Obsolete Certainty

ANN ARBOR, Mich. (AP) — A Michigan man sent to prison for 15 years is getting a new trial after the judge failed to do a routine procedure – ask the jury to take an oath….

Via email, I recieved the following guidance from the FHA this morning: Subject: Guidance for Currently FHA-Approved Loan Correspondents Regarding Renewal of FHA Lender Approval for 2010 As proposed in a November 30, 2009 via 74 FR 62521 , HUD is seeking to eliminate FHA approval for loan correspondents. Because this rulemaking is still in process and a final rule has not yet been issued, FHA is extending the deadline for the submission of audited financial statements for loan correspondents seeking renewal of their FHA lender approval for 2010. For loan correspondents with a fiscal year end of December 31, and that would ordinarily be required to renew their FHA approval by March 31, 2010, HUD is providing these lenders with an additional 30 days in which to submit their audited financial…(read more)

NEW YORK (Reuters) – Stocks jumped and the Nasdaq hit an 18-month closing high on Friday as U.S. employers cut fewer jobs than expected last month and consumers showed signs of shedding their penny-pinching ways.

NEW YORK (Reuters) – Stocks rose on Thursday as better-than-expected monthly sales from retailers and a drop in the number of Americans filing claims for jobless benefits pointed to stabilization in the economy.

The Federal Reserve today reported on their weekly purchases of agency mortgage-backed securities (MBS). In the week ending March 3, 2010, the Federal Reserve purchased a net total of $10.00 billion agency MBS. This represents a $1 billion decline from the previous reporting period and breaks a three week streak of $11 billion net total purchases. The goal of the Federal Reserve's agency MBS program is to provide support to mortgage and housing markets and to foster improved conditions in financial markets more generally. Only fixed-rate agency MBS securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae are eligible assets for the program. The program includes, but is not limited to, 30-year, 20-year and 15-year securities of these issuers. (NY Fed MBS FAQs) Since the inception…(read more)

NEW YORK (Reuters) – Stocks rose on Thursday as better-than-expected monthly sales from retailers and a drop in the number of Americans filing claims for jobless benefits pointed to stabilization in the economy.

Athens will sell about €5bn in 10-year bonds in the most significant debt deal of the year so far as much rests on its ability to calm the markets and reassure investors after months of turbulence

BROOKLINE, Mass. (AP) — A Rhode Island woman pleaded not guilty in Massachusetts to charges she threw a hot cup of coffee on a parking enforcement officer. Krystle Charley was arraigned Wednesday in Brookline District Court on charges including assault and battery with a dangerous weapon….

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 26, 2010. The survey covers over 50 percent of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a look into consumer demand for mortgage loans. A rising trend of mortgage applications indicates an increase in home buying interest, a positive for the housing industry and economy as a whole. Furthermore, in a low mortgage rate environment, such a trend implies consumers are seeking out lower monthly payments which can result in increased disposable income and therefore more money to spend on discretionary items or to pay down other debt. From the release : The Market Composite Index, a measure…(read more)

Police, private security experts and internet service providers said they had shut down the Mariposa botnet, one of the largest networks of hacked personal computers discovered