Wealth of Women
The Week Ahead: Slow to Start, Then FOMC, GDP
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After two excruciatingly slow, sideways weeks, markets will finally get what they've ostensibly been waiting for: Wednesday's FOMC Announcement. This one offers the full slate of festivities with the Bernanke press conference and the FOMC Member Forecasts. That means that the announcement itself is in the earlier time-slot at 12:30pm as opposed to 2:15pm. The 5yr Note auction that would normally be at 1pm, is moved instead to 11:30am. Because of "all that," it's tough to consider how much attention we'd want to pay to any events before Wednesday afternoon. Economic data and even the 5yr Auction would have to be pretty bizarre in order to have much of an impact on wherever the market wants to be trading before, during, and after the FOMC stuff. Thankfully, the data calendar is empty today, effectively...()Forward this article via email: to someone you know that may want to read it.
Lender, Investor and Agency Updates, Plain and Simple
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Sometimes the investor news piles up, and there is so much going on in the mortgage and real estate biz that a separate commentary is warranted. As always, when dealing with lender & investor news, a quick reminder is needed to say that it is always better to read the full bulletin from the investor, MI company, or agency - the information here is more to present recent trends in lending over the last few weeks. In no particular order... There is an amendment to last Saturday's underwriting updates: it should have read that Franklin American has improved the price adjustment on Jumbo loans from 0.250 to 0.375 for LTVs of 65% or less. So Franklin American has just improved the price adjustment on Jumbo loans by 0.125 for LTVs less than or equal to 65%, raising it from 0.250 to 0.375. Further...()Forward this article via email: to someone you know that may want to read it.
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Reader Input on Issues; Volcker Rule Delay - Phew! Lots Training and Conferences Coming Up
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In this business, you can never have too much Dodd Frank, can you? The House Financial Services Committee has unveiled the Dodd-Frank Burden Tracker , an online resource to help the public keep track of all the new government rules and red tape required by the Dodd-Frank Act. The Dodd-Frank Act mandates that government regulators write more than 400 new rules and requirements that will be imposed on the private sector. Since the law was passed by Congress and signed by the President Obama in July 2010, the Tracker reveals that regulators have written only 185 of the 400 rules, these 185 rules consume 5,320 pages, and it will take private sector job-creators 24,035,801 hours every year to comply with these first 185 Dodd-Frank rules. We did receive an extension/clarification of the Volcker Rule...()Forward this article via email: to someone you know that may want to read it.
Virginia RE Developer Guilty of Massive Fraud Leading to Bank's Failure
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A Virginia real estate developer has pled guilty to conspiracy to commit wire fraud, making false statements, and conspiracy to commit bank fraud in connection with a complicated scheme in which an estimated $61 million was bled from a bank and state and federal governments, and which ultimately led to the failure of Virginia's Bank of the Commonwealth . Eric H. Menden of Chesapeake, Virginia is facing up to five years in prison on each of the counts. Menden admitted that he and his partner George P. Hranowskyj also of Chesapeake did favors for insiders at the Bank in return for favorable lending treatment and assisted the Bank in concealing the extent of the Bank's non-performing assets by purchasing Bank-owned property. In one instance Menden submitted construction draw requests to the Bank...()Forward this article via email: to someone you know that may want to read it.
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MBS MID-DAY: Quiet Monday Morning. Holding Gains
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MBS Live : MBS Morning Market Summary So far, the morning has been as uneventful as expected with no scheduled data or events on the domestic calendar. That said, bond markets continue to trade in better territory than where they left off on Friday afternoon, putting them at their strongest levels in well over a month. The stronger opening levels were courtesy of overnight events in Europe which included weak economic data and political uncertainty stemming from elections in France and Holland. Additionally, it's fair to assume that some changes in trading positions ahead of Wednesday's FOMC will play a role in determining market movement today and tomorrow. MBS Pricing Snapshot Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live...()Forward this article via email: to someone you know that may want to read it.
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