Questions grow over oil spike brokerage
PVM Oil Associates manager wrote bullish note on rising prices before rogue trade discovered
US bank buy-outs get tougher
Private equity groups that want to buy troubled banks would have to meet significant capital requirements and promise not to ‘flip’ their investments for at least three years under new proposals by US regulators seeking to attract money into the ailing industry
NYPD rookie makes arrest moments after graduation
NEW YORK (AP) — A New York Police Department rookie just couldn’t wait to get started….
Bleak payrolls report mauls Wall St; volume thin
NEW YORK (Reuters) – Stocks tumbled on Thursday, driving the S&P 500 down to its third-straight weekly loss, as a steeper-than-expected slide in June non-farm payrolls revived caution about economic recovery prospects.
Mid-Day Recap: Labor Reports Send Markets into Freefall
The pace of losses in the labor market had been moderating for four months but in June nearly half a million jobs vanished from the economy, in contract to widespread expectations. The Bureau of Labor Statistics said 467,000 jobs were lost, pushing the unemployment rate to 9.5%, the highest in 26 years.
“The heavy loss of jobs in June is a warning that the road to recovery will be bumpy, but doesn't yet indicate that we have gone off the track” . . . …(read more)
HARP Guidelines Allow for 125% LTV. Originators Still Skeptical
The Home Affordable Refinance Program was designed to assist borrowers who have demonstrated an acceptable payment history on their existing Fannie Mae or Freddie Mac owned mortgage loan. Unfortunately due to rising unemployment levels and increasing foreclosure rates, demand for housing has weakened and property values have continued to decline, which has blocked many borrowers [...]
HARP Guidelines Allow for 125% LTV. Originators Still Skeptical
The Home Affordable Refinance Program was designed to assist borrowers who have demonstrated an acceptable payment history on their existing Fannie Mae or Freddie Mac owned mortgage loan. Unfortunately due to rising unemployment levels and increasing foreclosure rates, demand for housing has weakened and property values have continued to decline, which has blocked many borrowers from utilizing HARP….(read more)
Wall St gains on recovery hopes, but job data looms
NEW YORK (Reuters) – Stocks rose on Wednesday, the start of the third quarter, as reassuring manufacturing data from China, Europe and the United States reinforced hopes that the world’s economy is on the road to recovery.
Mixed Data for Real Estate, ISM Index Improves
Three data releases at 10:00 failed to sing in tune with each other. A key indicator of output showed some improvement but is still contracting overall, and while contracts for home purchases are on the rise, spending on the construction of new homes…(read more)
US manufacturing shows signs of life
The contraction in US manufacturing slowed last month with several industries showing growth in a sign that the worst of the recession may be abating
