Big Week On Tap for Housing
Some big housing numbers are expected next week: Existing-home sales, new-home sales and quarterly results from Toll Bros….(read more)
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House Overwhelmingly Passes Cummings Amendment to Extend Foreclosure Protections to …
Cummings also Succeeds on Amendment to Increase Diversity, Curb Hazing Washington, DC (May 18, 2012)-Today, the House passed by a vote of 394 to 27 an amendment to the National Defense Authorization Act (NDAA) introduced by Rep. Elijah E. Cummings, Ranking Member of the Oversight and Government Reform Committee, Rep. Bob Filner, Ranking Member of [...]
Remarks by President Obama and President Hollande of France after Bilateral Meeting
Oval Office 12:35 P.M. EDT PRESIDENT OBAMA: Well, it is my great pleasure to welcome President Hollande to the United States, to the Oval Office, and this evening to Camp David. We all watched the remarkable election, and I offered him hardy congratulations and assured him that the friendship and alliance between the United States [...]
Principal Reductions Won’t Solve the Mortgage Mess
Edward DeMarco, the temporary director of the Federal Housing Finance Agency, continues to endure blistering criticism for refusing to allow Fannie Mae and Freddie Mac to pay for large-scale principal reductions for underwater borrowers (those who owe more than their homes are worth) or to facilitate refinancings for those stuck with high interest rate mortgages. [...]
Eastern Europe’s ‘Ring of Defense’ Against Greek Exit
A "ring of defense" has to be built around eastern European neighbors Romania, Bulgaria and Serbia to help them cope with the fallout from a possible Greek exit from the euro zone, bankers said on Friday….(read more)
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Commercial-Mortgage Securities Spreads Soar to Widest of 2012 – Bloomberg
Commercial-Mortgage Securities Spreads Soar to Widest of 2012 Bloomberg Wall Street dealers are selling commercial-mortgage bonds with the widest spread this year as the European debt crisis and JPMorgan Chase & Co.'s trading loss rattles markets. Goldman Sachs Group Inc. (GS), Citigroup Inc. (C) and Jefferies Group Inc….(read more)
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James McNamara Named Managing Executive of SEC’s Division of Trading and Markets
FOR IMMEDIATE RELEASE 2012-98 Washington, D.C., May 18, 2012 — The Securities and Exchange Commission today announced that James P. McNamara has been named to the newly-created position of Managing Executive of the SEC’s Division of Trading and Markets. Mr. McNamara is currently an Assistant Director in the SEC’s Office of Financial Management. In his [...]
Corporate Bond Sales in U.S. Fall Most Since February on Greece – Bloomberg
Corporate Bond Sales in U.S. Fall Most Since February on Greece Bloomberg Corporate bond sales declined at the fastest pace in three months and relative yields climbed as concern that Greece would exit the euro and accelerate the European financial crisis lowered risk appetite in the US Kellogg Co. (K), the Battle Creek, ……(read more)
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Did Tim Geithner Just Tell Jamie Dimon to Resign from the Fed?
Treasury Secretary Tim Geithner appeared on PBS NewsHour Thursday night. Jeffrey Brown asked him whether JPMorgan Chase spacer CEO Jamie Dimon should resign from the board of the Fed. Here's the answer….(read more)
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At G8, Obama Will Urge Europe to Work Through Crisis
At G8, Obama Will Urge Europe to Work Through Crisis<br/>http://www.cnbc.com//id/47465362…(read more)
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Wall Street banks facing second-quarter slowdown: analyst
(Reuters) – Wall Street banks will report sharp declines in trading and investment banking revenues in the second quarter because of weaker client activity, JPMorgan analyst Kian Abouhossein said in a report on Friday….(read more)
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Facebook IPO Draws Highest Ever Retail Demand
Facebook IPO Draws Highest Ever Retail Demand<br/>http://www.cnbc.com//id/47475416…(read more)
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Fed’s Tarullo emerges as banks’ key federal foe on regulating risk
Daniel Tarullo , the Federal Reserve's point man on overhauling the financial system , has emerged as the most powerful figure wrestling with the nation's biggest banks to make them take fewer risks that could endanger the economy. Read full article >>…(read more)
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Bond Report: Treasury yields rise from record low
Treasury prices fall, pushing 10-year yields up from their lowest level in history, as traders take a breather after a nine-week rally. They await comments from global officials at the weekend's Group of Eight meeting….(read more)
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Europe thinks the unthinkable on Greece
BRUSSELS/LONDON (Reuters) – European officials are working on contingency plans in case Greece bombs out of the euro zone, the EU's trade commissioner said on Friday, while Berlin said it was prepared for all eventualities….(read more)
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Rally Sign? Market Most Oversold Since Financial Crisis
Stocks are at their most oversold levels since the doom days of the financial crisis and bound for a rally, according to one measure….(read more)
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When risk is outlawed
Rep. Jeb Hensarling (R-TX) Washington Times The news of J.P. Morgan Chase's recent trading loss has raised the cry of "I told you so" from proponents of the almost 2-year-old Dodd-Frank Act. They say the law's Volcker rule would have prevented such a loss and that without more regulation, financial institutions will continue to make [...]
German Bond Yields Fall to Record After Spanish Bank Downgrades – Bloomberg
German Bond Yields Fall to Record After Spanish Bank Downgrades Bloomberg German two- and 10-year bond yields dropped to all-time lows after Moody's Investors Service lowered the credit ratings of 16 Spanish banks, spurring demand for Europe's safest government debt securities. Benchmark bunds headed for a fifth weekly ……(read more)
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Spain beset by bank crisis, downgrades, bond pressure
MADRID (Reuters) – Spain's borrowing costs shot up at a bond auction on Thursday and its troubled banks suffered a double blow, with shares in part-nationalized Bankia diving and 16 lenders – including the euro zone's biggest – having their credit ratings cut….(read more)
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REALTORS® Report Cash Sales of Commercial Properties at Close to 30%
Lending conditions continue to remain tight for commercial real estate investments. This is especially pertinent for small businesses and investors looking for properties in secondary and tertiary markets. In addition to tight underwriting, down-payment conditions also require substantial commitment. According to the 2012 Commercial Lending Survey, 72 percent of closed sales required a down-payment larger [...]
Forget Greece, China Biggest Risk to Global Economy: Faber
Forget Greece, which is an "insignificant" economy, it is China that's posing the biggest risk to the global economy, Marc Faber the editor and publisher of the Gloom, Boom and Doom report told CNBC on Friday….(read more)
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MGIC Files Suit To Resolve Pool Dispute
MILWAUKEE, May 17, 2012 /PRNewswire/ – MGIC Investment Corporation (NYSE: MTG) announced today that its Mortgage Guaranty Insurance Corporation subsidiary has filed a lawsuit in Federal District Court in Milwaukee, Wisconsin against Freddie Mac and the Federal Housing Finance Administration (Freddie Mac's conservator) regarding the pool insurance dispute between MGIC and Freddie Mac. The dispute has [...]
S&P Raises Outlook on Ally Financial
NEW YORK -(MarketWatch)- Standard & Poor's raised its outlook on Ally Financial Inc. to positive from stable Thursday as it expects the prearranged bankruptcy of its mortgage subsidiary to help it address mounting litigation risk….(read more)
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MGIC sues Freddie Mac in insurance dispute
(Reuters) – Mortgage insurer MGIC Investment Corp has sued mortgage financier Freddie Mac and the Federal Housing Finance Administration to settle a dispute over coverage limits on certain insurance policies….(read more)
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Principal Reductions Won’t Solve US Mortgage Mess – Bloomberg
Principal Reductions Won't Solve US Mortgage Mess Bloomberg Edward DeMarco, the temporary director of the Federal Housing Finance Agency, continues to endure blistering criticism for refusing to allow Fannie Mae and Freddie Mac to pay for large-scale principal reductions for underwater borrowers (those who owe ……(read more)
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