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Economy

A under contract sign on a home previously for sale in Vienna, Va. (Photo: Reuters)

A under contract sign on a home previously for sale in Vienna, Va. (Photo: Reuters)

The Mortgage Banker’s Association (MBA) said the Market Composite Index increased by just 0.4% for the week ending July 21, the smallest gain since since May.

The Refinance Index gained 3% from the previous week, while the seasonally adjusted Purchase Index fell 2% from one week earlier. The unadjusted Purchase Index fell 2% compared with the previous week but was still 8% higher than the same week one year ago.

The refinance share of mortgages gained to 46.0% of total applications, up from 44.7% the previous week. The adjustable-rate mortgage (ARM) share of activity gained to 6.8% of total applications.

The share of total applications from the Federal Housing Administration (FHA) fell to 10.2%, down from 10.7% the week prior. The Veterans Administration (VA) share of total applications fell to 10.5%, down from 10.7% the week prior. The Department of Agriculture (USDA) share of total applications gained to 0.8% from 0.7% the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) decreased to 4.17 percent from 4.22 percent, with points increasing to 0.40 from 0.31 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) decreased to 4.06 percent from 4.18 percent, with points decreasing to 0.24 from 0.30 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.05 percent from 4.10 percent, with points increasing to 0.44 from 0.30 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.45 percent from 3.48 percent, with points increasing to 0.45 from 0.39 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs decreased to 3.29 percent from 3.32 percent, with points increasing to 0.26 from 0.21 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The MBA Weekly Mortgage Applications Survey, which has been conducted every week since 1990, covers over 75% of all U.S. retail residential mortgage applications. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.

The Mortgage Banker's Association (MBA) said the

Politics

President Donald Trump left, waves to the crowd as he is introduced by Defense Secretary James Mattis, right, aboard the nuclear aircraft carrier USS Gerald R. Ford for it's commissioning at Naval Station Norfolk in Norfolk, Va., Saturday, July 22, 2017. (Photo: AP)

President Donald Trump left, waves to the crowd as he is introduced by Defense Secretary James Mattis, right, aboard the nuclear aircraft carrier USS Gerald R. Ford for it’s commissioning at Naval Station Norfolk in Norfolk, Va., Saturday, July 22, 2017. (Photo: AP)

President Donald J. Trump announced Wednesday that the United States will not accept or allow Transgendered individuals to serve in any capacity in the U.S. military.

After consultation with my Generals and military experts, please be advised that the United States Government will not accept or allow Transgender individuals to serve in any capacity in the U.S. Military,” President Trump tweeted. “Our military must be focused on decisive and overwhelming victory and cannot be burdened with the tremendous medical costs and disruption that transgender in the military would entail.”

“Thank you.”

The Trump Administration appears to be reversing policy under Barack Obama, one which drew sharp criticism for using the U.S. military as a social experiment. Taxpayers footed the bill for then-Pfc. Bradley Manning to receive gender reassignment surgery while in prison after he sued. The U.S. Army decided to agree to pay for it under pressure from the Obama Administration.

The commuted leaker is now known as Chelsea Manning.

Treatment is estimated to cost as much as $50,000 per service member. Treatment generally begins with counseling and moves on to hormone therapy before gender reassignment surgery.

According to a RAND Corporation study conducted for the Department of Defense (DoD), there are between 1,320 and 6,630 transgender troops in the active-duty force of 1.3 million. Of those troops, the study estimates that between 30 and 140 would like to seek hormone treatment, and 25 to 130 would seek surgery.

The estimated cost: $2.4 million to $8.4 million, per year.

President Donald J. Trump announced his administration

Politics

Attorney General Jeff Sessions, center, and Deputy Attorney General Rod Rosenstein, to his right, hold a press conference announcing the dismantling of the largest dark website in the world on July 20, 2017. (Photo: AP)

Attorney General Jeff Sessions, center, and Deputy Attorney General Rod Rosenstein, to his right, hold a press conference announcing the dismantling of the largest dark website in the world on July 20, 2017. (Photo: AP)

Attorney General Jeff Sessions will make a big announcement within the coming days related to investigations into leakers of classified information. The development comes as President Donald J. Trump openly criticized Attorney General Sessions on Twitter for not being aggressive enough pursuing felonious leaks.

People’s Pundit Daily has confirmed the Justice Department (DOJ) investigations are connected to media reports containing classified information leaked by members of the intelligence community and/or staffers with access to it.

President Trump has repeatedly criticized the unprecedented leaking by a government bureaucracy attempting to undermine his election and administration.

Attorney General Jeff Sessions will make a

Politics

Rep. Debbie Wasserman Schultz, D-Fla., the former Democratic National Committee (DNC) chair ousted after WikiLeaks revelations. (Photo: AP)

Rep. Debbie Wasserman Schultz, D-Fla., the former Democratic National Committee (DNC) chair ousted after WikiLeaks revelations. (Photo: AP)

Imran Awan, an aide to Rep. Debbie Wasserman Schultz, D-Fla., who is at the center of a criminal investigation, was arrested trying to flee the country on Tuesday. Authorities picked him up at Dulles Airport attempting to board a flight to Lahore, Pakistan.

David Dameron, a spokeman for Wasserman Schultz, said on Tuesday that he was fired but a senior staffer confirmed that was not true. He retained a role of “advisor” despite being barred from accessing the House’s computer system since February.

The news comes only days after reports revealed that the Federal Bureau of Investigation (FBI) seized a number of “smashed hard drives” from Awan’s house. Wasserman Schultz once argued about the seizing of Democrats’ devices with Capitol Hill Police.

The investigation could potentially impact dozens of Democratic lawmakers. Awan was arrested on bank fraud and is prevented from leaving the country while the charges are pending. He pled not guilty to one count of bank fraud during his arraignment in the U.S. District Court for the District of Columbia and was released Tuesday on a “high-intensity supervision program.”

He was forced to surrender his passports, must wear a GPS monitor, is subject to a curfew of 10 p.m. to 6 a.m. and cannot leave a 50-mile radius of his home in Lorton, Virginia. He’s scheduled to reappear in court for a preliminary hearing Aug. 21.

He was allegedly one of many involved in a scheme to defraud the Congressional Federal Credit Union by obtaining a $165,000 home equity loan for a rental property. It also involved double-charging the U.S. House of Representatives for IT equipment and suspected exposing House information online.

Those funds were then included as part of a wire transfer to two individuals in Faisalabad, Pakistan.

His wife, Hina Alvi, has already left the country for Pakistan along with their children. She had “numerous pieces of luggage” and more than $12,000 in cash, FBI agent Brandon Merriman wrote in the affidavit. But federal officials do not believe she has any intention of returning to the United States.

Awan, a longtime IT staffer who worked for more than two dozen House Democrats, was paid nearly $2 million by House Democrats since 2004. His wife and his brother, Abid Awan, were also each paid more than $1 million working for House Democrats. In total, since 2003, the family has collected nearly $5 million.

Imran Awan, an aide to Rep. Debbie

Politics

Senate Majority Leader Mitch McConnell, R-Kty., is trailed by reporters as he walks to the Senate floor of the U.S. Capitol after unveiling a draft bill on healthcare on June 22, 2017. (Photo: Reuters)

Senate Majority Leader Mitch McConnell, R-Kty., is trailed by reporters as he walks to the Senate floor of the U.S. Capitol after unveiling a draft bill on healthcare on June 22, 2017. (Photo: Reuters)

The U.S. Senate on Tuesday voted 51 to 50 to move the Republican repeal of ObamaCare forward, marking the fifth time Vice President Mike Pence has broken a tie. Liberal Republican Senators Susan Collins (Maine) and Lisa Murkowski (Alaska) voted “No” on the motion to proceed to debate.

Sens. Murkowski voted “Yes” on the exact same bill in 2015, when Republicans voted 52-47 to repeal ObamaCare because they knew it would be vetoed by Barack Obama. Now that Republicans have the chance to cast a meaningful vote, keep a 7-year promise to voters with a president willing to sign it, she caved.

To be fair, Sen. Collins voted “No” in 2015, as well.

The return of Sen. John McCain, R-Ariz., pushed the motion over the edge. Sen. Ron Johnson, R-Wis., had been holding out but voted “Yes” with the Arizona senator. However, Sen. McCain said he would not support the bill in its current form without carve outs for his state.

“To hell with them,” Sen. McCain said of the “bombastic” voices on radio, a not-so veiled reference to conservative talk radio hosts like Sean Hannity, Mark Levin and Rush Limbaugh.

Prior to the vote, Sen. Rand Paul, R-Kty., who was previously opposed to the procedure, said he received assurances a full repeal of ObamaCare will be offered in the amendment process. As a result, the senator confirmed he would support the measure and he did.

On Monday, President Donald J. Trump unloaded on both Republicans and Democrats. Flanked by “ObamaCare victims” at the White House, he laid out a blistering critique of “a small group of politicians and special interest” who “engineered a government takeover of health care.”

“Tomorrow, the Senate will vote on whether to allow this urgently needed bill to come to the Senate floor for debate. The question for every senator, Democrat or Republican, is whether they will side with ObamaCare’s architects, which have been so destructive to our country, or with its forgotten victims,” President Trump said. “Any senator who votes against starting debate is telling America that you are fine with the ObamaCare nightmare.”

Sen. Paul’s decision to support moving forward to debate was a critical development, but passing the bill is still an uphill battle.

At a joint press conference with Lebanese Prime Minister Saad Hariri, the president praised Sen. McCain and addressed the vote.

“I want to congratulate American people because we’re going to give you great health care and we’re going to get rid of ObamaCare,” President Trump said.

The U.S. Senate on Tuesday voted 51

Politics

Sen. Rand Paul, R-Ky., listens to questions on health care and the Republican effort to repeal ObamaCare. (Photo: Reuters)

Sen. Rand Paul, R-Ky., listens to questions on health care and the Republican effort to repeal ObamaCare. (Photo: Reuters)

Sen. Rand Paul, R-Kty., said he has received assurances a full repeal of ObamaCare will be offered in the amendment process and will vote to move on to debate. The senator confirmed the development on Twitter after meeting with GOP Senate leadership before the vote.

“If this is indeed the plan, I will vote to proceed and I will vote for any all measures that are clean repeal,” Sen. Paul tweeted.

Vice President Mike Pence visited Capitol Hill Monday afternoon to meet with Senate Majority Leader Mitch McConnell, R-Kty., to discuss the vote. Republicans hold a slim 52-48 majority in the upper chamber. With Democrats united in opposition, the GOP can only afford to lose two of their own votes.

Liberal Republican Senators Susan Collins (Maine), Shelley Moore Capito (W.Va.) and Lisa Murkowski (Alaska) announced last week they would not support the effort, though 2 out of 3 of them (Capito and Murkowski) voted “Yes” on the exact same bill in 2015, when Republicans voted 52-47 to repeal ObamaCare because they knew it would be vetoed by Barack Obama.

Sen. Collins voted “No” in 2015.

President Donald J. Trump unloaded on both Republicans and Democrats Monday. Flanked by “ObamaCare victims” at the White House, he laid out a blistering critique of “a small group of politicians and special interest” who “engineered a government takeover of health care.”

“Tomorrow, the Senate will vote on whether to allow this urgently needed bill to come to the Senate floor for debate. The question for every senator, Democrat or Republican, is whether they will side with ObamaCare’s architects, which have been so destructive to our country, or with its forgotten victims,” President Trump said. “Any senator who votes against starting debate is telling America that you are fine with the ObamaCare nightmare.”

The plan is for the Senate to take a major procedural vote Tuesday afternoon to advance the bill to overhaul health care later Tuesday. Sen. Paul’s decision to support moving forward to debate is a critical development.

Sen. Rand Paul, R-Kty., said he received

Economy

A woman pulls a hood over her head as she walks out of a Starbucks store into the cold wind at Times Square in New York, March 25, 2013. (Photo: Reuters)

A woman pulls a hood over her head as she walks out of a Starbucks store into the cold wind at Times Square in New York, March 25, 2013. (Photo: Reuters)

The Conference Board Consumer Confidence Index bounced backed in July to 121.1, up from a downwardly revised 117.3 in June. The Present Situation Index increased from 143.9 to 147.8, while the Expectations Index rose from 99.6 last month to 103.3.

“Consumer confidence increased in July following a marginal decline in June,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “Consumers’ assessment of current conditions remained at a 16-year high (July 2001, 151.3) and their expectations for the short-term outlook improved somewhat after cooling last month. Overall, consumers foresee the current economic expansion continuing well into the second half of this year.”

The Consumer Confidence Index is based on a probability-design random sample and is conducted for The Conference Board by Nielsen Holdings plc (NYSE: NLSN), a leading global provider of information and analytics around what consumers buy and watch. The cutoff date for the preliminary results was July 14.

Consumers’ assessment of current conditions improved in July. Those saying business conditions are “good” increased from 30.6 percent to 33.3 percent, while those saying business conditions are “bad” was virtually unchanged at 13.5 percent. Consumers’ appraisal of the labor market was also more favorable. Those stating jobs are “plentiful” rose from 32.0 percent to 34.1 percent, while those claiming jobs are “hard to get” decreased slightly from 18.4 percent to 18.0 percent.

Consumers were also more optimistic about the short-term outlook in July. The percentage of consumers expecting business conditions to improve over the next six months increased from 20.1 percent to 22.9 percent, while those expecting business conditions to worsen declined from 10.0 percent to 8.2 percent.

Consumers’ outlook for the labor market improved. The proportion expecting more jobs in the months ahead was unchanged at 19.2 percent, but those anticipating fewer jobs decreased from 14.6 percent to 13.3 percent. Consumers, however, were not as upbeat about their income prospects as in June. The percentage of consumers expecting an improvement in their income declined moderately from 20.9 percent to 20.0 percent, while the proportion expecting a decline increased from 9.3 percent to 10.0 percent.

The Conference Board Consumer Confidence Index bounced

Economy

A U.S. flag decorates a for-sale sign at a home in the Capitol Hill neighborhood of Washington, August 21, 2012. (Photo: Reuters)

A U.S. flag decorates a for-sale sign at a home in the Capitol Hill neighborhood of Washington, August 21, 2012. (Photo: Reuters)

S&P CoreLogic Case-Shiller Home Price Index (HPI) for all 9 U.S. census divisions gained 5.6% in May, hitting an all-time high for the sixth straight month. The 10-City Composite gained 4.9%, down from 5.0% during the previous month, while the 20-City Composite gained 5.7% year-over-year, down from 5.8% in April.

“Home prices continue to climb and outpace both inflation and wages,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “Housing is not repeating the bubble period of 2000-2006: price increases vary across the country unlike the earlier period when rising prices were almost universal; the number of homes sold annually is 20% less today than in the earlier period and the months’ supply is declining, not surging.”

Seattle, Portland, and Denver led the way with the highest year-over-year gains among the 20 cities. In May, Seattle saw a 13.3% year-over-year price increase, followed by Portland with 8.9%, and Denver overtaking Dallas with a 7.9% gain. Nine (9) cities reported greater price increases in the year ending May 2017 versus the year ending April 2017.

Still, there is a clear weakness with 6 of the 20 cities, contracting for the second month in a row, including sharp declines in New York, Boston and Chicago.

“The small supply of homes for sale, at only about four months’ worth, is one cause of rising prices,” Mr. Blitzer added. “New home construction, higher than during the recession but still low, is another factor in rising prices.”

S&P CoreLogic Case-Shiller Home Price Index (HPI)

Economy

A house-for-sale sign is seen inside the Washington DC Beltway in Annandale, Virginia January 24, 2016. (Photo: Reuters)

A house-for-sale sign is seen inside the Washington DC Beltway in Annandale, Virginia January 24, 2016. (Photo: Reuters)

The Federal Housing Finance Agency (FHFA) House Price Index (HPI) rose by just 0.4% in May, while house prices were up 6.9% on a yearly basis. The annual rise is the strongest in roughly 3 1/2 years, though the last two months have shown weakness.

For the 9 census divisions, seasonally adjusted monthly price changes from April 2017 to May 2017 ranged from -0.5% in the Middle Atlantic division to +1.0% in the West South Central division. The 12-month changes were all positive, ranging from +4.0% in the Middle Atlantic division to +8.7% in the Pacific division.

The Federal Housing Finance Agency (FHFA) House

Politics

President John F. Kennedy, left, with his wife and first lady Jackie Kennedy, right, in Dallas, Texas before his assassination.

President John F. Kennedy, left, with his wife and first lady Jackie Kennedy, right, in Dallas, Texas before his assassination.

The National Archives and Records Administration on Monday released over 400 previously unreleased documents on the assassination of President John F. Kennedy. The documents are from the probes conducted by the Central Intelligence Agency (CIA) and the Federal Bureau of Investigation (FBI).

Among the 441 materials released include 17 audio files of interviews of Yuri Nosenko, a KGB officer who defected to the United States in January 1964. Nosenko claimed to be the officer in charge of the KGB file on Lee Harvey Oswald during Oswald’s time in the Soviet Union.

Other documents released include items related to the probe of Martin Luther King Jr.’s assassination who was murdered five years after President Kennedy was killed, in 1968.

A 1992 law requires that the National Archives to preserve the approximately 5 million pages of records surrounding the investigation.

The National Archives and Records Administration on

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