NYPD rookie makes arrest moments after graduation
NEW YORK (AP) — A New York Police Department rookie just couldn’t wait to get started….
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)
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)


