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Mortgage
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Housing Needs Job Creation. What Sort of Jobs Though?
Posted To: Voice of Housing Mr. O’Reilly (December 01, 2009) claims that the “new” root cause of the housing crisis is the (lack of) “jobs, jobs, jobs.” So the solution to the crisis must be (the creation of) “jobs, jobs, jobs.” I agree. But the next question is this: What sort of jobs? Consider a proposal for two, complementary jobs programs. The first is called the “Litter Scattering Brigades.” Workers are paid to strew trash along the nation’s highways. The second jobs program is called the “Litter Gathering Brigades.” Workers are paid to collect the trash strewn on the nation’s highways. The workers of the Scattering Brigade have jobs, and thus can afford a home. The workers of the Gathering Brigade have jobs, and thus can afford a home...( read more ) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
The Day Ahead: Employment Situation, Unemployment Rate
Posted To: MND NewsWire Equity futures are deep in the red this morning after substantial losses yesterday. The culprit continues to be European sovereign debt concerns in Greece, Portugal and Spain, which is sending European and Asian stocks rapidly south. Labor data from the US isn’t helping as jobless claims unexpectedly rose to 480k yesterday. The big questions today are how did January employment perform, and what impact can it have on the markets? Yesterday the Dow fell 268 points, or 2.61%, putting the the industrial index into four-digits for the first time since early November. The S&P 500 performed even worse as it shed 3.1% ― its worst single-day decline in nine months ― effectively erasing three months of gains. “The deepening correction in stocks has now cut the Dow 6.7% from its January...( read more ) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Lenders Improve Mortgage Rates as Stocks Panic. Locking Ahead of Employment Report
Posted To: Mortgage Rate Watch Mortgage rates extended their streak of moving sideways near the most aggressive levels of the year yesterday. Although prices of mortgage backed securities were moderately weaker at the end of the day, lenders were not forced to reprice for the worse, leaving rates unchanged at the end of the day but marginally worse than the previous day. All was generally quiet in the interest rate market....until today. First out this morning were Weekly Jobless Claims, released by the Department of Labor at 8:30am. This report gives us three measures on the number of Americans who filed for first time unemployment benefits in the previous week. Since our economy is driven by consumer spending, higher unemployment leads to less spending which is a negative for the stock market and generally supportive of...( read more ) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Fed MBS Program Update: 94% of Funding Used
Posted To: MND NewsWire The Federal Reserve today reported on their weekly purchases of agency mortgage-backed securities (MBS). In the week ending February 3, 2010, the Federal Reserve purchased a total of $17.63 billion agency MBS. In those five days the Federal Reserve sold $5.63 billion (supported the roll market) for a net total of $12 billion MBS purchases. The goal of the Federal Reserve's agency MBS program is to provide support to mortgage and housing markets and to foster improved conditions in financial markets more generally. Only fixed-rate agency MBS securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae are eligible assets for the program. The program includes, but is not limited to, 30-year, 20-year and 15-year securities of these issuers. Since the inception of the program in January...( read more ) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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