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 Mortgage News Daily
MBS CLOSE: Tumultuous Week Sees MBS Gain, Tsy's Lose - 13 hours ago
Posted To: MBS CommentaryIn a week that promised to be eventful, MBS played the volatility role with the rest of the market, but left it's benchmark's in the dust when all was said and done. The measure of the secondary MBS market that takes into consideration the prepayment speed weighted yields as well as the production mix of MBS volume and expresses that notional yield at parity fell to 4.258 (that's secondary market current coupon, btw...). With the 10yr yield ringing the 3.5 bell right on the nose, that brought spreads between MBS and Tsy's to an eye-wateringly tight 75.9bps! They started the week at an already tight 87.9bps... Though I could try, I'm not sure there's much I could do to convey just how tight these spreads are... Well, I guess a chart might do... This is the current coupon...(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: Like It Never Happened... - 16 hours ago
Posted To: MBS CommentaryIn breaking news, it has been determined that today's NFP report was all an elaborate hoax that was never intended to have any effect on the markets beyond today. Or at least that's how the headline could read at the top of the list of "things that would not surprise us." What do I mean? Nothing more than this: After all the sturm and drang of AM volatility, the market continues in the exact same direction suggested by it's previous trends, which would have been for a reversal at 3.56 (yesterday) and a continuation of the rally into today depositing us somewhere in the neighborhood of 3.5... For MBS, just an extension of previous trends as well (yesterday we warned against perceiving the rally in MBS as an indication of reversing downtrends from the beginning of the week...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Obama Signs Home Buyer Tax Credit Extension. Will It Be Effective? - 18 hours ago
Posted To: MND NewsWireIt is finally official. The homebuyers' tax credit has been extended to April 30, 2010. President Barack Obama approved the extension as part of a $24 billion economic stimulus bill signed Friday. The bill also includes an extension of unemployment benefits to the longtime jobless and tax credits for some businesses. The housing tax credit portion of the bill extends the $8,000 tax credit for home buyers who are purchasing their first home from the current November 30 deadline and expands the program to offer a credit of $6,500 to other homeowners who have lived in their current home for at least five years and are seeking to relocate. Another modification to the original legislation raises the income limits for program participation from $75,000 for a single purchaser to $125,000 and from...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Fannie Mae Posts 3Q Loss; Asks Treasury for More Money - 19 hours ago
Posted To: MND NewsWireCiting 22.0 billion of credit-related expenses, Fannie Mae Thursday night announced it lost a net $18.9 billion in the third quarter of 2009. Losses in the second quarter totaled $14.8 billion and $30 billion in the third quarter of 2009. The third quarter loss resulted in a net deficit of $15 billion as of September 30 and prompted the Acting Director of the Federal Housing Finance Agency (FHFA) to request an additional infusion of that amount from the Department of the Treasury. FHFA has asked that the $15 million be made available by December 31. The loss on a per share basis was $3.47, a substantial increase from the $2.67 loss posted last quarter, but a vast improvement over the $13 per share loss during the third quarter of 2008. Fannie reported net revenues of $5.95 billion in the third...(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: MBS Settling Into The Green Groove - 20 hours ago
Posted To: MBS CommentaryWe'd expect the wake of a much-anticipated NFP print to be volatile... That assumption isn't really a big leap of faith for most market watchers, and indeed that's what we're seeing. But as the volatility decreases, we're seeing suggestions of both stability and correction. Traders are preparing to cash in... So should you... Let's discuss the chart for a moment... Generally, today is a green one for MBS. I wouldn't even pay much mind to the outlying levels following NFP as those are merely the more violent death throws of the volatility that almost always peaks and begins to wane on the printing of this report. 101-00 looks reasonably supportive in a technical sense, and of course it always carries the "round number" psychological impact as well. Even...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Risk Retention and Transparency in the Mortgage Market - 20 hours ago
Posted To: Voice of HousingThe House Financial Services Committee’s systemic regulator bill, HR 1754 , is hung up this month on the proposed risk retention requirements. The proposal requires creditors to retain 10 percent or more of credit for securitized loans and let regulators adjust that level to between 5 percent and 10 percent. Financial institutions prefer a 5 percent base. The argument over the specific number will be resolved. The larger issue --- the need for “skin in the game” in the new mortgage lending paradigm --- no one disputes. Risk retention will establish a necessary sense of ownership and responsibility at the origination end of the home loan process. But any risk retention debate is incomplete unless policymakers give equal weight to time to the need for transparency. One doesn’t...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Float Bias Back as Mortgage Rates Hold Steady After Jobs Data - 21 hours ago
Posted To: Mortgage Rate WatchMortgage rates continued to hold steady yesterday as prices of mortgage backed securities slowly inched higher yesterday. AQ and MG were discussing the supply and demand dynamics of the MBS market yesterday, citing several reasons for the stable range being held by MBS coupons, even as benchmark 10 year Treasury rates held near recent highs. HERE is an explanation of the logic behind MBS stability. A few lenders who were pricing loans conservatively in the morning eventually repriced for the better by afternoon. Before we get into today’s data, I want to give a quick update on the First Time Home Buyer Tax credit. Two days ago the Senate passed a bill extending the credit and yesterday, yesterday the House of Representatives also passed the bill which in effect extends the tax credit...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS ALERT: Falling From the Highs to the Lows - 22 hours ago
Posted To: MBS CommentaryLooks like the short base has not be taken out in 10s yet... The 10yr note yield just rose to 3.54%. Hopefully we get some short covering there and a reversal. Unfortunately this is having negative effects on "rate sheet influential" MBS coupons. The FN 4.0 is now -0-01 at 98-12 and the FN 4.5 is trading -0-03 at 100-31 after hitting an intraday high of 101-16. Look how steep the yield curve is now...this is getting rediculous. Buy the curve already! IF YOUR LENDER ALREADY PUBLISHED PRICING, A REPRICE FOR THE WORSE MAY OCCUR 10:15 UPDATE: The FN 4.0 is now +0-03 at 98-16 yielding 4.156%. The FN 4.5 has recovered from the lows of the day and is now trading +0-03 at 101-05 yielding 4.356%. The secondary market current coupon is 4.276%. The current coupon is +75/10yr TSY and +58/10yr...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Foreclosure and Lending Regulation News from North Carolina. Updates from Fannie, Freddie, PMI, AIG; Tax Credit Extended - 22 hours ago
Posted To: Pipeline PressA co-worker recently asked me about "instant messaging". I told him that the only instant messaging that I do is with my middle finger. (Illustration not necessary.) In a move that other states may take note of, North Carolina, the N.C. Office of the Commissioner of Banks (NCCOB) is sending a message by announcing that it is proposing mortgage rules to help reduce foreclosures, to improve consumer protection and the functioning of the mortgage market, and to implement the S.A.F.E. Act. (North Carolina's NCCOB regulates state-chartered banks, thrifts, savings and loans, trust companies, and more than 875 mortgage lenders/servicers/brokers and 9,800 mortgage loan originators, as well as numerous consumer finance companies, check-cashers, and other financial services.) They are considering...(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: Rates RALLY After Jobs Data - 23 hours ago
Posted To: MBS CommentaryOct Non-farm Payrolls Worse than Expected at -190,000 vs. consensus -175,000 vs. Sept -219,000 (previously -263,000) Unemployment Rate: 10.2% vs. consensus 9.9% vs. Sept 9.8% (previously 9.8%). Highest unemployment rate since 10.2% in April 1983 August Non-farm payrolls revised to -154,000 from -201,000. July unrevised at -304,000 Average hourly earnings +0.3% vs. consensus +0.1% vs. Sept +0.1%, to $18.72 vs. Sept $18.67. Year-on-year average hourly earnings +2.4 % Average work week 33.0 hours vs. consensus 33.1 vs. Sept 33.0. Aggregate weekly hours index -0.2 % vs. Sept -0.5 % Below are the market's reactions to the data. Dont get comfortable yet, the market's initial reaction is not the best indicator of the day ahead. Give this a few minutes to set in... The 10yr.... The FN 4.5....(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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