Tag Archives: Federal Reserve

The U.S. Senate voted Tuesday to confirm Sarah Bloom Raskin as deputy secretary of the Treasury. In a statement, Treasury Secretary Jacob Lew said he is pleased the Senate showed broad support in confirming Raskin, adding, "The Treasury Department is gaining a proven and experienced leader who is dedicated to promoting economic prosperity, and enhancing business and consumer confidence."

The Federal Reserve released Wednesday the Beige Book report summarizing economic conditions across its 12 districts from January through early February—and the word of the day was, naturally, “weather.” According to the Fed, reports from all districts indicated economic conditions continued to expand at a “modest to moderate” rate in most areas of the country, with only the New York and Philadelphia districts experiencing a decline in activity.

A majority of experts surveyed by Zillow and Pulsenomics expect large-scale investors will pull out of the housing market in the next few years--and that hopefully means a smoother field for consumer buyers. While their withdrawal will most certainly affect today's still-fragile market--79 percent of those surveyed said the impact would be ""significant or somewhat significant""--Zillow chief economist Dr. Stan Humphries says it wouldn't be the worst thing to happen to housing.

If nothing else, Janet Yellen proved on Tuesday she has stamina. The newly installed Federal Reserve chair--the first woman to take the post in the institution's century-long history--sat in front of the House Financial Services Committee for an extended session, fielding dozens of questions on topics ranging from the Fed's current direction to GSE reform. The takeaway from her prepared remarks: Don't expect a great change in policy now that she's at the helm.

Mortgage credit access opened up in January following a flat December, the Mortgage Bankers Association (MBA) revealed Tuesday. MBA's Mortgage Credit Availability Index (MCAI), a gauge of lending standards measured with data from the AllRegs Market Clarity product, increased 1.85 percent to an even 113 last month. MBA's latest index fits with Fannie Mae's January National Housing Survey, in which more consumers expressed their belief that getting a mortgage today would be ""easy.""

The Federal Reserve released Monday its January 2014 Senior Loan Officer Opinion Survey, a poll examining changes in lending standards and demand in the latest quarter. Whether it was because of higher hurdles to clear or last year's rise in interest rates, a moderate fraction of banks reported a drop in demand for prime purchase mortgages, with a combined 47.9 percent saying demand was weaker. Only 19.7 percent saw greater consumer interest in prime residential loans.

In its first meeting this year, the Federal Open Market Committee (FOMC) voted to once again cut back on the Fed's bond-buying program.

It's been a quiet week for mortgage rates, which drifted down slightly as markets wait to see what comes of the Federal Open Market Committee's next meeting in late January.

In a conversation Thursday hosted by the Brookings Institution, outgoing Federal Reserve Chairman Ben Bernanke defended the Fed's easy money policies, dismissing concerns of out of control inflation and capital losses. He also eased worries about the long-term effects of the financial crisis--including the impact of unemployment on labor supply and productivity--saying that while they are a problem, none of issues are "truly permanent."

Representatives from the Federal Reserve's 12 districts reported moderate economic expansion across most of the country through the end of last year, with indicators pointing to more steady growth ahead. Real estate markets "generally continued to improve," according to the Fed, with most districts experiencing increase home sales activity and construction along with rising home prices. Credit standards were largely unchanged among the districts, though increased competition led to some instances of relaxed standards.