Archive for June, 2008
Thursday, June 26th, 2008
The sale of Countrywide Mortgage to Bank of America
absorbed another blow this week as three states took legal action against
the lender.
The attorneys general of California and Illinois and the Washington
State department that regulates financial institutions all filed
lawsuits against Countrywide on Tuesday alleging variations on
the theme ...
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Thursday, June 26th, 2008
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.
The Communications Group "was created in recognition of the increasing
roles and responsibilities of the communications and regional and
community affairs area in the Bank...
...
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Thursday, June 26th, 2008
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.
Condo sales rose 5.5% in May, more than reversing the 5.2% monthly
drop in April, while single family home sales rose 1.6% in the ...
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Thursday, June 26th, 2008
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.
American driving habits will have ...
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Thursday, June 26th, 2008
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.
Economists were expecting the May data to rise to 4.95 million, or
1.2%, following the ...
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Thursday, June 26th, 2008
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.
"Three straight weeks of claims in the mid-380s is not good news; this
is recession territory," said Ian Shepherdson, Chief U.S. ...
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Thursday, June 26th, 2008
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 ...
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Wednesday, June 25th, 2008
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.
In the statement, the Fed said "overall economic activity continues to
expand, partly reflecting some ...
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Wednesday, June 25th, 2008
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.
This follows an upwardly revised reading of 525k ...
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Wednesday, June 25th, 2008
Fixed-rate mortgage
interest increased again during the week ended June 19 according to
results from the Primary Mortgage Market Survey released by Freddie
Mac.
The 30-year fixed-rate mortgage (FRM) jumped from 6.32 percent to 6.42
percent with fees and points...
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