Economic Review article by Pedro Silos and Diego Vilan. The authors estimate a model that provides a single indicator for the southeastern economy, making it easier for policymakers and analysts to assess regional economic conditions and compare them to the broader economy.
Working Paper 2007-17 by W. Scott Frame, Diana Hancock, and Wayne Passmore. Using both a theoretical model and empirical estimates, the authors find little relationship between Federal Home Loan Bank advances and the additional provision of mortgage credit.
Economic Review article by Ramon P. DeGennaro and Cesare Robotti. Market frictions, which exist even in efficient markets and change over time, impede trade but also offer profit opportunities. To provide a framework for understanding market frictions, the authors classify frictions into five categories.
EconSouth, Vol. 9, No. 2, Segundo Trimestre de 2007.
The U.S. Department of Housing and Urban Development’s Office of Fair Housing and Equal Opportunity (FHEO) recently announced that it is creating a new Fair Lending Division that will review mortgage lending practices throughout the nation. HUD has hired a senior-level economist and has advertised to hire five fair lending specialists to enhance its capacity to investigate allegations of mortgage lending discrimination.
The National Association for the Advancement of Colored People (NAACP) announced on July 11 that it had filed a lawsuit against 14 lenders for racial discrimination. The suit alleges that Ameriquest, Wells Fargo, Fremont, Option One, WMC Mortgage, Long Beach Mortgage, CitiGroup, BNC Mortgage, Accredited Home Lenders, Encore, First Franklin, HSBC & Washington Mutual engaged in “systematic, institutionalized racism in making home mortgage loans.”
Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District and sector.
Celent estimates that fewer than 2% of US financial institutions are offering automated online account opening capabilities today, a figure that will increase to between 18% and 20% by 2010.
Contrary to popular belief, MFA solutions are not running at full speed at many US banks and several are still tackling a number of outstanding issues in 2007.
The Atlanta Fed announced that David E. Altig, currently the associate director of research at the Cleveland Fed, will become its director of research. Altig will advise the Bank’s president on economic and monetary policy issues.
The college bound Millennial generation born between 1982 and 2000 will represent the next mass affluent group. Financial institutions will need new marketing approaches.
Working Paper 2007-16 by Julie L. Hotchkiss and M. Melinda Pitts. The authors find a significant negative correlation between labor market strength and the wage penalty employers impose on workers who leave and reenter the workforce.
MKB Bank doubled its efficiency in some departments by migrating from three old core systems to a single modern one.
Articles include: Tennessee Rides Boatbuilding Currents explores boatbuilding in Knoxville, Tenn., which has become an important hub nationally for the industry, producing watercraft from fishing boats to yachts.
From Spotlight to Shadow: Housing’s Luster Fades looks at the cooling homebuilding industry, which had set a torrid pace in the Southeast for years. But a housing slowdown has tempered the vitality of industries that had flourished along with it. International Trade: A Larger Piece of the U.S. Economic Pie examines the role of imports and exports in the U.S. economy. As American firms specialize in goods and services that meet the needs of growing economies worldwide, international trade is now a key ingredient of U.S. prosperity. EconSouth Now provides podcasts with Atlanta Fed economists and other experts. This issue, we interview Ron Hammontree of the Tellico Reservoir Development Agency on east Tennessee’s boatbuilding industry.
The Atlanta Fed tracks the performance of the U.S. dollar relative to fifteen major currencies. Find the most recent index data and archives.
In our latest article, we present a few of the mortgage-related questions that we have been asked over the years. They are largely from new home buyers, but they are all very good questions…
Financial author Eric Tyson offers practical tips for trimming the fat in your budget and saving more money for retirement, education, and other important long-term financial goals.
Working Paper 2007-11 by Robert DeYoung, W. Scott Frame, Dennis Glennon, Daniel P. McMillen, and Peter J. Nigro. Using data from the U.S. Small Business Administration, the authors find that the physical distance between small businesses and their bank lenders has been increasing, especially for borrowers located in historically underserved areas.
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