First Citizens Bank names Jim Quinn to head Working Capital Finance Group
What is happening today?
There is a need for investment banks to be regulated
like commercial banks, according to former Fed Chairman Paul Volcker
testifying before the Congressional Joint Economic Committee on Wednesday
morning.
Volcker also observed that the Fed's involvement in the
mortgage market is a...
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The lower-than-expected core CPI report released
Wednesday should allow the Fed to cut rates once again
rather than worry about rising inflation, an economist says. However, as
energy prices continue rising, there may be reason to put more emphasis
on total inflation rather than the core figure, says another
economist.
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There is an elevated amount of reluctance from banks
to lend, according to Boston Fed President Eric Rosengren, speaking
Wednesday at the Boston Fed's Basel II conference on New Challenges for
Operational Risk Measurement and Management.
"The practices of risk management in general...
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Weekly mortgage applications in the United States
rose in the week ending May 9, according to data from the Mortgage
Bankers' Association (MBA) on Wednesday, which said applications
increased by 2.9%.
In the previous week, applications rebounded 15.6%.
The portion of fixed-rate mortgages...
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Even as the House of Representatives passed two housing rescue
bills and the Senate wrestles over a bill of its own,
criticism is raining down on those remedies to the
housing crisis that are already in place.
There are so many piecemeal plans operating such as Hope Now, Project
Lifeline and FHA Secure that it is hard to make any blanket assessment of
performance, but a few initiatives stand out.
Also under fire, not unexpectedly, are proposed new rules for
regulating the mortgage industry...
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Dallas Federal Reserve President Richard Fisher (voter) speaking at
the Hilton Midland Plaza in Texas said that the current economic
slowdown will be prolonged, but not very deep.
Fisher warned that the Federal Reserve is in a difficult situation
trying to repair the financial system, and that...
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Delivering opening remarks at the Atlanta Fed's Financial Markets
Conference, Dennis Lockhart, head of the Atlanta Federal
Reserve (non-voter) said credit markets remain fragile given a loss of
confidence from the subprime crisis.
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Speaking at the Atlanta Fed's Financial Markets Conference, Federal
Reserve Chairman Ben Bernanke addressed the current
state of the U.S. economy, calling current financial market
conditions "far from normal."
"The provision of liquidity by a central bank can help mitigate a
financial crisis. However, central banks face a tradeoff...
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It is going to be a blockbuster week for data in the
U.S. with the release of tier one data. Markets will receive April's CPI
report, retail sales, import price index, industrial production and
capacity utilization, housing starts and building permits, and the
University of Michigan/Reuters consumer sentiment.
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Another program to aid in the subprime mortgage crisis has been
announced by Fannie Mae.
Under the new rules Fannie will refinance mortgages at up to
120 percent loan to value and the program appears to be
limited to loans that are paid to date and that Fannie either owns or
insures.
Fannie estimates that 150,000 homeowners could be helped by such a
program.
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