I thought the economy was rocking?
Richmond Fed Manufacturing Data Plunges To Zero
The Richmond Federal Reserve’s manufacturing index collapsed to zero.
The prior reading was 14, which crushed expectations.
Shipments: -1 verus prior 17
New orders: 5 versus prior 16
Employees: -6 versus prior 6
Read more: http://www.businessinsider.com/september-richmond-federal-reserve-data-2013-9#ixzz2foxnqcR3
The results from the Conference Board’s September consumer confidence survey are out.
The survey’s headline index fell to 79.7 in September from August’s upward-revised 81.8 reading.
Economists predicted the index would fall to [...]
By Dr. Housing Bubble
For vast areas of the United States home prices are close to inflation adjusted trend lines. With incredibly low interest rates courtesy of the Fed ballooning their balance sheet up to nearly $3 trillion, the government and the Fed are basically the main player in eating up mortgage backed securities. Over 95 percent of mortgage origination come from the government and are issued by the large too big to [...]
Millions of Americans are saving billions of dollars in monthly mortgage payments, thanks to record-low interest rates.
The refinance market is booming, now at 78 percent of residential mortgage activity, according to the latest read from the Mortgage Bankers Association.
Make no mistake, however, the big banks are reaping great rewards as well.
“Mortgage origination profitability is off the charts,” says Paul Miller, head of financial research at FBR. “Refis are surging, and [...]
“(Reuters) – MBIA Inc claimed it has new evidence of “widespread mortgage-origination fraud” at Bank of America Corp’s Countrywide unit, hoping to bolster its $1.4 billion lawsuit accusing that unit of fraudulently inducing it to insure risky mortgage-backed securities. The insurer made its claim in a letter on Wednesday sent to New York State Supreme Court Justice Eileen Bransten seeking to force Countrywide to turn over a variety of documents.”
Submitted by Charles Hugh Smith from Of Two Minds
Fed Aims At Mortgage Fraud, Shoots Housing Market In The Gut
The problem with mortgage fraud wasn’t broker compensation: it was the ease of the fraud and the incentives throughout the food chain for collusion. New Fed rules simply wipe out competitors to the “too big to fail” mortgage banks.
Why are we not surprised that the Fed took aim at [...]