Jul 31
In an interview on CNBC, Former Federal Chairman Alan
Greenspan warned that if the Federal Reserve is given a role to
oversee the financial system it could undermine its credibility.
Jul 31
Freddie Mac today told mortgage servicers it was
doubling the amount of money it pays for each workout
that keeps a delinquent borrower with a Freddie Mac-owned mortgage out of
foreclosure.
Jul 31
Speaking before the Exchequer Club of Washington, U.S. Treasury
Secretary Henry Paulson said the stimulus package has
supported the economy in the last year.
Jul 31
Zimbabwe is the latest example of what happens when inflation spirals
out of control to the point of hyperinflation. With the highest rate of
inflation in the world - about 2.2 million per cent -
Zimbabwe last week issued a Z$100 billion note, though still not enough
to buy a loaf of bread, which is roughly double the price.
Jul 31
The advance U.S. GDP report came in lower than
expected for the second quarter of 2008, rising by 1.9% against
expectations of 2.3% growth, according to the Bureau of Economic Analysis
on Thursday. Revisions showed the U.S. economy shrank 0.2% in the fourth
quarter 2007.
Jul 31
The ISM-Chicago business barometer bounced into
growth mode in July following five months of slowdown. The growth was led
by advances in production and new orders, even as prices hit a 28-year
high and employment remained in contraction for the eighth straight
month.
Jul 31
Economists say the reported 1.9% GDP growth for the second quarter of
2008 was boosted by a 1.5% increase in consumption and a 2.4% gain in net
exports. The figure was lower than expectations, however, as inventories
saw a sharp reduction.
Jul 30
President Bush signed the Housing and Economic Recovery Act of 2008 into law this morning. With about 700 pages in this bill, it covers a lot of ground but here are some main points homeowners, home buyers and anyone interested in mortgages or real estate will want to know.
Jul 30
Long term mortgage rates fell last week but a report issued by the Mortgage Bankers Association showed the number of people applying for a home loan plummeted 14.1% for the week ending July 25.
Jul 30
Whatever else is going on in the housing market, it appears that
Americans are no longer using their homes as gigantic credit
cards to finance new cars, tuition, and vacations.
Jul 30
Fixed-rate mortgages (FRMs) hit the highest levels of
2008 during the week ended July 24 according to Freddie Mac’s
Primary Mortgage Market Survey.
Jul 30
Mortgage service providers have staved off the foreclosure of
1.9 million homes in the past year in what has been the
largest bailout the housing industry has ever seen, according to Hope
Now, the private sector alliance of mortgage service providers,
counsellors and investors…
Jul 30
Headline inflation in the United States could be
headed as high as 6% before the end of the year, CIBC chief economist
Jeff Rubin warns in a forecast published Wednesday.
Jul 30
The consensus forecast expects U.S. GDP growth to
come in quite a bit better than the two previous quarters, as exports
have surged on the weak dollar and the fiscal stimulus package has
provided a boost to consumption.
Jul 30
The ADP employment report will be the most closely looked at economic
event of the day ahead of Friday’s U.S. nonfarm payrolls. In Canada,
markets will receive industrial product and raw material prices for June
followed by an auction of five-year government bonds. Meanwhile, energy
traders will be looking at weekly U.S. crude oil inventory figures for
more direction on where oil will go next.
Jul 30
Weekly mortgage applications declined in the week
ending July 25, according to data released from the Mortgage Bankers’
Association (MBA) on Wednesday, which reported a 14.1% week-over-week
fall in applications.
Jul 30
In addition to the $75 billion 28-day Term Auction Facility (TAF), the
Fed will also be conducting a $25 billion 84-day TAF to address the
ongoing “fragility” of the financial system. The Fed
also said it would be extending its extraordinary lending to late January
2009.
Jul 30
Following the release of the ADP private employment
report on Wednesday, which posted a gain of 9k jobs in July,
economists dismissed the figures as overly optimistic
and predicted they won’t be reflected in the BLS nonfarm payrolls survey
on Friday.
Jul 30
On Tuesday evening, the Securities and Exchange Commission
extended its emergency rule limiting short selling of
Fannie Mae, Freddie Mac and 17 brokerage firms to Aug. 12.
Jul 29
Any day now the President is expected to sign into law the Housing and Recovery Act of 2008. There are big changes in store with the passage of this act, changes which have the potential for sweeping effects across the mortgage and real estate industries.