Archive for January, 2009
Friday, January 30th, 2009
It has taken longer than I thought it would, but someone has finally moved to take advantage of the potential profit waiting out there in the midst of the current mortgage mess. With all of the bad news about subprime loans, the back and forth of the...(read more)
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Thursday, January 29th, 2009
Plans to pool toxic assets into a U.S. government-owned bank may have encountered a problem, CNBC is reporting. On Tuesday, stock markets rallied on hopes the 'bad bank' would help clear up the problems that a plaguing balance sheets. The original...(read more)
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Thursday, January 29th, 2009
Mortgage rates this week were steady, moving only slightly up or down if at all. Results from the Primary Mortgage Market Survey released by Freddie Mac Thursday morning showed that the 30-year fixed-rate mortgage (FRM) averaged 5.10 percent with 0.7...(read more)
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Thursday, January 29th, 2009
New home sales in the U.S. fell much more than expected in December to their slowest pace on record, the Commerce Department reported Tuesday. Meanwhile, the median sale price fell to $206,500. New home sales fell to an annualized pace of 331k, a 14.7...(read more)
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Wednesday, January 28th, 2009
The U.S. House of Representatives passed Barack Obama's $819 billion stimulus plan Wednesday night. Parts of the plan include spending on welfare, food stamps, unemployment benefits and community action agencies. Also, $40 billion will go towards...(read more)
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Wednesday, January 28th, 2009
U.S. Treasury Secretary Timothy Geithner said he is looking at a "range of options" for rescuing the banking sector and that a recovery plan will be unveiled soon. Speaking prior to his meeting with TARP officials, Geithner said, "We are...(read more)
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Wednesday, January 28th, 2009
President Barack Obama has been urging congressional officials to pass a massive fiscal stimulus package by mid-February. The House is set to vote on the proposal on Wednesday; once accepted, it will take several more weeks to weigh out the details. Obama...(read more)
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Wednesday, January 28th, 2009
The U.S. government is crafting plans to create a 'bad bank' to purchase toxic assets from financial institutions and strengthen the balance sheets of financial institutions, according to a report from CNBC on Tuesday evening. The concept of a...(read more)
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Wednesday, January 28th, 2009
Weekly mortgage applications in the United States fell in the week ending Jan. 23, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 38.8% week-over-week decrease in applications. In the previous...(read more)
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Tuesday, January 27th, 2009
Market participants are waiting in anticipation for the Federal Open Market Committee's rate decision on Wednesday. The consensus largely expects that with rates currently set between 0.00% and 0.25%, the Fed will leave rates unchanged. The focus...(read more)
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