Homeowners Get Help for Mortgages at Risk
Thursday, July 17th, 2008Do you have a subprime mortgage? Are you at risk of losing your home? Legislators in North Caro
Poor Credit Home Equity Loan Tips
Thursday, July 17th, 2008A home equity loan can help repair your poor credit history. Begin by finding a competitive financin
Thursday’s Events: BOC MPC Report, U.S. Jobless Claims, Philly Fed Mfg Report
Thursday, July 17th, 2008International securities transactions and the Bank of Canada’s
monetary policy report highlight today’s Canadian economic releases as
U.S. markets receive jobless claims and housing starts, followed by the
Philadelphia Fed’s manufacturing report for July.
U.S. Jobless Claims Rise to 366K in Week Ending July 12
Thursday, July 17th, 2008Initial claims for unemployment benefits in the
United States rose much less than expected to 366k in the week ending
July 12, following a slightly revised 348k in the previous week.
Continuing claims fell back 81k to 3.122 million for the week ending July
5, the Department of Labor reported Thursday.
The 18k rise in initial claims follows a drop of 56k in the previous
week’s survey.
U.S. Housing Starts and Building Permits Soar in June
Thursday, July 17th, 2008Due to a change in the housing code of New York City,
U.S. housing starts came in above expectations at 1066k in June, a month-
over-month rise of 9.1%, according to data released from the U.S.
Department of Commerce on Tuesday morning. The consensus was looking for
a decline to a level of 960k.
The previous month’s 975k was revised to a level of 977k.
“New York City enacted a new set of construction codes effective for
permits authorized as of…
Fed’s Kroszner Says Fed Rules Will Affect Subprime and Alternative Mortgages
Thursday, July 17th, 2008Delivering comments at the FDIC’s Minority Depository Institutions
National Conference in Chicago, Fed Governor Randall Kroszner said the
Fed’s new rules on mortgages would alleviate pressures
in nearly the entire subprime sector and some other
alternative mortgage markets.
“At the core of our program, we have implemented a series of web-based
modules designed to assist banks in addressing three distinctive
development stages…
Higher U.S. CPI, FOMC Minutes Lead to Greater Chance of Rate Hike
Wednesday, July 16th, 2008Fed fund futures showed a slightly heightened risk of a rate
hike in 2008 by the Federal Reserve, following a higher-than-
expected CPI print for June on Wednesday.
Markets were subsequently forecasting a 44% chance that the Federal
Open Market Committee (FOMC) would hold rates at 2.00% at the Dec. 16
meeting. On Tuesday, markets had priced in a 49.8% chance that same
scenario would unfold. Conversely…
Preview: Housing Starts Expected to Drop 15k in June
Wednesday, July 16th, 2008Following a lower-than-expected level of housing starts and
permits in the May report, plus a major downward revision in the
month before, economists are expecting June’s housing starts and permits
figures from the Department of Commerce to continue declining.
Fed Minutes Say Next Move Could Be Higher Funds Rate
Wednesday, July 16th, 2008The minutes of the Federal Open Market Committee’s
(FOMC) June 24-25 meeting show that FOMC Board Members agreed upside
risks to inflation had increased and generally agreed downside risks to
growth had diminished. Most members thought the current 2.00% target rate
was appropriate but that risks to inflation may initiate a
reassessment.
NAHB Builder Confidence Reaches New Historic Low at 16
Wednesday, July 16th, 2008A report from Wells Fargo and the National Association of Home
Builders (NAHB) suggests that homebuilders were even more
pessimistic in July as the housing market index fell two points to 16,
creating a new historic low in the 22-year index.