Archive for June, 2010
FHA Commissioner Discusses RESPA Reform and SAFE Act Implementation
Posted by: | CommentsPosted To: MND NewsWire
FHA Commissioner David Stevens wrote to the industry today . He discussed RESPA Reform and provided and update on the implementation of the SAFE ACT. Below are his comments…. The Office of Housing’s latest efforts have a common thread: the continued need to strengthen protections for consumers in the home buying process. We are working to make the housing market stronger, sustainable, and safer. Two examples of our efforts to accomplish this goal are the recent reform of HUD’s Real Estate Settlement Procedures Act (RESPA) regulations which make mortgages more transparent and understandable, and the development of Safe Mortgage Licensing Act (SAFE) regulations which better protects consumers. Transparency is important for consumer protection. Fair dealings require open, clear information…(read more)
Mortgage Rates Steady at Lifetime Lows
Posted by: | CommentsPosted To: Mortgage Rate Watch
The relentless mortgage rate rally continued yesterday. Lenders were seen offering the most aggressive loan pricing of our lifetime, again, as stocks extended their losing streak and risk-averse investors piled funds into government guaranteed U.S. Treasuries. High demand for risk free has bonds led mortgage-backed securities to record prices, allowing lenders to price mortgage rates at the lowest rates reported since the formation of the secondary mortgage market. Out early this morning was the Mortgage Bankers Association's Weekly Applications Survey. The MBA loan applications survey covers over 50% of all US residential mortgage apps taken by mortgage bankers, commercial banks, and thrifts. Survey data gives economists a sample of consumer demand for mortgage loans. In a low mortgage…(read more)
Citigroup, Inc (NYSE: C) Stock Hit By NYSE Circuit Breakers
Posted by: | CommentsCitigroup, Inc (NYSE: C) has become the second stock to be halted by the New York Stock Exchange’s new circuit brokers. The first stock was halted was the Washington Post Corporation on June 16th.
The offending trade this time appears that 8,820 shares of Citigroup, Inc (NYSE: C) went through at $3.3174 at 1:03 PM ET on Tuesday. The drop as a 12.7% decline from the previous trade, where Citigroup, Inc (NYSE: C) shares priced at $3.80. The $3.3174 price represented a 17% drop from Monday’s closing price.
The new circuit breakers which were adopted after the May 6th “flash crash” require a five minute halt in trading if any stocks of the S&P 500 move more than 10% from a trading price in the previous five minutes. Shares quickly returned to $3.79 on Tuesday, down about 5% for the day.
On Wednesday, Citigroup, Inc (NYSE: C)’s shares closed up 0.80% at $3.76.
This article (Citigroup, Inc (NYSE: C) Stock Hit By NYSE Circuit Breakers) was originally developed by and is property of American Banking News. Checkout American Banking News for up-to-date banking news and peer to peer lending news.