Breaking News This Morning ...
Obama Said to Pick Mel Watt to Run FHFA: Watt, a Democratic congressman from North Carolina, would be the agency's first official director since 2009. Ed DeMarco has toiled as the acting director since then, and his policies have been unpopular with the administration, Democrats, and housing and consumer advocates. A formal announcement is expected today, various anonymice told their preferred media outlets.
Receiving Wide Coverage ...
The Housing Rebound: Home prices in major metro areas rose 9.3% in February from a year earlier, the biggest increase in seven years, according to the Case-Shiller figures released Tuesday. Demand is strong and inventory is tight, despite the so-so economic recovery. Low interest rates are helping to fuel the demand, of course, but the Journal reports concern that "traditional buyers, facing still-stringent mortgage-lending standards, are being squeezed out because investors are able to make winning bids by offering to pay in cash." Meanwhile, "supplies have dwindled as banks have pushed fewer homes through foreclosure and because many homeowners are either unable or unwilling to sell."
Wall Street Journal
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"Ahead of the Tape" previews
Financial Times
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The "Lex" column offers a crisp, concise summary of the
New York Times
More cross-border regulatory intrigue, this time in the derivatives field: CFTC Chairman Gary Gensler has been engaged in a "bitter" fight with the banking lobby, lawmakers and overseas regulators (who have complained to Treasury Secretary Jack Lew). At issue is "an agency proposal, intended to go into full effect as early as mid-July, that would require overseas offices of American-based banks, foreign institutions and hedge funds to
Here's a Q&A with Doug Lebda, the
Washington Post
"Why the Fed probably won't expand QE on Wednesday." Among other reasons, "Fed leaders have been sensitive to the risk that through the quantitative easing they could