Interest Rate Markets October 31, 2008
→ BANKS AND MORTGAGE BANKERS.
-- ,John Arzu,LOS ANGELES CA. 10/27/2008
→ West Monroe Partners Establishes Troubled Asset Relief Program (TARP) Team
Consultants Experienced in Document Management and Financial Services Operations Help Institutions Comply with Documentation, Data, and Collateral Requirements. -- West Monroe Partners ,Michelle Ryckman,Chicago Il 10/24/2008
→ Enhanced VA Mortgage Options Now Available for Veterans
Of Potential Benefit to Those in Financial Distress -- U.S. Department of Veterans Affairs ,Karen Fedele,Washington Dc 10/24/2008
→ Economic Slump - Not For Some
In These Tough Economic Times, Pre-Paid Legal Services, Inc. Independent Sales Associates Experience Continued Success -- Pre-Paid Legal Services, Inc. ,John Long,Ada Ok 10/23/2008
→ Economic Slump - Not For Some
In These Tough Economic Times, Pre-Paid Legal Services, Inc. Independent Sales Associates Experience Continued Success -- Pre-Paid Legal Services, Inc. ,John Long,Ada Ok 10/23/2008
→ MBA Forecasts Negative Economic Growth Through First Half Of 2009
MBA expects economic growth in the second half of 2008 to be negative and remain negative through the first half of 2009 before a modest recovery according to the latest economic forecast released today by the Mortgage Bankers Association. MBA expects growth to pick up strongly by the end of 2009 and over the course of 2010. MBA expects total residential mortgage production in 2009 to be $1.67 trillion, down from an expected $1.86 trillion in 2008 and $2.3 trillion in 2007. -- Mortgage Bankers Association of America,John Ferber,Washington District of Columbia 10/23/2008
→ Bank of America Acquires Culture of Corruption in Merrill Lynch Purchase, Warns Former Merrill Star Player
Keith Schooley, a former star financial consultant with Merrill Lynch, warns Bank of America CEO Kenneth Lewis that he may soon experience buyer's remorse over his acquisition of Wall Street's fallen idol. -- TheCostCouldBeFatal.com,Keith Schooley,Enid Ok 10/23/2008
→ HOME MORTGAGE CRISIS LEAVES HOMEOWNERS LOOKING TO FORECLOSURES AS ONLY OPTION
PMI Group Says There Are Better Choices If You Do The Research -- PMI GROUP,NEW YORK, ny, 10/23/2008
→ Standard & Poor's President Deven Sharma Says Credit Rating Firm Taking Steps to Restore Investor Confidence in the Capital Markets
Sharma Showcases S&P's Commitment to High Quality, Independent and Transparent Credit Ratings in Testimony to House Committee -- Standard & Poor's,Chris Atkins,Washington Dc 10/23/2008
→ Standard & Poor's Releases Testimony of Deven Sharma Before House Committee on Oversight and Government Reform
TESTIMONY OF DEVEN SHARMA PRESIDENT STANDARD & POOR'S -- Standard & Poor's ,: Chris Atkins,Washington Dc 10/23/2008
→ Actuaries: Risk Management Principles Are Key to Averting Risks That Are Crippling Economy
The American Academy of Actuaries submitted testimony yesterday to lawmakers recommending that effective enterprise risk management become a foundation for the future of oversight and regulation for financial services. -- American Academy of Actuaries ,Andrew Simonelli,Washington Dc 10/23/2008
→ Bankrate: Mortgage Rates Plunge on Signs of Credit Thaw
Mortgage rates reversed course in a big way this week, with the average 30-year fixed mortgage rate dropping from 6.74 percent to 6.32 percent. According to Bankrate.com's weekly national survey, the average 30-year fixed mortgage has an average of 0.39 discount and origination points. -- Bankrate, Inc., ,Kayleen Keneally,New York Ny 10/23/2008
→ Mortgage Applications Decrease In Latest MBA Weekly Survey The Mortgage Bankers Association (mba) Today Released Its Weekly Mortgage Applications Survey For The Week Ending October 17, 2008. This Week's Results Include An Adjustment To Account F
The Refinance Index decreased 23.5 percent to 1158.8 from the previous week and the seasonally adjusted Purchase Index decreased 10.9 percent to 279.3 from one week earlier. The Conventional Purchase Index decreased 10.5 percent while the Government Purchase Index (largely FHA) decreased 11.9 percent. -- Mortgage Bankers Association of America,Carolyn Kemp,Washington District of Columbia 10/22/2008
→ Grais & Ellsworth LLP to Brief Investors in Countrywide ABS on Cost to Them of $8.4 Billion Predatory Lending Settlement
Grais & Ellsworth LLP, a New York litigation firm that represents investors in asset-backed securities, announced today a briefing for investors in securitizations of loans originated by Countrywide Financial Corporation (now a subsidiary of Bank of America). Countrywide has reached an agreement in principle with the attorneys general of California, Illinois, and nine other states to settle predatory-lending charges against it by modifying the mortgage loans of approximately 400,000 borrowers at an expected cost of $8.4 billion. Countrywide does not plan to bear the $8.4 billion cost itself, but rather to shift that cost to the trusts into which its loans were securitized. In a paper published on October 15, 2008, Grais & Ellsworth concluded that Countrywide's plan will violate the rights of the investors in the securitizations of its loans. -- Grais & Ellsworth LLP ,David J. Grais,New York Ny 10/22/2008
→ Worst Week in Stock Market Doesn't Affect Mortgage Rates Nationwide; State-by-State, Rates See Bigger Swings
Some States See 3% Drops, Others See Gains, According to Zillow(R) Mortgage Rate Monitor -- Zillow.com ,,Seattle Wa 10/22/2008
→ Tradeweb Partners With MIAC to Provide Mortgage Trading and Analytics Inter-operability
Tradeweb Partners With MIAC to Provide Mortgage Trading and Analytics Inter-operability Tradeweb, a leading over-the-counter multi-asset class online marketplace owned by Thomson Reuters and 10 leading global dealers, announced today that it has entered into a strategic agreement with the Mortgage Industry Advisory Corp (MIAC), the leading provider of mortgage risk management and pricing solutions. As a result, buy-side traders on Tradeweb are now able to upload trades into MIAC`s Software Suite without manual intervention, reducing error risk and improving performance...Read Article. For further information on MIAC, please visit www.MIACAnalytics.com. -- Mortgage Industry Advisory Corp.,Dan Thomas,New York New York 10/21/2008
→ MIAC and NYLX join forces to set the standard for best practices in risk management and best execution
MIAC and NYLX join forces to set the standard for best practices in risk management and best execution. Two premier providers in the mortgage industry are joining forces Mortgage Industry Advisory Corporation (MIAC), the leading provider of post-origination and secondary mortgage pricing, hedging, accounting and risk management solutions, and NYLX, the leading provider of point of sale product eligibility and best execution loan pricing solutions, join forces to benefit their mutual customers and the mortgage industry. This business partnership will bring together the industry`s leading best of breed solutions spanning origination through sophisticated portfolio and risk management...Read Article. For further information on MIAC, please visit www.MIACAnalytics.com. -- Mortgage Industry Advisory Corp.,Dan Thomas,New York New York 10/21/2008
→ Primer on Economic Collapse
'Crisis in Pictures' Explains How We Got Here -- Casey Research ,Kevin McVicker,Stowe Vt 10/21/2008
→ Lowenstein Sandler Announces Formation of Global Financial Crisis Group
Lowenstein Sandler has created a Global Financial Crisis Group, a team of attorneys from a broad scope of practice areas dedicated to serving a growing list of clients affected by the current economic turmoil. -- Lowenstein Sandler PC ,Robin Wagge,New York Ny 10/21/2008
→ Benton Column Proposes Plan for Channeling Federal Bank Bailout Money to Struggling U.S. Households
In his weekly national affairs column Oct. 16, "My Plan for Working Off Household Debt," Nicholas F. Benton, owner-editor of the Northern Virginia-based Falls Church News-Press, proposed a novel plan for channeling federal bank bailout money to struggling households. The plan has elicited keen interest from regional Democratic Party leaders, as Benton cites in his column. -- Falls Church News-Press ,Nicholas F. Benton,Falls Church Va 10/21/2008
→ Mortgage Rates Take Off After Volatile Week in Stock Market; Rates in Some States Increase by 10%
Rates Consistently Over 6% for First Time Since Fannie/Freddie Bailout, According to Zillow(R) Mortgage Rate Monitor -- Zillow.com ,Katie Curnutte,Seattle Wa 10/21/2008
→ MBA Launches Council On Ensuring Mortgage Liquidity
Council to Convene Summit on Secondary Markets and GSEs in November. -- Mortgage Bankers Association of America,John Ferber,Washington District of Columbia 10/16/2008
→ Report Shows Small Business Owners Losing Confidence in Social Security, Seek More Control of Their Own Accounts
67% Want Money Placed in Personal Account Versus One Managed by Government, 77% Believe Citizens Should Be Responsible for Own Retirement Savings, 75% View Social Security as Very- or Somewhat- Important Issue in 2008 Election -- ING DIRECT and ShareBuilder 401k ,Dan Branley,Bellevue Wa 10/16/2008
→ Mortgage Applications Increase In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 10, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 489.3, an increase of 5.1 percent on a seasonally adjusted basis from 465.5 one week earlier. On an unadjusted basis, the Index increased 5.4 percent compared with the previous week and was down 17.0 percent compared with the same week one year earlier. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 10/15/2008
→ MBA Reports Multifamily Lending Hit $147.7 Billion In 2007; Leading Lenders Part Of Industry Consolidation
In 2007, 2,739 different multifamily lenders provided a total of more than $147.7 billion in financing for apartment buildings with five or more units, according to a report from the Mortgage Bankers Association (MBA). Lenders closed 48,577 individual loans, with an average loan size of $3 million. The average lender made 18 multifamily loans over the course of the year. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia 10/14/2008
→ MBA Comments On Fdic`s Simplification Of The Coverage Rules For Mortgage Servicing Accounts
John A. Courson, Chief Operating Officer of the Mortgage Bankers Association (MBA) issued the following statement after the Federal Deposit Insurance Corporation (FDIC) announced an interim final rule clarifying that deposit accounts maintained by mortgage servicers in escrow for a borrower`s principal and interest payments will be based on the borrower as the owner of the escrow account and not the investor. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia 10/13/2008