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Treasury Secretary - And the Winner is...
President-elect Barack Obama's transition team has announced that he will present his new economic team to the public on Monday. The media has all but confirmed that the new Secretary of the Treasury will be Timothy F. Geithner , president and chief...(read more)
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Feeling Bairish? Why Sheila Bair Could Become Treasury's First Female Chief
There's growing support from a variety of sources for President-elect Barack Obama to appoint the Federal Deposit Insurance Corporation chairwoman Sheila Bair to succeed Henry Paulson as Secretary of the Treasury. Bair, a 54-year old Republican with...(read more)
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Friday's Events: Focus on Fed, ECB and BOE Speakers
In the absence of any major macroeconomic data on Friday, central bankers take the spotlight with comments from ECB President Jean-Claude Trichet, FOMC voting member Charles Plosser, and non-voters Jeffrey Lacker and Charles Evans. Also scheduled to speak...(read more)
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Fed's Lacker Says Economy to Rebound in 2009
Richmond Federal Reserve President Jeffrey Lacke r said it is too soon to tell when spending in the United States will revive, but monetary policy is "quite stimulative" and the economy may regain positive momentum in 2009, he said. Speaking...(read more)
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Citigroup Considering Merger, Reports Say
Citigroup is reportedly considering a merger with financial institutions Goldman Sachs or Morgan Stanley , according to a CNBC report. Citigroup's stock is rising in after hours trading, up $0.26 to $4.97, but earlier today the stock closed down sharply...(read more)
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Freddie Mac and Fannie Mae Announce Ban on Foreclosures Until Jan. 2009
Mortgage finance giants Fannie Mae and Freddie Mac revealed Thursday afternoon they will work to keep Americans in their homes, announcing a suspension on foreclosures starting Nov. 26, 2008 until Jan. 9, 2009. The two companies said no evictions will...(read more)
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Treasury's Paulson Urges Bipartisan Effort to Restore Market Stability
Treasury Secretary Henry Paulson said on Thursday the Treasury's priority is restoring stability and repairing capital markets, but that market recovery will take some time. He urged further efforts to find solutions that aren't reckless. "Clearly...(read more)
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HUD Modifies HOPE Program to Assist More Borrowers
On Wednesday the Department of Housing and Urban Development (HUD) announced changes to the HOPE for Homeowners Program (H4H) to help more distressed homeowners refinance into affordable, government-backed mortgages. HUD hopes that the changes will enable...(read more)
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Mortgage Rates Ease Lower
Mortgage rates drifted downward for the third consecutive week according to the results of Freddie Mac's Primary Mortgage Market Survey for the week ended November 20. All of the rates tracked by the survey are now below the averages of one year ago...(read more)
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NAR Commercial Leading Indicator Weakens, Projecting Further Declines
A leading indicator for the U.S. commercial real estate market continued decelerating for the fifth consecutive quarter on Thursday, with all components of the index lower in the third quarter, according to the National Association of Realtors (NAR)....(read more)
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S&P 500 Falls to Lowest Since 2003
Economic worries and concern about an automaker bailout hammered equity markets on Wednesday, sending the S&P 500 to its lowest since 2003 . The bulk of the selloff came after the Federal Reserve released pessimistic growth forecasts and expressed...(read more)
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Treasury's Kashkari Says ABS Market Looks Promising for TARP
The asset-backed securities market appears to be promising for the TARP program, said TARP co-ordinator Neel Kashkari in a speech on Wednesday. Targeting the ABS market will help bring down interest rates on automobile purchases, student loans and credit...(read more)
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Housing Starts and Permits at All-Time Lows
U.S. housing starts and building permits each fell to record lows in October, which economists say is bad news in the short term. However, the quicker housing activity declines, the quicker excess inventory will be cleared off the market and the housing...(read more)
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The Last of the Treasury Candidates
It would be a real voyage back to the future if President-elect Obama were to pick the next candidate as his new Secretary of the Treasury. However, Paul Volcker is a fearless man who took on another looming financial crisis some 25 years ago and beat...(read more)
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MBA Mortgage Applications Move Lower in Week Ending November 14
Weekly mortgage applications in the United States decreased in the week ending Nov. 14, according to data released from the Mortgage Bankers' Association (MBA) on Thursday, which reported an 6.2% week-over-week fall in applications. In the previous...(read more)
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