Richmond Federal Reserve Bank President Jeffrey Lacker said a dramatic increase in Fed lending could destabilize the U.S. financial system. Delivering remarks to a panel discussion on the economic outlook, Lacker said central bank lending can distort...(read more)...Read More
Neighborhoods across Manhattan saw condo prices slide in September compared to a year ago, with the steepest drop seen in the financial district, where prices fell 16.1%, according to a report from Radar Logic. The RPX monthly Manhattan Neighborhoods...(read more)...Read More
Federal Reserve Governor Randall Kroszner said there is no evidence that programs boosting community lending spurred the mortgage crisis . Delivering remarks on the topic of the Community Reinvestment Act (CRA) and the mortgage crisis, Kroszner said mortgages...(Read More
Weekly mortgage applications in the United States increased sharply in the week ending Nov. 28, according to data released from the Mortgage Bankers Association (MBA) on Wednesday, which reported a 112.1% week-over-week rise in applications. In the previous...(read moreRead More
HOPE NOW , the private sector alliance of mortgage servicers, counselors, and investors announced last week that they had set a record in October for the number of foreclosures averted. The alliance said that its mortgage industry members had prevented...(read more)...Read More
Treasury Secretary Henry Paulson said on Monday the Treasury is developing new programs under the Troubled Asset Relief Program (TARP) and that he's confident the Treasury is pursuing the right strategy. "We are actively engaged in developing...(read more)...Read More
Federal Reserve chairman Ben Bernanke said that economic activity has downshifted further and the policy response must be vigorous. He said cutting the Fed funds target rate below 1% is "certainly feasible", but broader action could be more...(read more)...Read More
Fannie Mae is taking on yet another threat to its continued survival. In a filing with the U.S. Securities and Exchange Commission (SEC) last Wednesday, the corporation announced its intention to work with the New York Stock Exchange (NYSE) to bring the...(read more)...Read More
Robert Shiller , a well-known economist and professor at Yale University, said the ongoing financial crisis could last for years. He said blaming monetary policy for the crisis is simplistic and misleading, and called for three solutions to prevent a...(read more)...Read More
Interest rates on the 30-year fixed-rate mortgage (FRM) drifted back under 6 percent last week according to the results of Freddie Mac's Primary Mortgage Market Survey released Wednesday morning, a day ahead of the usual schedule due to the Thanksgiving...(read more)...Read More
