |
0.08% |
| 5/1 ARM |
5.99% |
0.10% |
| 30 Yr Tres |
4.53% |
-0.01% |
| Fed Prime |
5.00% |
-0.25% |
|
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|
|
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TOP VIDEO NEWS
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Jul 2, 2008. 12:46 PM EST
A look at Senator Barack Obama's lowered mortgage rate.
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Jul 2, 2008. 2:55 PM EST
Even once super wealthy athletes are not immune to the housing crisis.
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Jul 2, 2008. 10:17 AM EST
Bracing for bad news from regional banks, with Michael Corkery, The Wall Street Journal.
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MORTGAGE NEWS DAILY HEADLINES
American Cities See Record Annual Foreclosure Rate Increases in Q2
Thu, 3 Jul 2008 10:52:19 EST
Record high foreclosure rates in the second quarter were reported in Los Angeles, Seattle, Miami and New York, according to a report issued by PropertyShark.com.
Thursday MBS Market
Thu, 3 Jul 2008
MBS and UST's fight epic battle with stock futures...
U.S. June Nonfarm Payrolls Decline 62k, Unemployment Rate Remains at 5.5%
Thu, 3 Jul 2008 07:13:49 EST
U.S. nonfarm payrolls declined for the sixth straight month, falling in line with expectations by a total of 62k jobs in June, according to the Bureau of Labor Statistics on Thursday. May's jobs figure was revised to a loss of 62k jobs from an initially reported loss of 49k jobs.
Fed's Mishkin Says Fed Wants to Contain Inflation Expectations
Wed, 2 Jul 2008 12:53:17 EST
Speaking at a conference in Israel, Federal Reserve board Governor Frederic Mishkin said he currently sees an "upside risk" to inflation expectations and that the Fed wants to contain those expectations.
Central Bank Watch: Market Attention Shifts to ECB - Finally Time to Hike?
Wed, 2 Jul 2008 06:44:37 EST
After last week's highly-anticipated Federal Reserve rate decision, in which rates were expectedly left on hold, markets have shifted their attention to the upcoming European Central Bank rate decision on Thursday.
Mortgage Rates Mark Time Waiting for Federal Action
Wed, 2 Jul 2008 06:29:21 EST
Weekly Mortgage Market Report
Wednesday's Events: U.S. Employment Data Ahead of Nonfarm Payrolls Thursday
Wed, 2 Jul 2008 06:24:10 EST
Employment data from the United States and the Department of Energy's weekly inventories report will highlight the North American data on Wednesday as markets prepare for U.S. nonfarm payrolls on Thursday. In the afternoon, markets will also be paying attention to comments from Fed Governor Frederic Mishkin.
After ADP, Markets Expect Lower Consensus for Nonfarm Payrolls
Wed, 2 Jul 2008 06:21:11 EST
Economists appear to be unanimous in their calls for increased downside risk to Thursday's BLS nonfarm payrolls report, following a weaker-than-expected ADP private employment report for June. ADP figures showed a decline of 79k jobs in the month against expectations of only a 20k loss following three months of upside surprises.
CIT Group Sells Off its Last Home Related Business Interests
Tue, 1 Jul 2008 10:51:43 EST
CIT Group sales to bring 1.8 billion to troubled company.
Will Lehman Brothers Survive Another Round of Rumors?
Tue, 1 Jul 2008 10:47:27 EST
Lehman Brothers Holdings latest to fall victim to Bear Stearns Syndrome as company fights acquisition and bankruptcy rumors.
ISM Manufacturing Halts Four Months of Declines, Rebounds to 50.2
Tue, 1 Jul 2008 07:25:02 EST
The U.S. manufacturing sector halted a four-month trend of deterioration and rebounded into growth mode at 50.2 in June, against expectations of a decline to 48.5, according to the ISM manufacturing survey released on Tuesday morning. Despite the headline advance, prices moved up to the highest level since July 1979, at 91.5, and other components were mixed.
U. S. Construction Spending Drops Further in May
Tue, 1 Jul 2008 07:13:52 EST
According to a report from the U.S. Department of Commerce, construction spending in the United States declined 0.4% month-over-month in May.
MBA Says Home Construction Loan Delinquency Rate Misleading
Tue, 1 Jul 2008 06:46:36 EST
Construction loans for single and multi family projects in the United States are incorrectly included in commercial real estate delinquency reports, according to the Mortgage Bankers Association's most recent Commercial/Multifamily Research DataNote.
MBS At A Glance
Tue, 1 Jul 2008
MBS BETTER 4 ticks. Utterly decimated compared to UST's (up 15 ticks!) On tap: ISM and Construction Spending both at 10AM.
MICA Reports Continued Problems for U.S. Homeowners
Tue, 1 Jul 2008 06:39:22 EST
Nearly 68,000 American homeowners with mortgage insurance fell more than 60 days behind on their loans in May, outnumbering the 40,687 people who cured their situation in the month, according to a release from the Mortgage Insurance Companies of America (MICA) on Monday.
Tuesday Events: U.S. Retail Sales, U.S. Construction Spending, US ISM Index
Tue, 1 Jul 2008 06:34:37 EST
Today's key economic release will be the ISM manufacturing index for June where economists expect a drop to 48.5 from May's 49.6 reading. Canadian markets will be closed to observe Canada Day.
Is Any Company Safe from Subprime Related Lawsuits?
Mon, 30 Jun 2008 11:32:59 EST
Insurance and legal experts argue over whether any company will be untouched by shareholder lawsuits arising out of the subprime crisis.
Treasury's Paulson Says Fed's Role Must be as a Stabilizer
Mon, 30 Jun 2008 11:25:48 EST
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.
Dallas Fed Mfg Index Declines in June
Mon, 30 Jun 2008 07:52:36 EST
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.
Chicago Business Barometer Approaches Growth Levels at 49.6 in June
Mon, 30 Jun 2008 07:44:10 EST
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.
MBS Holds Steady Over Weekend
Mon, 30 Jun 2008
MBS BETTER 4 ticks over official close, 0 ticks DoD, Slight Stronger vs. UST's...
Monday's Events: Canadian GDP, ISM Chicago PMI, ECB's Constancio
Mon, 30 Jun 2008 06:42:37 EST
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 will also be closely watched ahead of the European Central Bank's rate decision on Thursday.
Fed Minutes Says Bear Stearns Actions, Primary Lending Facility Necessary
Fri, 27 Jun 2008 07:44:17 EST
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 changing developments."
May PCE Core Deflator Rises Lower-Than-Expected at 0.1%
Fri, 27 Jun 2008 07:10:05 EST
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 released from the Commerce Department on Friday morning.
Friday's Events: U.S. Core PCE, Personal Income and Spending, Cnd IPPI & RPI
Fri, 27 Jun 2008 07:00:10 EST
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, markets will be looking at the preliminary figures for German CPI and comments from European Central Bank President Jean-Claude Trichet.
And Yet the Sale of Countrywide is Going to Happen
Thu, 26 Jun 2008 08:51:09 EST
Bank of America stockholders approve purchase of Countrywide despite the legal and financial problems dogging its acquisition.
Fed Creates Two New Entities for Risk Management and Communication
Thu, 26 Jun 2008 08:41:44 EST
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.
Condo Sales Main Driver of 2.0% Rise in U.S. Existing Home Sales
Thu, 26 Jun 2008 08:39:33 EST
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.
Soaring Gas Price Will Push Millions Off the Road, Says CIBC Report
Thu, 26 Jun 2008 07:36:38 EST
(CEP News) Ottawa - 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 by CIBC World Markets.
U.S. Existing Home Sales Rise 2.0% to 4.99 Million in May
Thu, 26 Jun 2008 07:33:20 EST
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.
Higher Jobless Claims Data Indicate Job Market Deterioration, Economists Say
Thu, 26 Jun 2008 06:59:42 EST
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.
Thursday's Events: Final US Q1 GDP, Initial Jobless Claims, U.S. Existing Home Sales
Thu, 26 Jun 2008 06:56:42 EST
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 Jürgen Stark of the European Central Bank and energy traders will focus on the release of weekly U.S. natural gas inventories.
FOMC Holds Target Rate at 2.00%, Cites Uncertainty in Inflation Outlook
Wed, 25 Jun 2008 11:35:21 EST
The Federal Reserve announced Wednesday that it would hold the Fed funds target rate at 2.00%, as was widely expected. The accompanying statement was balanced between a concern for slowing growth and rising uncertainty in inflation.
New Homes Sales Continue to Fall, Down 2.5% in May
Wed, 25 Jun 2008 07:16:19 EST
After five months of declines in the pace of new home sales, April's uptick appears to have been temporary as new home sales in the U.S. continued to fall back 2.5% down in May, declining to 512k, in line with expectations from economists.
Mortgage Rates Continue to Set New 2008 Records, Applications Fall
Wed, 25 Jun 2008 06:23:55 EST
Weekly Mortgage Market Report
MBA Mortgage Applications Decline in Week Ending June 20
Wed, 25 Jun 2008 06:03:45 EST
Weekly mortgage applications in the United States fell further in the week ending June 20, according to data from the Mortgage Bankers' Association (MBA) on Wednesday, which reported that applications fell by 9.3% week-over-week.
Durable Goods Excluding Transport Falls in Line with Expectations in May
Wed, 25 Jun 2008 06:14:25 EST
Durable goods excluding transportation fell by 0.9% in May in the U.S. durable goods report on Wednesday, according to the Department of Commerce. Economists were expecting a 1.0% monthly decline following April's downwardly revised 1.9% increase.
Wednesday's Events: FOMC Rate Decision, U.S. New Home Sales, Durable Goods
Wed, 25 Jun 2008 06:18:15 EST
U.S. durable goods orders, new home sales, and the Department of Energy's weekly oil inventories are the highlights of the early morning's events, but all data of the day will be eclipsed by the FOMC's rate decision at 2:15 p.m. EDT.
Treasury's Ryan Says Financial System Should Allow Banks to Fail
Tue, 24 Jun 2008 08:46:06 EST
Speaking in London at Euromoney's Global Borrowers Investors Forum 2008, Assistant Secretary of the Treasury for Financial Markets, Anthony Ryan said the financial system needs to become robust enough to allow for bank failures.
Consumer Confidence Plummets to Lowest Level Since 1992
Tue, 24 Jun 2008 07:32:46 EST
The Conference Board's consumer confidence index for June tumbled to levels not seen since 1992 at 50.4 in Tuesday's report, led by a near 10-point decline in the present situation component. Economists were looking for a moderate decline to 56.0.
U.S. House Prices Fall 0.8% Month-Over-Month in April, Says OFHEO
Tue, 24 Jun 2008 07:29:38 EST
U.S. house prices fell 0.8% month-over-month in April following March's revised 0.6% decline, the Office of Federal Housing Enterprise Oversight (OFHEO) reported Tuesday.
Greenspan Says Turmoil Could Last for Some Time
Tue, 24 Jun 2008 06:21:35 EST
Speaking via satellite to a conference in Johannesburg, Former Fed Chairman Alan Greenspan said the financial market crisis will continue for some time, and could last well into 2009.
U.S. Treasury's Paulson Says Housing Remains Biggest Challenge
Tue, 24 Jun 2008 06:18:48 EST
In an interview with a Mexican television station, U.S. Treasury Secretary Henry Paulson said the biggest challenge facing the U.S. economy is an ailing housing sector, which he hopes will recover by the end of the year.
Case Shiller Home Price Index Declines by Record Annual Levels in April
Tue, 24 Jun 2008 06:15:00 EST
The S&P Case-Shiller home price continued to deteriorate in April as the 20-city composite index posted a record annual decline of 15.3%. The Case-Shiller index has fallen every month since peaking in July 2006.
Tuesday's Events: Case-Shiller and OFHEO Home Prices, Rich. Fed Mfg, Alan Greenspan
Tue, 24 Jun 2008 06:10:22 EST
The S&P/Case Shiller house price index, data from the OFHEO and the Richmond Fed's manufacturing report will highlight the U.S. economic releases as Canadian markets receive employment insurance data and comments from Finance Minister Jim Flaherty.
FOMC to Hold Interest Rates at 2.00%, Markets to Focus on Statement
Tue, 24 Jun 2008 06:26:09 EST
Not a single contrarian voice exists among the 101 economists surveyed by Bloomberg for Wednesday's U.S. rate announcement from the Federal Open Market Committee. All agree that the Fed will hold rates at 2.00%, which means the focus will turn towards the accompanying statement to look for insight as to whether the Fed is thinking of hiking rates later this year, economists say.
Nationwide Mortgage Licensing System Expands to 14 States
Mon, 23 Jun 2008 12:43:57 EST
The Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) announce that six more states.
Treasury's Steel Says De-Leveraging, Re-Pricing of Risk to Continue
Mon, 23 Jun 2008 11:32:10 EST
U.S. Treasury Under Secretary Robert Steel said the current de-leveraging in the financial sector and re-pricing of risk will continue for some time and that financial conditions will improve, though "not in a straight line."
MBS: Calm Before the Storm
Mon, 23 Jun 2008
There is no scheduled economic data releasing today. Combine that with the 2 day Fed Meeting starting tomorrow, and the "action" (if you can call it that) is very thin.
Chicago Fed National Activity Index Improves in May
Mon, 23 Jun 2008 07:02:48 EST
The Chicago Fed National Activity Index came in at -0.96 in May, up from the April reading of -1.23, which was downwardly revised from -1.17. Despite the overall improvement, all four broad categories were negative in the month, though inflationary expectations over the coming year are said to be low.
Monday's Events: Chicago Fed National Activity
Mon, 23 Jun 2008 06:47:12 EST
It will be relatively quiet day today, with the only significant releases scheduled consisting of the Chicago Fed's National Activity Index and the Belgian confidence index.
Operation Malicious Mortgage Yields 400 Arrests
Fri, 20 Jun 2008 04:54:19 EST
Major law enforcement sweep rounds up over 400 mortgage insiders as the FBI and the Justice Department continue to investigate mortgage fraud.
The Day Ahead: Cdn Retail Sales; U.S. Senator McCain in Ottawa
Fri, 20 Jun 2008 04:39:33 EST
Canadian retail sales for April and comments from U.S. presidential candidate John McCain in Ottawa will top Friday's economic news for what appears to be a quiet finish to the week.
Treasury's Paulson Says More Liquidity to Financial Institutions to Come
Thu, 19 Jun 2008 12:17:38 EST
Speaking at the Women in Housing and Finance's annual meeting in Washington, D.C., Treasury Secretary Henry Paulson said that the U.S. may have to offer more liquidity to more institutions in the future.
Fed Must Protect the Markets from Relapse, Kohn Says
Thu, 19 Jun 2008 12:12:11 EST
Testifying before the Senate Banking Committee on risk management and systemic risk, Federal Reserve Vice-Chairman Donald Kohn said that while liquidity pressures have eased, the Federal Reserve must protect the markets from a possible relapse.
Philadelphia Fed's June Manufacturing Falls to -17.1
Thu, 19 Jun 2008 07:22:14 EST
Manufacturing in the region covering eastern Pennsylvania, southern New Jersey and Delaware remained in decline for the seventh consecutive month in June, as the slowdown accelerated following the previous month's improvement, according to the Philadelphia Fed's Manufacturing survey.
Economists Divided on Whether Jobless Claims Signal Recessionary Data
Thu, 19 Jun 2008 06:49:37 EST
Initial claims for unemployment benefits in the United States came in higher than expected with 381k claims in the week ending June 13, following a 2k upward revision to 386k in the previous week. Economists were divided as to what these figures mean for the broader economy.
Thursday's Events: UI Claims, Philly Fed Mfg
Thu, 19 Jun 2008 06:44:28 EST
Canadian CPI and comments from Bank of Canada Governor Mark Carney will highlight the Canadian economic news of the day while markets south of the border will receive jobless claims, the Philadelphia Fed's manufacturing report and comments from Fed Vice-Chairman Donald Kohn.
Long-Term Interest Rates Hit Highest Point since Last October
Wed, 18 Jun 2008 07:15:10 EST
Weekly Mortgage Market Report
Wednesday's Events: Central Bank Watch and DOE Inventories
Wed, 18 Jun 2008 07:03:26 EST
Today will be a day to watch what central bankers have to say about the current economic conditions, with the Fed's Yellen, EU's Juncker and the BOE's King all making appearances. The U.S. Department of Energy will release crude inventories along with gasoline inventories, distillates and refinery utilization.
MBA Mortgage Applications Decline in Week Ending June 13
Wed, 18 Jun 2008 07:06:04 EST
Weekly mortgage applications in the United States fell further in the week ending June 13, according to data from the Mortgage Bankers' Association (MBA) on Wednesday, which reported that applications fell by 8.8% week-over-week.
The Fed Won't Hike at Upcoming Meeting, WSJ and FT Say
Tue, 17 Jun 2008 11:04:47 EST
The Federal Reserve won't hike rates on June 25 and may not hike in August, articles in the Wall Street Journal and Financial Times suggest.
NAHB Green Building Legislation Offers Incentives to Lenders
Tue, 17 Jun 2008 09:17:41 EST
NAHB urges Congress to exercise care in passing sustainable building regulations for publicly funded housing practices; keywords are sustainability and affordability.
MBS: And A Good Morning To You As Well!
Tue, 17 Jun 2008
Today's update of the MBS Market. Check back updates throughout the day.
U.S. Housing Market Bottom Not Yet in Sight, Say Economists
Tue, 17 Jun 2008 09:01:04 EST
A decline in U.S. housing starts and building permits in May have economists convinced that the end is not yet near for the U.S. housing market turmoil.
U.S. Housing Starts and Building Permits Decline in May
Tue, 17 Jun 2008 06:46:40 EST
U.S. housing starts came in below expectations at 975k in May, a month-over-month decline of 3.3%, according to data released from the U.S. Department of Commerce on Tuesday morning. The consensus was looking for a decline to 980k level.
U.S. Builder Confidence Matches Historic Low at 18
Mon, 16 Jun 2008 13:04:03 EST
A report from Wells Fargo and the National Association of Home Builders (NAHB) suggests that homebuilders were even more pessimistic in June as the housing market index fell a single point to 18, matching the historic low of the 22-year index reached last December.
Two Senators Appear to be "Friends of Countrywide"
Mon, 16 Jun 2008 10:04:24 EST
Being a "friend of Mozilo" is putting a couple of politicians under the spotlight for receiving mortgage-related favors. Is the list longer than just these two Senators?
Traders Reluctantly Buying Bonds
Mon, 16 Jun 2008
Despite weaker than expected data, the sell-off on Friday, and a lackluster opening for the Dow, both MBS and treasuries are having a hard time getting off the ground.
Washington Post Sources Say Bernanke has no Plans for Rate Hikes
Mon, 16 Jun 2008 07:05:32 EST
Federal Reserve Chairman Ben Bernanke has no plans to raise interest rates and is more concerned about growth than inflation, a Washington Post op-ed reported on Monday.
Monday's Events: Lehman, Cnd New Vehicle Sales, Empire Mfg Index, Fed's Bernanke
Mon, 16 Jun 2008 07:01:34 EST
Earnings from Lehman Brothers will kick off the day followed by Canadian motor vehicle sales and the Empire Fed's manufacturing index. Markets will also be paying attention to U.S. TIC flows, comments from Fed Chairman Ben Bernanke and Richmond Fed President Jeffrey Lacker (voter) followed by the NAHB's housing market index.
Greenspan Says Recovery Still Months Away
Fri, 13 Jun 2008 12:00:26 EST
Speaking at an economic forum in Mexico City, Mexico, Former Fed Chairman Alan Greenspan said that while he has seen a pronounced turnaround in March, the market turmoil may get worse before a recovery sets in.
Annual Home Foreclosures Soared by 48% in May, Says Report
Fri, 13 Jun 2008 10:25:42 EST
U.S home foreclosures grew by 7% percent in May and increased by 48% annually, according to a report released by RealtyTrac. That is the highest rate since the firm began tracking foreclosures in 2005.
MBS on Friday the 13th
Fri, 13 Jun 2008
Remember Jason? The Hockey Mask Guy from Friday the 13th? Considering we're hovering near unchanged, it's safe to say he's at bay for now...
Economists Speculate on Fed's Monetary Policy Following CPI Report
Fri, 13 Jun 2008 06:40:54 EST
Core inflation continued to be benign in May, rising 0.2% in the month and 2.3% in the year, but the Fed will likely put more focus on total inflation as that figure came in higher than anticipated, economists said on Friday after the CPI report.
Friday's Events: U.S. CPI, Michigan Sentiment; Greenspan Speaks
Fri, 13 Jun 2008 06:43:42 EST
Canadian manufacturing shipments and first quarter labour productivity data will top the Canadian economic news of the day, but all eyes will be on the release of U.S. consumer prices and the University of Michigan's consumer sentiment index.
Go Green With Your Real Estate Marketing
Thu, 12 Jun 2008 12:27:33 EST
The new economic realities present some opportunities for real estate agents who are willing to make changes in the way they do business.
MBS: Can't Catch A Break
Thu, 12 Jun 2008
Sure we had a bit of a rebound yesterday despite volatility, but check out what is happening this morning...
Fed's Plosser Calls Inflation Threat "Serious" and "An Insidious Tax on Consumers"
Thu, 12 Jun 2008 07:00:49 EST
Speaking in an interview with CNBC, Philadelphia Fed President Charles Plosser said the inflation threat was "serious", and called it an "insidious tax on consumers".
Lehman Brothers CFO and COO Resign With Stock Down 32% in a Week
Thu, 12 Jun 2008 06:22:05 EST
A pair of top executives at Lehman Brothers have resigned with shares of the company in freefall.
U.S. Fed's Beige Book Says Economy "Generally Weak" With 7 Districts Slowing
Wed, 11 Jun 2008 11:20:16 EST
Economic conditions across the United States remain "generally weak" in the Fed's Beige Book covering April and May, yet only seven of the 12 districts describe conditions as "sluggish" or "soft," compared to nine in the previous report, while the remaining five described conditions as "stable" or "little changed."
Fed's Kroszner Says Disclosures Might Not Be Enough
Wed, 11 Jun 2008 10:29:18 EST
Speaking at the Cleveland Fed's 2008 Community Development Policy Summit on consumer credit markets, Fed Governor Randall Kroszner said that more disclosures on some credit products may not be sufficient to protect consumers.
Most Mortgage Rates were Stagnant While Application Volume Increased
Wed, 11 Jun 2008 06:37:13 EST
Weekly Mortgage Market Report
MBA Mortgage Applications Rebound in Week Ending June 6
Wed, 11 Jun 2008 06:42:12 EST
Weekly mortgage applications in the United States fell further in the week ending June 6, according to data from the Mortgage Bankers' Association (MBA) on Wednesday, which reported that applications increased by 10.6% week-over-week.
Wednesday's Events: Fed's Beige Book, Fed & ECB Speakers, Canadian Q1 Cap. U.
Wed, 11 Jun 2008 06:45:12 EST
The Fed's Beige Book and some Fed speakers will top the economic data menu for the United States on Wednesday as Canadian markets receive first-quarter capacity utilization data. In Europe, markets will also be preparing to hear from J?Stark of the European Central Bank speaking at a Boston Fed Conference on Inflation, and with oil prices surging, the Department of Energy's oil inventories will draw much attention.
Preview: Fed's Beige Book to Confirm Broad-Based Softness in Economy
Tue, 10 Jun 2008 13:57:49 EST
Economists largely agree that the Beige Book document to be released Wednesday by the Federal Reserve won't reveal anything new. It will likely say that economic conditions are generally soft across the country, with a few pockets of exceptional weakness and moderate growth, economists say.
American Express Survey Shows Companies to Focus on Growth and Expenses
Tue, 10 Jun 2008 08:59:22 EST
Despite the current bleak financial outlook, companies are finding ways to watch expenses and invest in growth, according to a report issued by the American Express/CFO Research Global Business and Spending monitor.
Paulson Says Main Message to G8 Will Be Strong U.S. Economy to Reflect in USD
Tue, 10 Jun 2008 07:02:18 EST
Speaking in an interview with Bloomberg Television, U.S. Treasury Secretary Henry Paulson said he would not speculate on what the G8 will say, but his main message to the organization would be that the strong fundamentals of the U.S. economy would be reflected in the U.S. Dollar. He also said he did not want to completely rule out the possibility of foreign exchange intervention.
Fed's Fisher Says He Does Not Push For Higher Rates
Tue, 10 Jun 2008 06:59:02 EST
Speaking at an inflation conference at the Boston Federal Reserve, Richard Fisher of the Dallas Fed said he was not advocating an increase in interest rates even though he "drew the line" when the Fed funds target was at 3.50%.
50/50 Bet Continues to Pay Off
Tue, 10 Jun 2008
It may get worse before it gets better as MBS and treasuries are both peeling off between a quarter to three eighths of a point. But relief may be in sight...
Tuesday's Events: Bank of Canada Rate Decision, Trade Data for U.S. & Canada
Tue, 10 Jun 2008 06:54:01 EST
The Bank of Canada's rate decision, some Fed speak and international trade statistics from the U.S. and Canada will top the day's economic events.
Former Fed Chairman Volcker Says U.S. Undergoing Political and Economic "Shakeup"
Mon, 9 Jun 2008 12:57:58 EST
Delivering remarks at a luncheon organized by the International Economic Forum of the Americas, Former Fed Chairman Paul Volcker said he believed that the United States was undergoing a difficult but necessary political and economic shakeup.
U.S. Treasury Secretary Paulson Says Fundamentals of Economy Favourable
Mon, 9 Jun 2008 11:46:14 EST
Despite five months of job losses and soaring oil prices, the fundamentals of the U.S. economy remain favourable, said U.S. Treasury Secretary Henry Paulson on Monday. However, he noted the price of oil is a problem and that no policy initiatives are off the table, including currency intervention.
Fed's Geithner Calls on Unified Supervision of Banks and Wall Street
Mon, 9 Jun 2008 11:03:01 EST
New York Fed President and FOMC Vice Chairman Tim Geithner said the U.S. regulatory structure needs to be reformed to more clearly define rules and responsibilities.
Increase in U.S. Pending Home Sales Related to Foreclosures, Economist Says
Mon, 9 Jun 2008 10:55:46 EST
After declining in five of the past six months, U.S. pending home sales unexpectedly jumped 6.3% in April to reach a level of 88.2, the highest level in six months, according to the National Association of Realtors. Economists say the rising pace of foreclosures may have helped the index.
Lenders Facing Another Wave of Write-Offs
Mon, 9 Jun 2008 09:19:31 EST
Lenders are facing a new round of write-offs and losses as builders and developers find themselves on every shakier ground as sales and prices fall.
U.S. Policy-Makers Concerned About ECB Hawkishness, FT Says
Mon, 9 Jun 2008 06:35:09 EST
Monetary officials in the United States are concerned about further U.S. dollar weakness after officials at the European Central Bank said it may hike interest rates as soon as next month, the Financial Times reported Monday.
Central Bank Watch: Bernanke, Trichet Comments Rile Markets
Mon, 9 Jun 2008 06:32:05 EST
Markets were captivated this week by U.S. dollar comments from Fed Chairman Ben Bernanke, in which he expressed concern over the U.S. dollar's decline contributing to "unwelcome" increases in import prices, and hawkish comments from European Central Bank President Jean-Claude Trichet suggesting a hike at the bank's next policy meeting is a possibility.
Monday's Events: U.S. Pending Home Sales
Mon, 9 Jun 2008 06:22:19 EST
Both the Canadian and U.S. housing sectors will kick off the week, with Canadian markets receiving May housing starts, with the U.S. expecting data on pending home sales for April.
Lehman Plans to Raise $6 Billion After $2.8 Billion Quarterly Loss
Mon, 9 Jun 2008 06:25:29 EST
Shares of Lehman Brothers Holdings Inc. are down sharply on Monday after the Wall Street bank reported a US$2.8 billion loss in the second quarter against an expected loss of around US$300 million.
St. Louis Fed President Bullard Recommends Holding Off Further Rate Cuts
Fri, 6 Jun 2008 16:16:18 EST
Speaking at the Wisconsin School of Business in Madison Wisconsin, newly appointed president of the St. Louis Fed James Bullard told a crowd that the Federal Reserve's rate cuts were pre-emptive and that patience is required.
Just One Little House, but a Good Indicator of Foreclosed Properties Nationwide
Fri, 6 Jun 2008 07:05:11 EST
Stopping foreclosure blight is the job of the banks, their agents, and government. No one appears to be doing their job!
Friday's Events: U.S. & Canadian Employment Reports, Fed-Speak
Fri, 6 Jun 2008 06:44:41 EST
The Canadian and U.S. employment reports top a busy week on the economic data front, followed by comments from Fed speakers and U.S. wholesale inventories for May.
Fed's Kroszner Says U.S. Housing to Recover "Gradually"
Fri, 6 Jun 2008 06:42:05 EST
Echoing comments he made on May 22, Fed Governor Randall Kroszner said the U.S. housing sector will recover gradually as an excess of home inventory is reduced.
S&P Downgrades MBIA and Ambac to Double-A
Thu, 5 Jun 2008 12:12:19 EST
Standard and Poor's cut the credit ratings of MBIA and Ambac on Thursday, just one day after fellow ratings agency Moody's said it may do the same.
Fed Vice Chairman Warns Institutions to Review Risk in Financial Transactions
Thu, 5 Jun 2008 09:12:22 EST
In a report issued Wednesday, Federal Reserve Vice Chairman Timothy F. Geithner warned banks and settlement and payment systems to review their risk management controls in an effort to avoid any potential disruptions in financial transactions.
Fed's Plosser Says Central Banks Must Exercise Caution as Lenders of Last Resort
Thu, 5 Jun 2008 09:17:19 EST
Philadelphia Fed President Charles Plosser said the Federal Reserve must follow rules and exercise caution as a lender of last resort.
MBS - Best Not to Read This
Thu, 5 Jun 2008
We've lost another half point give or take. Chalk it up to better than expected jobless claims.
Fed's Lacker Says Fed Should Identify Boundaries on Lending
Thu, 5 Jun 2008 09:03:15 EST
Speaking on financial stability in London, Richmond Fed President Jeffrey Lacker (non-voter) said he called on the Fed to detail its rules on intervening in the financial markets in order to minimize moral hazard and greater risk taking.
Fed's Kohn Tells Banks to Strengthen Reserves
Thu, 5 Jun 2008 08:05:50 EST
Speaking before the Senate Banking Committee in Washington, D.C., Federal Reserve Vice Chairman Donald Kohn warned that banks need to strengthen reserves in order to improve liquidity.
Mortgage Delinquency Rate Hits 29-Year High in First Quarter
Thu, 5 Jun 2008 07:38:56 EST
Mortgage delinquencies for U.S. homes in the first quarter of 2008 jumped 53 basis points from the previous quarter to 6.35% of all loans outstanding, marking a 29-year high, according to the MBA's National Delinquency Survey released Thursday.
Thursday's Events: BOE, ECB Rates; U.S. Jobless Claims, Fed-Speak, Cdn Ivey PMI
Thu, 5 Jun 2008 06:59:44 EST
The Bank of England and European Central Bank rate decisions will highlight the European economic news as American markets will receive initial jobless claims and some Fed-speak. In Canada, markets are preparing for building permits and the Ivey PMI for May.
Moody's Puts Ambac and MBIA on Review for Ratings Downgrade
Wed, 4 Jun 2008 13:26:53 EST
U.S. bond insurers may lose their top credit ratings because of diminishing new business and financial inflexibility, Moody's said on Wednesday.
Fed's Bernanke Sees Inflation Risk Rising
Wed, 4 Jun 2008 13:31:17 EST
Speaking at a Harvard commencement address, Bernanke said overall inflation is significantly higher than he would like, but less than the 1970s-style stagflation.
AG Cuomo May Have Reached Agreement with Credit Agencies
Wed, 4 Jun 2008 10:43:04 EST
Three major ratings agencies may be about to change their modus operandi to satisfy New York’s attorney general.
ADP Cries Wolf Again - MBS Down
Wed, 4 Jun 2008
With ISM's Non-MFG survey yet to come, MBS are down ever so slightly on stronger than expected ADP private payroll numbers.
Long-Term Interest Rates Higher While Mortgage Applications Continue to Slide
Wed, 4 Jun 2008 06:54:50 EST
Weekly Mortgage Market Report
Weekly Mortgage Applications Decline Further
Wed, 4 Jun 2008 06:37:33 EST
Weekly mortgage applications in the United States fell further in the week ending May 30, according to data from the Mortgage Bankers' Association (MBA) on Wednesday, which said applications declined by 15.3% week-over-week to the lowest levels since April 2002.
Wednesday's Events: ADP Employment, ISM Services, Fed's Bernanke
Wed, 4 Jun 2008 06:33:46 EST
The ADP employment report and ISM's non-manufacturing index for the U.S. will highlight the day's economic data while markets will pay close attention to comments from Fed Chairman Ben Bernanke in the afternoon. Meanwhile, energy traders will be attentive to the Department of Energy's release of it weekly oil inventories report.
Central Bank Leaders Prepared to Face Upside Inflation Risks
Tue, 3 Jun 2008 12:59:44 EST
Speaking at a conference organized by the International Monetary Committee on Tuesday, Fed Chairman Ben Bernanke, European Central Bank President Jean-Claude Trichet and Bank of Japan Governor Masaaki Shirakawa agreed that persistent inflation pressures were one of the risks being faced by central banks.
Global Survey Finds Credit Crunch Defaults Expected to Peak in 2008
Tue, 3 Jun 2008 11:36:49 EST
Tighter credit and defaults are expected to have a greater effect in 2008 than they did last year, a survey of businesses in 14 countries affected by the fallout found.
2 Steps Forward 1.7 Steps Back
Tue, 3 Jun 2008
In A Word: Reasonably stronger than expected economic data combined with an already sell-biased MBS market this morning to erase an appreciable chunk of yesterday's gains...
Casualties on Wall Street Continue to Rise
Tue, 3 Jun 2008 09:02:09 EST
Two bank execs lose titles while Lehman Brothers and Toll Brothers announce further troubles.
Bernanke Says Fed "Attentive" to U.S. Dollar Slide
Tue, 3 Jun 2008 06:39:24 EST
Fed Chairman Ben Bernanke said the Federal Reserve bank is "attentive" to the slide in value of the U.S. dollar and that it has caused an "unwelcome" rise in import costs.
U.S. Factory Orders Surprise to the Upside, Rise 1.1% in April
Tue, 3 Jun 2008 07:49:08 EST
The U.S. Census Bureau factory orders report surprised to the upside on Tuesday, increasing by 1.1% in April to contribute to an annual gain of 3.8%. The prior month's factory orders index was revised to show an increase of 1.5% from the previously reported 1.4% gain.
Tuesday's Events: Bernanke, Factory Orders
Tue, 3 Jun 2008 06:22:43 EST
Comments from Fed Chairman Ben Bernanke, European Central Bank President Jean-Claude Trichet and Bank of Japan Governor Masaaki Shirakawa will highlight the day's economic news, along with the release of U.S. factory orders. Markets will also see the sale of a 52-week U.S. Treasury bill in the afternoon.
Foreclosures Cost Lenders, Homeowners, the Community, and You Big Bucks
Mon, 2 Jun 2008 12:29:39 EST
There are no winners in a foreclosure except for those who will come along later to pick up the pieces. We tell you what a foreclosure really costs – and who pays.
Fed's Lockhart Says Economy Still Faces Uncertainty - Too Soon to "Breathe Easy"
Mon, 2 Jun 2008 10:15:52 EST
Atlanta Fed President Dennis Lockhart (non-voter) said the U.S. economy continues to face significant uncertainty and risks, but that he expects an improvement in growth in the second half of the year.
President Bush Calls for Permanent Tax Cuts
Mon, 2 Jun 2008 09:09:52 EST
U.S. president George W. Bush said government tax revenues will increase by $280 billion if Congress does not make permanent the tax cuts introduced earlier in his administration.
Central Bank Watch: Week of Rate Decisions Ahead, No Changes Expected
Mon, 2 Jun 2008 07:58:35 EST
It will be a busy week for central bank rate decisions next week, with announcements coming from the Reserve Bank of Australia, Bank of England and the European Central Bank. Economists are expecting all to hold rates at their current levels.
U. S. Construction Spending Falls in April
Mon, 2 Jun 2008 07:32:16 EST
According to a report from the U.S. Department of Commerce, construction spending in the United States declined 0.4% month-over-month in April.
Monday's Events: ISM Mfg, ECB's Trichet
Mon, 2 Jun 2008 07:04:30 EST
In the absence of any economic releases for Canada, the ISM's manufacturing index for the United States will highlight a relatively light day of economic news and events. In Europe, markets will be receiving comments from European Central Bank President Jean-Claude Trichet.
Economists Divided on Implications of U.S. ISM Manufacturing Index
Mon, 2 Jun 2008 09:12:02 EST
A three-year high in exports contributed to a rebound in production and an improvement in new orders in the U.S. ISM manufacturing index for May, yet the manufacturing sector remained in contraction for the fourth consecutive month. Economists said the upward trend is consistent with growth in the broader economy, while others emphasized weakness in the domestic economy.
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