------Original Message------
From: U.S. Department of the Treasury <subscriptions@subscriptions.treas.gov>
To: <guyperea@rocketmail.com>
Date: Sunday, November 6, 2011 10:29:38 AM GMT-0600
Subject: U.S. Department of the Treasury Weekly Digest Bulletin
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*Message 1*
*From:* U.S. Department of the Treasury <subscriptions@subscriptions.treas.gov>
*Date:* Oct, Mon 31 2011 15:09 -0400 (EDT)
*Subject: *Treasury Announces Marketable Borrowing Estimates
Treasury Announces Marketable Borrowing Estimates [ http://www.treasury.gov/press-center/press-releases/Pages/tg1342.aspx ]
"To view the Sources and Uses Table, visit link [ /press-center/press-releases/Documents/Sources%20and%20Uses%20-%20October%202011.pdf ]"
*Washington, D.C.** -- *The U.S. Department of the Treasury today announced its current estimates of net marketable borrowing for the October – December 2011 and the January - March 2012 quarters:
* During the October – December 2011 quarter, Treasury expects to issue $305 billion in net marketable debt, assuming an end-of-December cash balance of $60 billion. This borrowing estimate is $21 billion higher than announced in July 2011. The increase in borrowing relates to lower receipts, higher outlays, and changes in the cash balance assumptions partially offset by higher net issuances of State and Local Government Series securities.
* During the January - March 2012 quarter, Treasury expects to issue $541 billion in net marketable debt, assuming an end-of-March cash balance of $60 billion.
During the July - September 2011 quarter, Treasury issued $286 billion in net marketable debt, and ended the quarter with a cash balance of $58 billion. In July 2011, Treasury estimated $331 billion in net marketable borrowing and assumed an end-of-September cash balance of $110 billion. The decrease in borrowing was related to lower receipts offset by lower outlays and cash balance adjustments that lowered the estimated end-of-quarter cash balance.
Additional financing details relating to Treasury's Quarterly Refunding will be released at 9:00 a.m. on Wednesday, November 2, 2011.
###
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*Message 2*
*From:* U.S. Department of the Treasury <subscriptions@subscriptions.treas.gov>
*Date:* Oct, Mon 31 2011 15:13 -0400 (EDT)
*Subject: *Statement for the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association
Statement for the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association [ http://www.treasury.gov/press-center/press-releases/Pages/tg1343.aspx ]
*Janice Eberly*
*Assistant Secretary for Economic Policy*
*Statement for the Treasury Borrowing Advisory Committee*
*of the Securities Industry and Financial Markets Association*
October 31, 2011
The pace of expansion accelerated during the summer as the temporary factors that weighed on growth in the first half of the year largely faded. According to the advance report released last week, the economy grew by 2.5 percent at an annual rate in the third quarter, the ninth straight quarter of growth since the recession ended in mid-2009. Real GDP surpassed the prerecession peak recorded in the fourth quarter of 2007. Despite the pickup in growth, job growth moderated, and the unemployment rate remained unacceptably high at 9.1 percent. Private sector forecasters expect the pace of growth to strengthen gradually going forward, but the unemployment rate is not projected to decline meaningfully over the next year. The Administration recently proposed a number of initiatives in the American Jobs Act that will foster job creation and stronger near-term growth. The longer-term fiscal situation remains a serious concern, however, and in mid September the President proposed a balanced and comprehensive deficit reduction plan that will put the nation's finances on a fiscally sustainable path.
The acceleration in real GDP growth from a tepid 0.8 percent pace in the first half of the year to a 2.5 percent annual rate in the third quarter was due primarily to a pickup in consumer spending and business investment Growth of personal consumption expenditures accelerated in the third quarter to a 2.4 percent pace from just 0.7 percent in the second quarter, contributing 1.7 percentage points to GDP growth. Nonresidential fixed investment surged by more than 16 percent, reflecting rapid growth of equipment and software spending. Investment in equipment and software remains a source of strength in the economy and has contributed positively to GDP growth in each quarter since the recovery began. Private domestic final purchases (the sum of consumption, business fixed investment, and residential investment) accelerated sharply to a 4 percent annual rate from just under 2 percent in the first half of the year. The strength of underlying private demand suggests the recovery has regained some forward momentum after being held back in the first half of the year by a number of headwinds, including surging energy prices and supply-chain disruptions related to the disaster in Japan.
By the end of the summer, the supply-chain disruptions that depressed U.S. automotive output and motor vehicle sales had largely subsided. Motor vehicle output rose in the third quarter, making a small positive contribution to GDP growth after posing a substantial drag on the economy in the second quarter. Motor vehicle sales have returned to their pre-tsunami levels – at 13 million units in September, sales were more than 10 percent higher than a year earlier. Energy prices have declined from the peak levels recorded in the spring. Oil prices have fallen from well over $100 per barrel at the end of April to roughly $93 presently. More meaningfully for households, retail gasoline prices have eased from nearly $4 per gallon in May to about $3.50 per gallon.
In the labor market, hiring slowed notably during the summer but picked up in September, with 103,000 workers added to nonfarm payrolls. While the unemployment rate held steady at 9.1 percent, the labor market participation rate, length of the average workweek, and average hourly earnings all increased slightly September. Although these improvements are off of low levels, they are nonetheless encouraging signs. Nevertheless, nonfarm payrolls remain 6.6 million below their pre-recession level, and the share of workers who have been unemployed for 27 weeks or more is still very high at 44.6 percent.
The housing market remains a point of weakness and is unlikely to show significant improvement in the near term. Sales remain very weak. New single-family home sales rose in September for the first time in four months but remained near historically low levels. Existing home sales fell and are down on net since the beginning of the year. The inventory of homes available for sale has been falling but is still very high relative to the current pace of sales. As a result, new home building remains depressed, and single-family housing starts are poised to hit a new yearly low in 2011. House price measures have started to stabilize in recent months but remain under pressure from high inventories and weak demand. The share of mortgages that are delinquent or in foreclosure is still very high.
Aside from housing, a number of other factors are also weighing on the economy. Household budgets remain under pressure. Real disposable personal income fell 1.7 percent at an annual rate in the third quarter, the first decline since late 2009. Recovery in household wealth stalled in the second quarter, and credit growth remains constrained by tight lending standards and ongoing household balance sheet restructuring. In the public sector, state and local budget are also constrained and employment, particularly at the local level, continues to decline. In addition, the slowdown in global growth already underway will likely have negative implications for U.S. exports, which have been another important source of strength for the U.S. economy over the past two years. Uncertainty about global growth prospects and, in particular, sovereign debt strains in Europe, contributed to a pronounced rise in volatility in U.S. and global financial markets over the past several months. While a full-blown European financial crisis appears less likely in light of the plan put forward by European leaders last week, the risk of recession in the Eurozone remains This would have serious consequences for global growth and trade flows.
In economic policy, we have twin imperatives: to support growth in the economy as it heals from the Great Recession and financial crisis, and to implement a credible plan for long-term fiscal consolidation. These goals need not be mutually exclusive. Indeed, addressing the challenge of unsustainable budget deficits creates room to implement policies that will spur faster economic growth. In mid-September, the President put forth a plan that goes well beyond the nearly $1 trillion in deficit reduction enacted under the Budget Control Act, which was signed into law on August 2. The President's plan would produce an additional $3 trillion in fiscal savings over the next ten years. Importantly, the President's plan would put the national debt on a declining path as a share of the economy by the middle of the decade.
The President also remains committed to putting the unemployment rate on a declining path and will continue to pursue policies aimed at boosting job growth, including those proposed in the Administration's American Jobs Act. Altogether, the provisions included in the American Jobs Act would provide $447 billion in targeted support for the economy next year. The President's proposals would increase household disposable income and private consumption, spur infrastructure investment, prevent hundreds of thousands of teachers from being laid off, and reform our unemployment insurance system to make it easier for the unemployed to get back to work. Just last week, the President announced several additional measures that will help spur growth in the near term, including initiatives to help homeowners with their mortgage payments, students with their federal loans, and veterans with their job searches. All of these measures are designed to provide immediate benefits to the American people and the economy, but they will also provide longer-term benefits, including enhanced productivity and competitiveness, that will boost our standard of living.
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*Message 3*
*From:* U.S. Department of the Treasury <subscriptions@subscriptions.treas.gov>
*Date:* Nov, Tue 1 2011 11:11 -0400 (EDT)
*Subject: *Cyrus Amir-Mokri Confirmed as Assistant Secretary for Financial Institutions
Cyrus Amir-Mokri Confirmed as Assistant Secretary for Financial Institutions [ http://www.treasury.gov/press-center/press-releases/Pages/tg1345.aspx ]
*WASHINGTON* – Cyrus Amir-Mokri was confirmed by the United States Senate yesterday evening to serve as the U.S. Department of the Treasury's Assistant Secretary for Financial Institutions. As Assistant Secretary for Financial Institutions, Mr. Amir-Mokri is responsible for developing and coordinating Treasury's policies on issues affecting financial institutions. Cyrus Amir-Mokri most recently served as Senior Counsel to the Chairman of the Commodity Futures Trading Commission (CFTC), where he also was the agency's deputy representative to the Financial Stability Oversight Council. "Cyrus Amir-Mokri has a wealth of experience in financial regulatory issues, including his work at the CFTC helping to secure historic financial reform," said Treasury Secretary Tim Geithner. "He will be a valuable asset at Treasury as we continue the important work of implementing those critical reforms and as we move forward with other key initiatives that will help improve the strength and resiliency of the financial markets." Prior to joining the CFTC, Mr. Amir-Mokri was a partner at the law firm of Skadden, Arps, Slate, Meagher & Flom LLP. His practice focused on complex securities and antitrust litigation. He has also clerked for the Honorable Bruce M. Selya of the United States Court of Appeals for the First Circuit. Mr. Amir-Mokri received a J.D. from the University of Chicago Law School, a Ph.D. in History from the University of Chicago, and an A.B. in Biochemistry from Harvard College.
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*Message 4*
*From:* U.S. Department of the Treasury <subscriptions@subscriptions.treas.gov>
*Date:* Nov, Wed 2 2011 09:15 -0400 (EDT)
*Subject: *Report to the Secretary of the Treasury
You are subscribed to All Treasury Press Releases for U.S. Department of the Treasury. This information has recently been updated, and is now available [ http://www.treasury.gov/press-center/press-releases/Pages/default.aspx ]. Report to the Secretary of the Treasury [ http://www.treasury.gov/press-center/press-releases/Pages/tg1350.aspx ]
November 1, 2011
Dear Mr. Secretary:
Since the Committee last met in August, economic activity indicators have firmed and real GDP in the third quarter expanded at a 2.5% annual rate, a noticeable acceleration from the 0.8% growth rate experienced in the first half of the year. Real final sales reached a 3.6% growth pace in the third quarter, an even greater acceleration from its modest 0.8% growth pace in the first half. Economic activity has received support recently from a rebound in motor vehicle production and an easing in energy prices. Early indications suggest the economy continues to expand at a reasonable pace in the fourth quarter. Despite some progress recently, the ongoing debt crisis in Europe remains a downside risk to domestic economic activity. As was the case at the last meeting, the outlook for fiscal policy remains considerably uncertain, and expectations regarding budget deliberations continue to shape the outlook for next year.
The third quarter rebound in growth was driven by a pick-up in domestic final sales which accelerated to 3.2% annual growth rate, up from 1.3% the prior quarter, as both households and businesses quickened their pace of purchases. Net exports contributed 0.2%-point to growth last quarter, a surprisingly large gain, as imports expanded at only a 1.9% annual rate despite a large rebound in auto imports following earlier supply disruptions. Real inventory accumulation slowed markedly to only $5.4 billion at an annual rate last quarter subtracting 1.1%-point from real GDP growth. Industrial activity has been robust lately and the unexpected strength in third-quarter final sales and weakness in third-quarter inventory investment improves prospects for continued solid growth in the fourth quarter.
Consumer spending increased at a 2.4% pace last quarter, a firming from the anemic 0.7% growth rate the prior quarter. Real income edged lower in the third quarter, as prices rose faster than nominal income. Consumers managed to increase their pace of real spending by reducing the saving rate from 51% in the second quarter to 4.1% in the third quarter, and only 3.6% in September. Surveys measures of consumer attitudes remain at very depressed levels. So far, pessimism about the economy has manifested itself more in the housing market than in consumer spending. In addition to low sentiment, housing demand is likely being held back by difficulties in obtaining mortgage credit. Homebuilding has generally been subdued, though multi-family homebuilding is picking up as the shift from homeownership to renting drives rental vacancy rates down and puts upward pressure on rents.
Business fixed investment has remained the most reliably expansionary sector of the economy. Total outlays on capital expenditures rose at a 16.3% annual rate last quarter. Real spending on equipment and software increased at a 17.4% pace in 3Q11. Spending on information processing equipment and software slowed but spending on all other major categories of capital equipment accelerated sharply. Business spending on structures rose at a 13.3% annual rate, a step-down from the very robust pace seen in the second quarter, but nonetheless a solid outcome. Business fundamentals, such as excellent profitability, remain supportive of the outlook for capital spending. Survey indicators do suggest some moderation in the pace of business spending ahead, perhaps because levels of capital outlays have generally recovered much of the decline they experienced during the recession.
The September labor market report was an improvement from the upward-revised August report. In September 103,000 jobs were added, and on average 90,000 private sector jobs were created per month in August and September. Timely indicators such as jobless claims suggest positive job growth has continued into October. While overall employment has expanded, job growth has not been fast enough to make a meaningful dent in the unemployment rate, which stood at 9.1% in September, the same rate as in the prior two months. Wage gains remain modest, as average hourly earnings have increased just 1.9% over the past year.
Headline inflation remains somewhat firm, as the PCE price index rose 0.2% in September and is up at a 3.3% annual rate over the past three months. Looking forward, the easing in gas prices could cause this price index to dip slightly in October. Excluding food and energy, core inflation was expanding at a fast pace through much of the spring and summer, and on a year-ago basis the core PCE is up 1.6%. More recently, however, there is some evidence that the lapsing of commodity price pass-through as well as greater supply of motor vehicles is leading to an easing in core inflation, as the core PCE index was unchanged in September. Looking forward, the continued moderation in commodity prices should remove that upward source of pressure on headline and core inflation. Moreover, labor costs remain contained and inflation expectations are subdued, all of which should contribute to an easing in underlying inflation pressures.
Since the last meeting, monetary policy has been active in pursuing its full employment responsibility. At the August FOMC meeting, the Committee gave additional information on its interest rate guidance, indicating that conditions are unlikely to lead to an increase in overnight interest rates before mid-2013. At the September FOMC meeting, the Committee took action to extend the maturity of its portfolio of Treasury securities and also decided to reinvest the proceeds of maturing housing-related assets back into mortgage-backed securities. Collectively these actions have served to ease financial conditions somewhat.
Fiscal policy continues to remains in flux. The deficit "super committee" has less than a month to arrive at a plan that produces $1.5 trillion in deficit reductions over ten years. The progress of these deliberations is uncertain and market participants do not have high expectations for the outcome. Fiscal policy is set to tighten significantly early next year, though talks are ongoing regarding extending some income support measures that are scheduled to expire at the end of this year.
Against this economic backdrop, the Committee's first charge was to examine what adjustments to debt issuance, if any, Treasury should make in consideration of its financing needs. The Committee did not feel any changes to coupon issuance were necessary at this time. There were ongoing discussions of the SFP (Supplementary Financing Program). Given the uncertainty surrounding the path and timing of future debt limit increases, the Committee continued to believe that the reintroduction of the SFP was not possible for the foreseeable future.
The Committee examined with more granularity the expected evolution of debt composition (attached). A familiar discussion on weighted average maturity ensued. The Committee continued to believe that more progress on maturity extension should be made, while being mindful of the cost effectiveness of the strategy. More work needs to be done in this regard.
The Committee also discussed the merits of adding floating rate notes to Treasury's issuance program. While members were generally supportive, there were questions regarding the appropriate reference index, optimal maturities, and liquidity costs. Discussion on the topic was both exploratory and preliminary.
The second charge was to examine the impact of a prolonged period of low interest rates on financial markets. The presentation (attached) looks at the current rate structure's impact on loan growth, bond asset managers, money market funds, foreign investors, bank portfolios, securities dealers, insurance companies, pension funds, mortgage lenders, and Treasury issuance mix. The paper probes each area for challenges, emerging changes, and opportunities posed by persistent low interest rates.
In the final charge, the Committee considered the composition of marketable financing for the remainder of the October 2011 to December 2011 quarter and the January 2012 to March 2012 quarter. The committee's recommendations are attached.
Respectfully,
____________________________________
Matthew E. Zames
Chairman
____________________________________
Ashok Varadhan
Vice Chairman
TBAC Recommended Financing Table Q4 2011 [ /press-center/press-releases/Documents/TBAC_Fin_Table_Q4_2011.pdf ] & TBAC Recommended Financing Table Q1 2012 [ /press-center/press-releases/Documents/TBAC_Fin_Table_Q1_2012.pdf ]
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*Message 5*
*From:* U.S. Department of the Treasury <subscriptions@subscriptions.treas.gov>
*Date:* Nov, Wed 2 2011 10:37 -0400 (EDT)
*Subject: *Treasury Assistant Secretary for Financial Markets Mary Miller November 2011 Quarterly Refunding Statement
You are subscribed to All Treasury Press Releases for U.S. Department of the Treasury. This information has recently been updated, and is now available [ http://www.treasury.gov/press-center/press-releases/Pages/default.aspx ]. Treasury Assistant Secretary for Financial Markets Mary Miller November 2011 Quarterly Refunding Statement [ http://www.treasury.gov/press-center/press-releases/Pages/tg1348.aspx ]
*Treasury Assistant Secretary for Financial Markets Mary Miller *
*November 2011 Quarterly Refunding Statement*
*WASHINGTON* – The U.S. Department of the Treasury is offering $72 billion of Treasury securities to refund approximately $23.9 billion of securities maturing on November 15, 2011. This will raise approximately $48.1 billion of new cash. The securities are:
* A 3-year note in the amount of $32 billion, maturing November 15, 2014;
* A 10-year note in the amount of $24 billion, maturing November 15, 2021; and
* A 30-year bond in the amount of $16 billion, maturing November 15, 2041
The 3-year note will be auctioned on a yield basis at 1:00 p.m. EST on Tuesday, November 8, 2011. The 10-year note will be auctioned on a yield basis at 1:00 p.m. EST on Wednesday, November 9, 2011, and the 30-year bond will be auctioned on a yield basis at 1:00 p.m. EST on Thursday, November 10, 2011. All of these auctions will settle on Tuesday, November 15, 2011.
The balance of Treasury financing requirements will be met with the weekly bill auctions, the monthly nominal coupon security auctions, the November 10-year Treasury Inflation Protected Security (TIPS) reopening auction, the December 5-year TIPS reopening auction and the January 10-year TIPS auction.
Treasury may also issue cash management bills during the quarter.
*Projected Financing Needs *
At the August 2011 quarterly refunding, Treasury indicated that it expected to modestly decrease offering amounts for notes and bonds in the coming months. Given the current range of potential fiscal policy outcomes, Treasury believes that it is prudent to hold offering sizes for notes and bonds stable over the near term. Going forward, Treasury will provide guidance to market participants regarding any changes in the fiscal outlook that might impact the government's financing needs.
*Treasury Inflation Protected Security (TIPS) Issuance in 2012*
TIPS are an important part of Treasury's overall debt management strategy. Over the past two years, Treasury has taken a number of steps to improve liquidity in the TIPS market, including increasing TIPS issuance, increasing the frequency of auctions, and moving 20-year TIPS to 30-year TIPS. These actions have been taken after extensive consultation with market participants.
Going forward, Treasury expects to continue to gradually increase gross issuance of TIPS in 2012. Treasury continues to welcome feedback on the size and composition of TIPS issuance.
The next quarterly refunding announcement will take place on Wednesday, February 1, 2012.
###
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*Message 6*
*From:* U.S. Department of the Treasury <subscriptions@subscriptions.treas.gov>
*Date:* Nov, Wed 2 2011 14:07 -0400 (EDT)
*Subject: *Treasury Announces Appointments to the Federal Advisory Committee on Insurance
You are subscribed to All Treasury Press Releases for U.S. Department of the Treasury. Treasury Announces Appointments to the Federal Advisory Committee on Insurance [ http://www.treasury.gov/press-center/press-releases/Pages/tg1351.aspx ]
*WASHINGTON* – Today, the U.S. Department of the Treasury announced the appointment of 15 individuals to serve as members of the Federal Advisory Committee on Insurance (the "Committee"). The Committee will provide advice to Treasury's Federal Insurance Office ("FIO"), which was established as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, on issues related to the responsibilities of the office. "These individuals have tremendous knowledge about the insurance industry and a wide cross-section of experience," said Michael McRaith, Director of the FIO. "I'm pleased that they will be offering their valuable expertise as the Federal Insurance Office continues moving forward with its critical work." The FIO monitors all aspects of the insurance industry, including identifying issues that could contribute to systemic risk in the insurance industry or the U.S. financial system. It also assesses the availability and affordability of insurance to traditionally underserved populations; advises the Secretary of the Treasury on major domestic insurance policy issues; and develops and coordinates federal policy on international insurance regulatory matters. Recognizing that states are the regulators of the U.S. insurance system, nearly half of the Committee is comprised of state insurance regulators. The remaining members of the Committee will bring a diverse set of perspectives on the insurance industry, with backgrounds ranging from consumer advocacy and academia to the business of insurance lines. The 15 individuals appointed today to the Federal Advisory Committee on Insurance include:
* David Birnbaum, Economist and Executive Director, Center for Economic Justice
* Michael Consedine, Commissioner, Commonwealth of the Pennsylvania Department of Insurance
* Jacqueline Cunningham, Commissioner, State of Virginia Bureau of Insurance
* John Degnan, Senior Advisor to the CEO of the Chubb Corporation
* Brian Duperreault, President and Chief Executive Officer, Marsh & McLennan Companies
* Loretta Fuller, Chief Executive Officer, Insurance Solutions Associates
* Scott E. Harrington, Alan B. Miller Professor in the Health Care Management and Insurance and Risk Management departments at the Wharton School, University of Pennsylvania
* Benjamin Lawsky, Superintendent of Financial Services, State of New York
* Thomas Leonardi, Commissioner of the Connecticut Department of Insurance
* Monica Lindeen, State of Montana Commissioner of Securities and Insurance and State Auditor
* Christopher Mansfield, Senior Vice President and General Counsel, Liberty Mutual Group
* Sean McGovern, Director and General Counsel, Lloyd's North America
* Theresa Miller, Administrator, State of Oregon Insurance Division
* Michael E. Sproule, Executive Vice President and Chief Financial Officer, New York Life Insurance Co.
* Bill White, Commissioner, District of Columbia Department of Insurance
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*Message 7*
*From:* U.S. Department of the Treasury <subscriptions@subscriptions.treas.gov>
*Date:* Nov, Thu 3 2011 14:14 -0400 (EDT)
*Subject: *Obama Administration Releases October Housing Scorecard
You are subscribed to All Treasury Press Releases for U.S. Department of the Treasury. Obama Administration Releases October Housing Scorecard [ http://www.treasury.gov/press-center/press-releases/Pages/tg1352.aspx ]
*WASHINGTON* - The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the October edition of the Obama Administration's Housing Scorecard – a comprehensive report on the nation's housing market. The latest housing data offer continued mixed signals as new home sales rose compared to August, but were still slightly down from the prior year. Mortgage defaults and foreclosure sales continued a downward trend as more homeowners were able to secure mortgage relief. However, foreclosure completions ticked slightly upward in September after months of decline. Also, beginning this month the Housing Scorecard will capture data on the Administration's Home Affordable Refinance Program (HARP). The Federal Housing Finance Agency recently announced efforts to ease refinance guidelines for homeowners. The full report is available online at www.hud.gov/scorecard [ http://www.hud.gov/scorecard ]. HUD Assistant Secretary Raphael Bostic said "The housing data in this month's Scorecard illustrate how complex the market is and why the Obama Administration has chosen a variety of approaches to help spur recovery. Last month we saw a continued fall in mortgage defaults, due in part to our foreclosure prevention programs reaching more borrowers upstream in the process. And in the last quarter, a million more homeowners refinanced their loans under some of the lowest interest rates in history. But despite these signs of progress, we have much more work to do to reach the many households who still face trouble and to help the market recover. To help responsible homeowners, we have to make it easier for people to refinance at interest rates that are now near 4% – putting hundreds of dollars in real savings back in their pockets each month, and giving a boost to our fragile economy." "The Administration's programs continue to provide some of the most sustainable assistance available to tens of thousands of struggling homeowners every month," said Treasury Assistant Secretary for Financial Stability Tim Massad. "The standards we have set are changing the industry and indirectly helping millions of additional families." The October Housing Scorecard features key data on the health of the housing market and the impact of the Administration's foreclosure prevention programs, including:
* *The Administration's recovery efforts continue to help millions of families deal with the worst economic crisis since the Great Depression*. More than 5.3 million modification arrangements were started between April 2009 and the end of September 2011 – including more than 1.7 million HAMP trial modification starts, more than 1,064,000 FHA loss mitigation and early delinquency interventions, and more than 2.5 million proprietary modifications under HOPE Now. Many of these modifications are a direct result of the standards and processes the Administration's programs have established. While some homeowners may have received help from more than one program, the total number of agreements offered continues to more than double the number of foreclosure completions for the same period (2.3 million). More than 850,000 homeowners have received a HAMP permanent modification to date, with a median payment reduction of over $520 each month.
* *Even as new delinquencies continue to fall, eligible homeowners entering HAMP have a high likelihood of earning a permanent modification and realizing long-term success.* Eighty percent of eligible homeowners entering a HAMP trial modification since June 1, 2010 received a permanent modification, with an average trial period of 3.5 months. After six months in the program, more than 94 percent of homeowners remain in their HAMP permanent modification. Homeowners in HAMP permanent modifications have saved an estimated $8.8 billion to date. View the September MHA Servicer Performance Report [ /initiatives/financial-stability/results/MHA-Reports/Pages/default.aspx ]
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*Message 8*
*From:* U.S. Department of the Treasury <subscriptions@subscriptions.treas.gov>
*Date:* Nov, Sat 5 2011 08:00 -0400 (EDT)
*Subject: *U.S. Department of the Treasury Online Auction Update
U.S. Department of the Treasury-Novemeber 15 Online Auction
*MORE ITEMS ADDED!*
For photos and descriptions click here [ http://www.treasury.gov/auctions/treasury/gp/riverside_main.html ].
Property Previews are NEXT WEEK. Click here [ http://www.treasury.gov/auctions/treasury/gp/riverside_vendor.html ] for storage locations, dates, and times
You may download a copy of the catalog here: http://www.treasurygov/auctions/treasury/gp/documents/riverside-catalog.pdf
Bidding opens Friday, November 11- www.ricklevin.com [ http://www.ricklevincom ]
[ http://content.govdelivery.com/bulletins/gd/USTREAS-17fbf6?reqfrom=share ]
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