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Stocks Decline Despite Advance in Leading Indicators
Following a downturn in equity markets across the globe, US stocks opened sharply lower on Monday morning. A fifth straight advance in the Leading Economic Indicators had little impact on markets, who are anxious one day before the Federal Reserve holds its two-day monetary policy meeting.rnrnAs of 11:00, the S&P 500 is beginning the week down 0.70% to 1061, while the Dow is trading 0.69% lower at 9,752, and the Nasdaq is 0.23% lower at 2,128.rnrnCrude prices slid more than two dollars to below $70 a barrel in New York, while the dollar continued rebound against the major currencies.
FOMC Meeting, New & Existing Home Sales, Durable Goods
Equity markets across the globe are in sell-mode this morning, leading the US futures market to point to a lower opening while the US dollar is showing strength. Stocks in Europe are more than half a percentage point lower, while shares in Hong Kong and Japan closed down 0.70% each. The exception in Asia is China’s Shanghai Index, which posted a modest 0.15% rise as the nation’s Central Committee reiterated that a proactive fiscal policy and moderately loose monetary policy would be maintained.rnrnThe main event this week will be the Federal Reserve’s two-day monetary policy meeting beginning Tuesday. In terms
FHA Announces Several Policy Changes. Adopts HVCC Guidelines
The Federal Housing Administration (FHA) today announced several significant policy changes that are intended to improve the housing agency's exposure to risk. The changes, effective January 1, include: Modification of Procedures for Streamline Refinance Transactions, Adoption of Home Valuation Code of Conduct Guidelines, Updated Appraisal Validity Period, New Appraisal Portability Regs, New Requirement of Lenders to Submit of Audited Financial Statements for Review, Adjustments to the Approval Process for Participation in FHA Loan Origination, and Increased Net-Worth Requirements for Lenders.rnrn
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