Posts about Mortgage Market Report as of July 30, 2009

by mortgage free for life secrets What good is it to send your kids to college if they then have to pay for debt their entire lives? Do You Know The Next Step? Do you really know how to invest in the stock market and increase your investment? No, most people do not. Outside of a monthly or weekly payment to their 401K, an average person’s understanding of the financial markets is based on the information sent to them by their employers.

While the MSM is for the most part pretending that the crisis in real estate is over , we are really only starting to see the bigger problems in commercial real estate- and it sounds like the government is worried:   [ Hat tip Freedom's Phoenix ] Last week a story which gained very little traction hit the financial newswires.  The U.S.

By Matt Taibbi | Pak Alert Press | – From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression – and they’re about to do it again.The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.

By Daniel Thomas, Property Correspondent Published: July 29 2009 15:37 | Last updated: July 29 2009 19:04 Demand from overseas buyers and a shortage of supply has led to a fourth consecutive month of price rises for prime central London properties. Prices for homes valued above £1m in the capital rose 1.5 per cent in July, according to Knight Frank, the estate agency. Prices have climbed more than 5 per cent since April, although they have still fallen 14.4 per cent on an annual basis.

1. More progress in China – US relationshipThe U.S. agreed to relax export controls that restrict the sale of American-made high-tech products to China. Analysts said the action, announced during the Strategic and Economic Dialogue between the two nations, could lead to an increase in U.S. high-tech exports to the rapidly growing Chinese market. “The U.S. pledged to facilitate exports of high-technology products from the U.S. to China,” said Chinese Vice Premier Wang Qishan.2.

The foreclosure rate in Columbus declined in the first half of 2009, following a Rust Belt trend that is opposite that of the Sun Belt. Irvine, Calif.-based RealtyTrac, an online marketer of foreclosed properties , released its Midyear 2009 Metropolitan Foreclosure Market Report Thursday, which found foreclosure filings in Sun Belt cities surpassed those in the Rust Belt during the first half of the year. Meanwhile, Columbus and other Ohio cities experienced a decline.

Originally posted on Calculated Risk Blog No matter how sophisticated or intelligent we are, the bottom line is that the consumer drives the economy. While it is important for policy makers and Economists to have access to PhD’s for the mathematical probability of what is going on with the economy, Mark Zandi of Moody’s.com and an advisor to governmental agencies stated in a April 09 Time Magazine article (paraphrased) that when he goes to Washington and takes a cab, he talks to the cab driver and the waiter/waitress when he eats to find out how the public views things.

Walter Trout – They Call Us the Working Class, We Ain’t Working No More. The New York Federal Reserve just published a research report on the Shadow Banking System. The Shadow Banking System: Implications for Financial Regulation http://www.newyorkfed.org/research/staff_reports/sr382.pdf July 2009 Number 382 JEL classification: G28, G18, K20 Authors: Tobias Adrian and Hyun Song Shin The current financial crisis has highlighted the growing importance of the “shadow banking system,” which grew out of the securitization of assets and the integration of banking with capital market developments.

Repairing your credit isn’t easy and it isn’t fun, I should know. But, it’s possible to do if you have the patience and will to get it done. Why Bother? I’ve had a number of clients over the years who’ve asked me that question. Why should they bother to clean up their credit, what good is it to them? Well, most of us understand that our credit is what determines whether or not we can get various loans, and then what interest rate we’re offered for it.

Thu Jul 30, 2009 (Reuters) – Goldman Sachs Group Inc and Deutsche Bank AG were issued subpoenas by a U.S. Senate panel looking for evidence of fraud in the 2008 mortgage-market meltdown, the Wall Street Journal said, citing people familiar with the matter. The paper said the focus of the investigation is on whether internal communications show executives at the banks had private doubts on the soundness of the mortgage-related securities they were putting together.

Everything you want to know about instruments of financial mass destruction — but were afraid to ask! Les Leopold explains the financial meltdown in plain English — and what we should do about it.  Also, Representative Barney Frank talks about the  TARP . On July 16 the NYTimes reported QUOTE A new order is emerging on Wall Street after the worst crisis since the Great Depression. The article pointed to soaring profits by Goldman Sachs and JP Morgan. A few days later Bank of America exceeded earnings expectations.

by Jane Seacombe Are you looking for some inside information on unsecured high risk loans? Here’s an up-to-date report from loan experts who should know. High risk loans are often only a short term fix and there may be a payback in the long run. Loans such as these often come with higher payments so in the long run may be harder to pay than the existing debts you had. During the previous five years banks provided trillions of dollars in high risk loans primarily in the residential mortgage space.

Stock market trends is not only science but also involves a fair bit of art. What are the factors that make stock prices fluctuate? The basics of economic supply and demand is obviously a major driving factor. But shouldn’t stock prices come as a logical effect of whether or not a company is losing or making money, and how much and at what rate? Sounds like it makes sense, but it’s not all that easy. One overall conclusion can be made though – stock price depends on what price people are willing to shell out.

Over the past few weeks I have been thinking about and researching a lot of what we who earn money online call niche markets.  In plain English this means finding an area where there are ‘hungry buyers’, people who want information or a product that will solve a problem they have, and more critically, finding people who not only want a product but are willing to get their credit card out and buy it … often two completely different things.

>Markets London – UK stocks rose on Wednesday as gains from financial stocks, boosted by strong figures from the British arm of Banco Santander and positive broker comments, outweighed a weak mining sector. The FTSE100 closed 18.69 points higher at 4547.53. Banks were the best performing sector after the British arm of Santander , which includes Abbey , said profits rose by a third in the first half of the year as bad debts showed a second consecutive quarterly decline.

NEW YORK (Reuters) – Cities in the U.S. Sun Belt states of California, Florida, Nevada and Arizona dominated the record foreclosure spree in the first half of the year, but distress in other regions emerged as joblessness spread, RealtyTrac said on Thursday. Metro areas with populations of at least 200,000 in those four states accounted for 35 of the 50 highest foreclosure rates. Mortgages have failed the fastest in the areas with the greatest overbuilding, purchases by speculators and reliance on riskier loan products to improve affordability.

FromCNN’s Charles RileyThe CNN Washington Bureau’s morning speed read of the top stories making news from around the country and the world.WASHINGTON/POLITICAL For the latest political news: www.CNNPolitics.com. CNN: Senators: No health care deal until recess is over Two of the three Senate Republicans negotiating a bipartisan deal on health care reform said they consider an agreement out of reach before the Senate goes on its August recess.CNN: Lee raises ‘concerns’ over Blue Dog deal The deal Democratic House leaders struck with a group of conservative Blue Dogs Democrats Wednesday was not embraced by one leading liberal House Democrat: Rep.

by Nina Rotz Blogging for money has become a new trend, but unlike other trends that come and fade away, paid blogging is here to stay! Blogs have become a powerful tool in online advertising, and a competitive market for those who wish to work from home . There are networks for blogging geeks, mom bloggers and those with a lot of opinions on social and political issues. Never have people been in charge more than with blogging for money. Advertisers will pay you to review their products, or to post good buzz about their companies.

The Real Estate Council of Alberta has resolved to take the issue of fraud very seriously. It is a fact that of late many Alberta residents have been victimized by mortgage fraud upon being lured by promises of big returns. There have also been cases where some person has quite unknowingly allowed a fraudulent act to become a part of their action which has given shape to the plan of some fraud mastermind.

(Reuters) – Goldman Sachs Group Inc (GS.N) and Deutsche Bank AG () were issued subpoenas by a U.S. Senate panel looking for evidence of fraud in the 2008 mortgage-market meltdown, the Wall Street Journal said, citing people familiar with the… more

First National just posted a record 2nd quarter.  It originated $3.5 billion of mortgages from April to June, up 9% YOY and up 75% from the 1st quarter.Chairman, Stephen Smith, attributed this to three things on First National’s conference call: Low mortgage ratesThe return of consumer confidenceCheaper housing prices Mortgage spreads “continue to remain wide,” he said.  In addition, investor appetite has grown for mortgage securities in the last three months.

If you found that you could no longer afford the mortgage repayments, the last thing you would want is to find your home repossessed. But neither would you want to avoid defaulting on the repayments by putting the home up for sale. The present state of the housing market makes could make it a very expensive decision to sell, and recent reports suggest that it is becoming even more expensive to sell property. A rather better bet lies in the advance precaution of mortgage insurance .

July 30, 2009 – 6:37 am (Reuters) – Goldman Sachs Group Inc and Deutsche Bank AG were issued subpoenas by a U.S. Senate panel looking for evidence of fraud in the 2008 mortgage-market meltdown, the Wall Street Journal said, citing people familiar with the matter. Read the rest of the story…

Reuters – Goldman Sachs Group Inc and Deutsche Bank AG (DBKGn.DE) were issued subpoenas by a U.S. Senate panel looking for evidence of fraud in the 2008 mortgage-market meltdown, the Wall Street Journal said, citing people familiar with the matter.By Yahoo! News: Business in General News

(Reuters) – Goldman Sachs Group Inc (GS.N) and Deutsche Bank AG (DBKGn.DE) were issued subpoenas by a U.S. Senate panel looking for evidence of fraud in the 2008 mortgage-market meltdown, the Wall Street Journal said, citing people familiar with the matter. The paper said the focus of the investigation is on whether internal communications show executives at the banks had private doubts on the soundness of the mortgage-related securities they were putting together. …

Market Brief The dollar rallied against a basket of currencies today as a risk-averse investor sentiment continued to flourish in financial markets. The EurUsd fell 97pips testing 1.406 as a point of resistance, while the UsdJpy gained nearly .54pips to find support at 95.00. In the U.K. the GbpUsd continues depreciating below 1.64. Equity markets were mixed in the U.S. and Europe with the Dow lower by .63% or 57.51pts and the FTSE up by .73% or 32.9pts.

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Oil fell 2 percent to below $66 a barrel on Wednesday, extending losses for a second day after a sharp sell-off in buoyant Chinese shares triggered wider losses in risk assets. Chinese stocks fell more 5 percent, the biggest drop in eight months, as investors took profits from a five-day liquidity-driven rally amid worries that banks may begin to curb lending. The Hong Kong market fell more than 3 percent. “People are panicking due to the fall in Chinese stocks,” said Tetsu Emori, a fund manager at Tokyo-based Astmax Co Ltd.

The New York City-based Demos has issued a new report, The Plastic Safety Net: How Households are Coping in a Fragile Economy . The report documents what many experts and amateur observers have known for quite some time. Households living from paycheck to paycheck are extending their spending abilities by depending on credit cards.

on July 30th, 2009 (Reuters) – Goldman Sachs Group Inc and Deutsche Bank AG were issued subpoenas by a U.S. Senate panel looking for evidence of fraud in the 2008 mortgage-market meltdown, the Wall Street Journal said, citing people familiar with the matter. View post:Senate probes Goldman, Deutsche: report businessAdd to del.icio.usDigg ThisSubscribe to RSS feed

Refinances Decline as Rates Stabilize The latest weekly survey from the Mortgage Bankers Association showed a decrease of 6.3% in mortgage loan applications.   Application volume compared to the previous year increased by 16%. The interesting aspect of the latest weekly numbers is the decline of 10.9%  in the number of mortgage refinances.  The percentage of refinances to total mortgage applications declined by 2.9% to 53% of total mortgage applications.  With rates hovering at close to all time lows, reduced refinance activity seems to indicate that most borrowers have already taken advantage of the current low mortgage rates.

Yahoo! News: Personal Finance News >>  Personal Finance News Source: | Yahoo! News | WASHINGTON (Reuters) – New orders for long-lasting U.S. manufactured goods notched their biggest decline in five months in June, while applications for mortgages fell last week in a sign that economic conditions remain fragile. The Commerce Department said on Wednesday durable goods orders fell 2.5 percent in June, the largest drop since January, after rising by a revised 1.3 percent in May.

Yahoo! News: Business – Real Estate >>  Business – Real Estate Source: | Yahoo! News | WASHINGTON (Reuters) – Weak demand for new civilian aircraft and defense equipment pulled U.S. orders for costly durable goods down in June but the underlying trend toward an improved pace of manufacturing activity continued. Commerce Department data on Wednesday showed new durable goods orders fell 2.5 percent in June, the largest percentage drop since January, after rising 1.3 percent in May.

Editor’s Note: Another benefit to online banking institutions is that HomeATM provides same day (in fact, “real time”) online bill payments which saves on stamps, late fees, etc.  That must be a big deal because Western Union and Wells Fargo have teamed up to provide that service to their customers.  Here’s there press release: Wells Fargo is First Major Financial Institution to Offer Customers Expedited Payments to Merchants Press Release Source: Wells Fargo &

Comment: Today, I’d like to point out a few words of wisdom from the blogosphere world. From Calculated Risk , the man of charts which everyone uses and the man who saw this housing bubble coming….. If single family housing starts and new home sales have found a bottom, then that will remove a key drag from the economy and employment. That is a positive. But I think Zell is wrong on house prices. I think the pace of declines will slow, but that there will be a long tail for real prices.

Jim Sinclair’s Commentary QE to infinity or the Federal Reserve into the round file, that is what this present game is all about. Expect new legislation limiting the Fed’s power as part of transmuting the Fed into a financial police station. Volcker won it all and Greenspan gave it all back plus more. Bernanke may well Chair the Fed out of business.

Dear CIGAs, In what is a continuation of yesterday’s deflationary trade, the US Dollar moved sharply higher today with crude oil getting whacked along with most of the rest of the commodity complex, including ol’ Dr. Copper. That allowed for further long liquidation in gold which as those of you who follow this site regularly understand, always tends to occur during rollover week as funds move positions out of the front month to avoid delivery issues.

June 28, 2009 CNNMoney.com reported today that they’ve received an overwhelming number of negative reviews from nearly 500 people who wrote in about their experiences trying to obtain a loan modification through Obama’s Making Home Affordable program. Here are just a few of those complaints pulled from the CNNMoney.com list: “Obama’s plan is a joke,” wrote Jean in Michigan. “The banks are a joke… fax, fax, fax, call, call, call and no response for months.

Global Research , July 28, 2009 This essay is Part 2 of “Global Power and Global Government.” Part 1, “The Evolution and Revolution of the Central Banking System” can be viewed here: http://www.globalresearch.ca/index.php?context=va&aid=14464 Russia, Oil and Revolution By the 1870s, John D. Rockefeller’s Standard Oil Empire had a virtual monopoly over the United States, and even many foreign countries.

(Courtesy of CAR.org) For release: Thursday, May 14, 2009 Quick Facts: · C.A.R. First-time Buyer Housing Affordability Index stood at 69 percent in the first quarter of 2009 compared with 46 percent (revised) in the first quarter of 2008 & 25 percent in 2007 · The median price of an entry-level home in California was $213,040 in the first quarter of 2009 · The estimated monthly payment including taxes and insurance was $1,270 in the first quarter of 2009 · The minimum household income needed to purchase an entry-level home in California in the first quarter of 2009 was $38,090 C.A.R.

29 July 2009 – Today the bonds opened up 29 bps. However by noon the bonds were up 12, which is a decrease of 9bps. By 12:15 the volatility hit that I discussed in yesterday’s update and the bonds are now down 10, which is a 31 bps drop for the day. This auction results from the Treasury were very poor, which is pressuring the bonds. This morning the weak durable order report signaled that the US economy is not out of the woods and the recovery from this recession will take time.

Venture capital gets back in the cleantech game – Seattle Times Venture capitalists increased investments in substitute energy by 73 percent over the past three months, according to a report issued Wednesday, an indication that the horrible market conditions from earlier this year may have abated. Investors are Singapore’s Temasek states value of its investments fell $28 billion in – Chicago Tribune SINGAPORE (AP) — Singapore government wealth fund Temasek stated its investment portfolio lost 40 billion Singapore dollars ($28 billion) during the 12 months ended March as massive bets on financial companies went sour.

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Looks like Chris Dodd is in heap big trouble. So may be Kent Conrad. Why? Someone at Countrywide is talking, and they are saying Dodd and Conrad KNOWINGLY TOOK sweetheart deals that no one else could get for mortgages, etc. Is this illegal? No. Is it unethical? Absolutely. While Dodd maintains he didn’t know, there is mounting evidence to the contrary that could link he and his father. His father was censured by the Senate for conduct unbecoming a Senator.