Wednesday, February 04, 2009

Mortgage Bankers Association - "Mortgage Applications Increase in Latest MBA Weekly Survey" (2-4-09)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January 30, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 795.4, an increase of 8.6 percent on a seasonally adjusted basis from 732.1 one week earlier. On an unadjusted basis, the Index increased 28.1 percent compared with the previous week and decreased 26.9 percent compared with the same week one year earlier."

Washington Post - "Service sector declines less than expected in Jan." (2-4-09)

"The nation's service sector shrank for the fourth straight month in January, a trade group said Wednesday, but at a slower pace than the previous month. The Institute for Supply Management, a trade association of purchasing executives, said its service sector index rose to 42.9 last month, from December's downwardly revised reading of 40.1."

Bloomberg - "Mortgage Refinancing Change Faces Hurdles, FHFA Says" (2-4-09)

"Homeowners with Fannie Mae and Freddie Mac mortgages bigger than their property’s worth must wait for the companies and their regulator to assess the possible 'unintended consequences' of allowing them to refinance into lower payments and related 'hurdles,' Federal Housing Finance Agency Director James Lockhart said."

Bloomberg - "Citigroup Expands Use of FDIC Mortgage-Relief Program" (2-4-09)

"Citigroup Inc., the U.S. bank forced to curb executive pay and slash stock dividends as a condition of its $346 billion bailout, now has to expand the use of a government mortgage-relief program to meet regulators’ demands."

Bloomberg - "Pulte Homes Reports Quarterly Loss as Prices Slump" (2-4-09)

"Pulte Homes Inc., the largest U.S. homebuilder, reported its ninth consecutive quarterly loss as the recession and falling house prices drove away buyers. The fourth-quarter net loss narrowed to $338.2 million, or $1.33 a share, from $874.7 million, or $3.46, a year earlier, the Bloomfield Hills, Michigan-based company said today in a statement. Revenue fell 43 percent to $1.65 billion and new orders plunged 61 percent to 1,763."

Bloomberg - "House Panel Approves Bill Retooling Lending Program" (2-4-09)

"A House of Representatives panel approved legislation today that eases some requirements for the $300 billion HOPE for Homeowners lending program that has refinanced just 25 loans since it began in October."

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