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 Mortgage News Daily
Mortgage Industry Leads Accountability and Transparency Reform - 6 hours ago
Posted To: Community CommentaryTransparency is the new buzz word in the financial world, especially in the mortgage industry. W hile government officials and financial pundits pay "TRANSPARENCY" plenty of lip service, those of us working on the front lines of origination live with it on a daily basis. I would go as far to say, from a point of sale perspective, MORTGAGE ORIGINATORS HAVE QUICKLY BECOME THE MOST ACCOUNTABLE MEMBERS OF THE FINANCIAL SERVICES INDUSTRY. Imagine the potential protection consumers might benefit from if all commission based financial services professionals were forced to follow in our crystalline footsteps, conducting every aspect of their businesses in the spirit of undisguised disclosure, in an environment of extreme accountability. Perhaps it would seem fit to start with car sales? Suppose...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS AFTERNOON: Grinding to the Right - 7 hours ago
Posted To: MBS CommentaryIts 430 on a Friday afternoon. The market is resting after a week's worth of grinding to the right. (Note sarcasm.) It was exciting when the week began...but it sure did fizzle out into the close. Everything we watch turned a profit this week. We hope you followed the crowd and booked a few extra bps yourself. Gobble Gobble. I can smell the mashed potatoes.... Enjoy the weekend PS. Smash someone up Tucker. go 44...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS LUNCH: Uneventfully Coasting Into The Weekend - 9 hours ago
Posted To: MBS CommentaryWith absolutely no exaggeration, all but one, maybe two of the times I've looked at my screens before writing this week MBS have been between -2 and +2 ticks on the day while changes in tsy's have been more pronounced. Same story today, at least on a price level, as 4.5's are up 2 ticks to 101-23 whereas 10's are down 6 ticks, bringing the yield up to 3.362. Neither of those levels are especially interesting as they both lie above levels that have supported 99% of the trade this week. For MBS, the level is obviously 101-21, which has received more than its fair share of mention this week, and likely needs no further introduction. And though we haven't seen much of it this week, the 3.38 lvl in tsys is equally significant. It just draws more of it's credibility from weeks...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS MORNING: Reminder of Rates Reality - 12 hours ago
Posted To: MBS CommentaryMuch of our analysis this week has focused on the technical dynamics of range limits and the interconnected relationship between the market's perception of fundamentals and trader's ongoing short term profit churning positional tactics. While some of the explanatory logic we have provided was mere exploratory reasoning based on the speculative maneuvering and strategery (been waiting to use that one) of performance driven traders, we have continued to rely upon the same concepts and indicators that have driven price action for the majority of 2009: the Federal Reserve's consistent presence in the agency MBS market and the bond market's ongoing independence and outperformance. An unwavering reliance on these themes has served as a stable foundation with which we build our directional...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Mortgage Rates Bottom Out. Lock'em If You Got'em - 13 hours ago
Posted To: Mortgage Rate WatchWhile benchmark interest rates continue to chop around in a contained range, mortgage-backed securities have moved sideways, failing to make much progress in either direction. Although we have experience a few moments of added volatility, tight trading ranges have kept and generally "topped out" MBS prices have kept mortgage rates stable all week, near six month lows. There are no scheduled data releases today. Reports from fellow mortgage professionals indicate mortgage rates to be unchanged from yesterday. The par 30 year conventional rate mortgage continues to hold in the 4.625% to 4.875% range for well qualified consumers. To secure a par interest rate you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including an estimated...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Jumbo Loan Market; Short Sale Responses; Updates: Chase, SunTrust, GMAC; DR Horton Loses $223 Million - 13 hours ago
Posted To: Pipeline PressOne top ex-secondary guy wrote to me and said, "Things I sort of miss hearing in mortgage banking: "What are rates gonna do tomorrow?" "Why is IndyMac a point better than we are?" Anything associated with "Did you hear what they said on CNBC this morning.......?" "How come I'm losing money on the hedge?" And "See that rep over there? We ended up naked in a hot tub at a conference back in '94." I tell you, sometimes this commentary writes itself. Right now, companies all over the US are talking about next Friday: Black Friday! Either companies are closed, and the employees have the day off to go spur the economy, or companies are open. Those that are open may have low seniority people at the desks, or people who don't care about...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS OPEN: Choppy Benchmark Prices. Sideways MBS Movement - 14 hours ago
Posted To: MBS CommentaryGot this email update from eFannieMae last night.... Fannie Mae lanza nuevo HomePath.com en español, con el propósito de ayudar a más hispanos a adquirir su vivienda. Herramientas interactivas e información diseñada para guiar a los potenciales propietarios a través del proceso de adquisición de una vivienda y prevenir una ejecución hipotecaria Fannie Mae Launches New HomePath.com in Spanish Aimed at Helping More Hispanics Buy Homes. Interactive Tools and Information Designed to Guide Potential Homeowners Through Homebuying Process and Prevent Foreclosure I wonder how many homes went/will go into foreclosure because the borrower wasn't a citizen... Banco Popular anyone? Recap of Yesterday Jobless Claims: 505k vs. 505k expected. Unchanged...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
The Day Ahead: Empty Econ Calendar. Stocks Set to Slide at Open - 15 hours ago
Posted To: MND NewsWireIn line with weak global markets, US equities are looking to open lower this morning. Two hours before the bell sounds S&P 500 futures are down 8.2 points at 1,086 and the Dow is off 68 points to 10,259. Following the trend, commodity prices are also weaker. WTI Crude oil is trading 52 cents lower at $77.53 per barrel and Spot Gold is down $4.95 to $1139.65. “Risk is still off this morning, with equity markets weighed down by a disappointing earnings report from Dell,” noted Robert Kavcic from BMO Capital Markets. The computer maker yesterday reported net income of $337 million in the third quarter, or 17 cents per share, well below Q308 income of $727 million, or 37 cents per share. Key Events? Some days are slow and this is one of them. No economic data from the US is scheduled...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS CLOSE: Range Holding Makes For Boring Day - 1 day ago
Posted To: MBS CommentaryEarlier in the day we discussed movement in MBS prices that brought 4.5's to their lowest levels of the session, but we mentioned some support for MBS as well as some support for tsy yields that had been weakening at the same time. By closing time, those ranges identified much earlier in the day held up, carrying us into tomorrow, a data-free options expirations Friday with little to no suggestion for directionality. Turns out that 101-21 was a pretty solid area for 4.5 support. And in 10's, despite a couple exploratory movements toward 3.36, 10's finished in better territory vs. their support. Volume was evenly distributed and nothing to write home about as we were mostly on par with yesterday's levels. To reiterate the sense of uncertainty going into tomorrow, today did nothing...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Fed MBS Purchases Focus on New Loan Production - 1 day ago
Posted To: MND NewsWireThe Federal Reserve today reported on their weekly purchases of agency mortgage-backed securities (MBS). In the five trading days between November 12 and November 18, the Federal Reserve purchased a total of $17.23 billion agency MBS. In those five days the Federal Reserve sold $1.23 billion agency MBS (dollar rolls) bringing net purchases to a total of $16.00 billion, $2.5 more than the previous, holiday shortened week. The goal of the Federal Reserve's agency MBS program is to provide support to mortgage and housing markets and to foster improved conditions in financial markets more generally. Only fixed-rate agency MBS securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae are eligible assets for the program. The program includes, but is not limited to, 30-year, 20-year and...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it. |
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