 |
| 30 Yr Fix |
6.05% |
-0.01% |
| 15 Yr Fix |
5.60% |
0.01% |
| 1 Yr ARM |
5.29% |
0.00% |
| 5/1 ARM |
5.67% |
-0.06% |
| 30 Yr Tres |
4.56% |
-0.06% |
| Fed Prime |
5.00% |
-0.25% |
|
|
|
|
 |
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May. 13, 2008. 08:16 AM EST
- NEW!
From Atlanta Fed Conference in Sea Island, GA.
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May. 13, 2008. 08:30 AM EST
- NEW!
From Atlanta Fed Conference in Sea Island, GA.
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May. 12, 2008. 04:57 PM EST
- NEW!
Michael Jackson's Neverland Ranch Loan Sold by Fortress Investment Group to Colony Capital.
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MORTGAGE NEWS DAILY HEADLINES
A Bad Day For MBS!
Tue, 13 May 2008
- NEW BLOG POST!
But not quite as bad as treasuries which are down twice as much as MBS. Currently, we're down 11/32nds in the 5.5, which should be good for .375 worsening to cost this morning.
Fed's Lockhart Sees Fragile Credit Conditions in U.S.
Tue, 13 May 2008 06:30:48 EST
- NEW!
Head of the Atlanta Federal Reserve, Dennis Lockhart, said credit markets remain fragile given a loss of confidence from the subprime crisis.
Bernanke: Financial Market Conditions "Far From Normal"
Tue, 13 May 2008 06:20:28 EST
- NEW!
Federal Reserve Chairman Ben Bernanke addressed the current state of the U.S. economy, calling current financial market conditions "far from normal."
MBS Extend Their Losses Over the Weekend, Busy Data Week To Follow
Mon, 12 May 2008
MBS traded sharply lower over the weekend with the 5.5% coupon dropping to 100-11. We've made it back to 100-14 so far this morning...
New Fannie Mae Program May Benefit 150,000 Homeowners
Mon, 12 May 2008 07:49:02 EST
Fannie Mae offers new program to refinance borrowers with no equity, even negative equity in their homes.
A Blockbuster Week for Data
Mon, 12 May 2008 08:35:06 EST
A look ahead at the economic reports sceduled for this week including housing starts, building permits, cpi, etc.
House Passes Second Half of Housing Rescue Plan Despite Veto Threat
Fri, 9 May 2008 06:12:09 EST
House of Representatives passes two "home rescue" bills while Senate struggles in face of Bush's threatened vetoes.
Bill to Aid Communities Cope With Aftermath of Foreclosure Passes House
Fri, 9 May 2008 05:58:37 EST
First of two foreclosure assistance bills passes the House with an overwhelming margin; second bill will be up soon.
Fed, FTC Propose New Rules on Lenders
Thu, 8 May 2008 08:29:12 EST
The Federal Reserve and Federal Trade Commission proposed new rules on Thursday which would require lenders to inform consumers of unfavourable developments or changes to the terms of their loans.
Economists Divided on What Jobless Claims Say About the Labor Market
Thu, 8 May 2008 07:48:45 EST
The current pace of jobless claims is relatively low compared to the previous recession, some economists say.
MBS Faring Well Despite Better Than Expected Data
Thu, 8 May 2008
It was a great day for MBS yesterday as a sell-off in stocks prompted bond buying. The 5.5% coupon finished the day at 100-23 which is almost enough profit margin to bring 5.5% at PAR within reach for many wholesalers.
Consumer Credit Rises Well Above Forecasts in February
Wed, 7 May 2008 12:50:40 EST
Surprising to the upside, seasonally adjusted consumer debt rose $15.3 billion in March while total consumer credit rose to 2.558 trillion.
Deterioration in Pending Home Sales Confirms Broader Trend, Economists Say
Wed, 7 May 2008 09:13:07 EST
Economists say the March report for pending home sales confirms what has been known for many months now: the housing market is still several months away from stabilizing.
Mortgage Rates Continue Pattern of Last Few Weeks - Little Movement
Wed, 7 May 2008 06:53:10 EST
Weekly Mortgage Market Report
Kansas Fed's Hoenig Concerned Inflation May Prompt Interest Rate Hike
Wed, 7 May 2008 06:32:07 EST
Kansas City Fed President Thomas Hoenig says that inflation is becoming embedded in the economy and that may compel a significant interest rate hike.
Jump in Mortgage Foreclosures is "Urgent Problem"
Wed, 7 May 2008 06:26:36 EST
Fed Governor Randall Kroszner said rising mortgage foreclosures are an "urgent problem" and called on Congress to pass a Fannie Mae and Freddie Mac regulatory bill.
MBA Weekly U.S. Mortgage Applications Bounce Up 15.6%
Wed, 7 May 2008 06:20:35 EST
Weekly mortgage applications in the United States rose in the week ending May 2 following two weeks of declines.
Doubting the Viability of Fannie Mae
Tue, 6 May 2008 12:01:31 EST
Two more quarterly losses announced by major mortgage market players as some begin to doubt viability of Fannie Mae.
Fed's Q1 Senior Loan Officer Survey Shows Broad Tightening of Loan Standards
Tue, 6 May 2008 07:42:45 EST
Lending standards at U.S. banks are increasingly stringent, according to the Federal Reserve's April 2008 Senior Loan Officer Opinion Survey on Bank Lending Practices.
MBS Show Slight Improvement Over Yesterday with Limited Data
Tue, 6 May 2008
The Only Scheduled Economic Releases for Today are Store Sales which have shown a week over week decline of of .2% bringing the year over year change down to 2.3%, more signs of a weakening American Consumer.
Foreclosures Must Be Averted for Sake of Economy
Tue, 6 May 2008 07:14:03 EST
Fed Chairman Ben Bernanke said accelerating rates of foreclosures and delinquencies can have a significant impact on the economy and called for more to be done in order to prevent them.
Fannie Mae Reports Larger-Than-Expected Losses in Q1
Tue, 6 May 2008 07:03:58 EST
Deteriorating conditions in the U.S. housing market contributed to a larger-than-expected first quarterly loss from U.S. mortgage giant Fannie Mae on Tuesday morning.
Task Force May Widen Federal and State Investigation into Mortgage Irregularities
Mon, 5 May 2008 08:57:48 EST
Large bank write-downs spur increased activity as feds and others investigate mortgage and securities fraud.
U.S. Treasury's Swagel Says U.S. Economy in Slowdown Not Recession
Mon, 5 May 2008 08:15:42 EST
US Treasury Assistant Secretary for Economic Policy Philip Swagel said that recent data suggested the economy was merely experiencing a slowdown rather than an outright recession.
Starting to See Some Noise in MBS
Mon, 5 May 2008
This old economy of ours seems to think it is going to make a run at pulling out of this recession. The ISM Non-MFG Survey index leaped to an unexpectedly high 52.0, appreciably higher than the 49.3 expectation.
What's in the Kool-Aid at the BLS?
Fri, 2 May 2008 06:22:00 EST
It was supposed to be a nice morning in the pool, but then, of all things, a giant shark shows up and takes a bite out of the fun. Who would have guessed? A bumble bee I could see, but how did a shark get in this pool? Sometimes the economic releases defy reason. On...
House Committee Aproves FHA "Short Pay" Loans
Fri, 2 May 2008 06:36:40 EST
House committee approves FHA loan guarantees for "short pay" loans; passage by full House nearly assured.
U.S. Treasury's Ryan Sees Increasing Failed Trades in Treasuries
Thu, 1 May 2008 11:47:17 EST
Speaking to the Securities Industry and Financial Markets Association in Chicago, U.S. Assistant Secretary for Financial Markets Anthony W. Ryan said failures in transactions of treasuries had increased over the last twelve months.
Fed's Bernanke Says Impossible to Tell When Markets Will Normalize
Thu, 1 May 2008 11:30:12 EST
In a letter to U.S. Senator Chris Dodd, Fed Chairman Ben Bernanke said it is impossible to tell when markets will normalize.
Not Many Positives Coming Out of Jumbo Market Changes
Thu, 1 May 2008 08:25:58 EST
Jumbo loan program is not proving to be the housing market bailout that was hoped as rates remain high and loans sparse.
Are you Still On Board?
Thu, 1 May 2008
Those of us who remained on the float boat overnight are certainly enjoying the waters this morning. Momentum from yesterday combined with today's...
U.S. Construction Spending Falls 1.1% in March
Thu, 1 May 2008 07:34:55 EST
According to a report from the U.S. Commerce Department, construction spending in the United Sates declined 1.1% month-over-month in March.
FOMC Cuts Target by 25 Bps to 2.00%, Says Economic Activity "Remains Weak"
Wed, 30 Apr 2008 11:30:27 EST
The Federal Reserve announced Wednesday that it cut the Fed funds target rate by 25 basis points to bring the key interest rate to 2.00%. The discount rate was also cut by 25 basis points to 2.25%.
Zillow, Always Creative, Puts a New Twist on Mortgage Lead Generation
Wed, 30 Apr 2008 07:19:30 EST
Zillow looks to shake up mortgage lead generation with yet another bell and whistle for its site.
All Aboard!
Wed, 30 Apr 2008
Despite numerous pieces of data, trading is still calm before the FOMC announcement at 2:15PM Eastern. So with MBS holding steady overnight, and wild fluctuations in rates likely...
Inflation Fears Cast Shadow on Mortgage Rates and Applications Decline
Wed, 30 Apr 2008 07:24:08 EST
Weekly Mortgage Market Summary
Pimco's Gross Warns that Further U.S. Housing Declines Could Be "Ruinous"
Tue, 29 Apr 2008 11:40:56 EST
Housing price declines remain the greatest challenge to financial markets and could prompt a deep recession, according to Pimco's Bill Gross.
Another Loss for Countrywide as Bank of America Plans for Future
Tue, 29 Apr 2008 08:19:24 EST
Countrywide Financial records its third consecutive quarterly loss and its new owner announces plans to modify thousands of its delinquent loans.
Consumer Confidence Falls Less Than Expected in April
Tue, 29 Apr 2008 07:39:16 EST
The consumer confidence index fell to 62.3 in April's report on Tuesday, confirming declines seen earlier in the month from other measures of consumer sentiment, yet coming in slightly higher than the consensus expectation of 62.0.
No Need for Second Stimulus Package
Tue, 29 Apr 2008 07:28:43 EST
Speaking in an interview with Fox Business news on Monday evening, U.S. Treasury Secretary Henry Paulson said he did not believe that a second fiscal stimulus package was necessary and that the tax rebates mailed out yesterday would make a real difference to GDP.
Case-Shiller Home Price Index Slides in February
Tue, 29 Apr 2008 07:19:26 EST
The SP Case-Shiller home price index continued its sharp decline in February as both the 10-city and 20-city composite indexes posted record annual declines in excess of 12.5%.
Home Prices Continue to Fall, MBS Improve Again
Tue, 29 Apr 2008
Let's get straight to the news: Our favorite Home Price Index, Case-Shiller, released this morning, shows the sharpest decline in home prices since Robert Shiller created the index in 2001...
Treasury Undersecretary Steel Sees Good Progress in Economic Recovery, Housing
Mon, 28 Apr 2008 12:28:22 EST
Progress on the U.S. economic slowdown and housing sector have been encouraging, according to U.S. Treasury Undersecretary Robert Steel, speaking to Society of American Business Editors and Writers Annual Conference.
Quiet Morning Sets Stage for an Action Packed Week
Mon, 28 Apr 2008
The remaining data for the week has potential to cause significant movement culminating with the Non-Farm Payrolls reading on Friday. Between now and then, we have numerous important reports to digest...
First Quarter Vacancy Rates Rise Half a Percentage from Previous Quarter
Mon, 28 Apr 2008 07:36:36 EST
National vacancy rates in the first quarter of 2008 were 10.1% for rental housing, up from 9.6% in the fourth quarter of 2007, and 2.9% for homeowner housing this quarter, compared to 2.8% in the previous quarter.
Wachovia's Very Bad Month
Mon, 28 Apr 2008 07:27:20 EST
Wachovia was pummeled with bad news over last two weeks and only a small part is mortgage-related.
U.S. M1 and M2 Money Supplies Fall in Week Ending April 14
Fri, 25 Apr 2008 07:49:21 EST
M1 Money Supply fell $2.4 billion in the week ending April 14, while M2 fell $15 billion.
Consumer Sentiment at Lowest Since 1982, MBS Respond well
Fri, 25 Apr 2008
MBS would be doing very poorly indeed this morning if it were not for the Consumer Sentiment report released by university of Michigan. The number was...
Stronger Than Expected Economic Data Has MBS On The Run
Thu, 24 Apr 2008
Ouch! Report after report this morning all with unfavorable news for MBS. OK, so there's only two major scheduled reports today, but both of them have...
U.S. New Homes Sales Plummet 8.5% in March to Lowest Level Since 1991
Thu, 24 Apr 2008 07:31:57 EST
New home sales in the U.S. were down for the fifth consecutive month in March, falling by 8.5% to 526k, much lower than the 580k level expected by economists, and setting a new low since October 1991.
Wall Street Journal's Greg Ip Says Fed May Take "Breather" After Cut Next Week
Thu, 24 Apr 2008 07:27:52 EST
Expectations for a pause in U.S. monetary policy were bolstered by an article in Thursday’s Wall Street Journal.
Preview: Further Deterioration Expected in New Home Sales
Wed, 23 Apr 2008 12:54:03 EST
As the overhang of new homes sits at a 27-year high of 9.8 months, new home sales are expected to fall for a fifth consecutive month in the March index from the U.S. Census Bureau on Thursday.
Mortgages Rates, Loan Applications Remain Mostly in Doldrums
Wed, 23 Apr 2008 08:04:14 EST
Weekly Mortgage Market Report
Mortgage Applications Fall, Ambac Posts Significant Loss
Wed, 23 Apr 2008
The penalties offset, 2nd down and ten. The bond insurer Ambac posted worse than expected profits, losing 1.66 billion dollars. Recall the last time that bond insurers...
Existing Home Sales Decline 2.0% in March
Tue, 22 Apr 2008 07:36:46 EST
Existing home sales fell more than expected in March, falling 2.0% to a seasonally adjusted annual pace of 4.93 million units.
Home Prices Rose 0.6% in February, OFHEO Reports
Tue, 22 Apr 2008 07:15:35 EST
U.S. house prices rose 0.6% in February following January's 1.1% decline, the Office of Federal Housing Enterprise Oversight (OFHEO) reported Tuesday. Economists had expected a monthly decline of 1.5%.
It's Quiet... Too Quiet...
Tue, 22 Apr 2008
As we said, it would be a slow week for economic releases, and we are seeing evidence of that again this morning as MBS is "pretty much" unchanged day over day. Currently, we are off between...
Preview: OFHEO Purchase-Only House Price Index to Decline in February
Tue, 22 Apr 2008 06:56:53 EST
The new monthly OFHEO purchase-only home price index is expected to fall 1.5% in February, following a 1.1% decline in the January report.
Existing Home Sales to Fall Below 5 Million in March
Mon, 21 Apr 2008 12:56:47 EST
The existing home sales index for March is expected to fall 1.6% to a pace of 4.93 million units, following a surprising 2.9% gain to a pace of 5.03 million in the previous month.
Former Fannie Mae Execs Consent to Multi-Million Dollar Penalties
Mon, 21 Apr 2008 08:27:14 EST
OFHEO has ended its legal pursuit of former Fannie Mae executives with consent orders involving heavy financial penalties.
Light News Day, MBS Doing Fine (so far)
Mon, 21 Apr 2008 05:40:00 EST
There are no scheduled economic reports set to release today that will effect mortgage rates, so traders will spend the day watching stocks and reacting to news headlines. Currently, MBS is about...
The Week Ahead: U.S. Housing Sales
Mon, 21 Apr 2008 07:30:08 EST
Economists will be paying attention to this month's U.S. housing data in hopes of finding a bottom in the market. Before that, however, the focus will be in Canada on the Bank of Canada's interest rate decision.
Citigroup Announces $5.1 Billion Loss in First Quarter
Fri, 18 Apr 2008 06:26:35 EST
In the strange thinking that passes for logic on Wall Street, shares of Citigroup stock were expected to surge today after the company announced yet another huge quarterly loss. In fact, shortly after the announcement, the stock was up 7 percent in pre-open trading.
Vacation and Investment Property Sales Strong Despite Market Troubles
Thu, 17 Apr 2008 13:17:46 EST
Purchases of vacation and investment properties dropped last year along with the rest of the housing market but remain a strong component of house sales.
NAHB Calls for Secondary Market for Construction Loans
Thu, 17 Apr 2008 13:27:27 EST
NAHB sees a secondary market in home builder loans as a way to increased liquidity and market stability and has a role for almost everyone to play in getting it started.
Housing Slump May Affect More Banks, Says Rosengren
Fri, 18 Apr 2008 06:18:55 EST
Speaking at a credit conference in Charlotte, North Carolina on Friday, Boston Fed President Eric Rosengren addressed the current housing price slump in the U.S., saying that it may continue affecting even more banks.
Fed's Fisher Maintains "Strong Reluctance" About Further Rate Cuts
Thu, 17 Apr 2008 12:56:42 EST
Dallas Fed President Richard Fisher, one of two Fed dissenters in the last FOMC rate cut decision, said he has a "strong reluctance" about further rate cuts.
Treasury Curve Steepens as Fed Cuts Priced Out
Thu, 17 Apr 2008 12:51:06 EST
worries sparked a front-end led selloff in Treasuries on Thursday as market participants increasingly believe the Federal Reserve will only cut rates by a quarter-point at the end of the month.
Fed to Make New Credit Card Proposal, Says Braunstein
Thu, 17 Apr 2008 12:38:05 EST
Speaking Thursday Sandra Braunstein emphasized a need for further consumer protection as it would pertain to credit cards.
Merrill Lynch Reports First-Quarter Loss, Planned Job Cuts
Thu, 17 Apr 2008 11:26:04 EST
Another major Wall Street player had a tough first quarter but sees improvement in the near term.
Renters also May Not Find Decent and Affordable Housing
Thu, 17 Apr 2008 09:30:48 EST
Study finds that affordable housing is virtually out of the reach of most low income wage earners.
The "Kicking While Down" Has Subsided... At Least For Now...
Thu, 17 Apr 2008
Relevant Data For This Morning: Jobless Claims, Philadelphia Fed Survey, LEI (Leading Economic Indicators), etc.
U.S. Initial Claims Rise 17k to 372k, Continuing Claims Gain
Thu, 17 Apr 2008 07:43:10 EST
U.S. initial jobless claims came in lower than expected in the week ending April 12 with a total of 372K seasonally adjusted claims filed.
U.S. Fed's Beige Book Reports Economic Conditions Weakened Since February
Wed, 16 Apr 2008 11:51:33 EST
Economic conditions across the United States have slowed since February, the Federal Reserve's Beige Book noted, as nine of the 12 districts report slowing economic activity.
CPI Tame, Housing Lame, MBS Same
Wed, 16 Apr 2008
MBS are just a few ticks off being unchanged for the day after a nice rally this morning on the inflation data and weak housing numbers.
Another Bad Month for Census Report on Permits, Housing Starts
Wed, 16 Apr 2008 07:06:26 EST
Housing starts and building permits continue to decline but builders are seeing a glimmer of hope down the road.
Mortgage Rates, Application Volume Show Little Movement for Week
Wed, 16 Apr 2008 06:58:51 EST
Weekly Mortgage Market Report
U.S. Regional Banks Favoured Less Action Prior to Bear Stearns Rescue
Tue, 15 Apr 2008 12:04:14 EST
The Federal Reserve offered no explanation for the quarter-point cut in the discount rate on the day of the near-collapse of Bear Stearns in minutes of the March 16 meeting.
NAHB Housing Market Index Unchanged From March and February
Tue, 15 Apr 2008 10:24:43 EST
A report from Wells Fargo and the National Association of Home Builders suggests the housing market was little changed from March to April.
OFHEO Says Fannie Mae, Freddie Mac Made Considerable Progress
Tue, 15 Apr 2008 07:48:23 EST
Fannie Mae and Freddie Mac have made considerable progress towards achieving financial stability, but more progress needs to be made.
Bear Stearns - EMC Mortgage Face Investigation
Tue, 15 Apr 2008 07:27:11 EST
In spite of acquisition, Bear Stearns is looking at investigations from three different federal watchdogs.
Dead Cat Bounce - MBS Analysis
Tue, 15 Apr 2008
Ah, the dead cat bounce! The term doesn't exactly apply to our situation this morning (as it's more of a long term analogy), but who doesn't like morbid analogies on a Tuesday morning?! Usually, we are using the term to refer to an unexpected rally in stocks...
PPI Rises More than Expected, Up 1.1% in March
Tue, 15 Apr 2008 05:55:44 EST
The U.S. Labor Department's headline measure of producer price inflation grew at 1.1% in March, up from February's 0.3% gain and higher than forecasts for a 0.6% gain.
Tuesday's Events: U.S. PPI, Empire Fed Mfg, NAHB Housing Market Index
Tue, 15 Apr 2008 06:01:13 EST
The United States will hold most of the economic spotlight on Tuesday morning with the release of March's producer price index along with the Empire Fed's manufacturing and the NAHB's housing price indexes.
Market Recovery to Take Time, Says Fed's Warsh
Tue, 15 Apr 2008 06:07:48 EST
Federal Reserve Governor Kevin Warsh (voter) said rate cuts and liquidity injections are working to partially offset the impact of the current market turmoil, but cautioned that there are limits to what the Fed’s monetary policy can accomplish and that a full recovery is going to take some time.
Wachovia Announces Losses and Capital Acquisition
Mon, 14 Apr 2008 10:04:57 EST
Wachovia becomes latest loser in subprime mess; plans to raise funds through stock sales.
Upside Surprise to U.S. Retail Sales Fails to Spur Optimism Among Economists
Mon, 14 Apr 2008 08:06:15 EST
Monday's release of better-than-expected U.S. retail sales data for March did little to sway economists' views of deteriorating consumer spending and possibility a recessionary U.S. economy.
Little Change ahead of PPI and CPI
Mon, 14 Apr 2008
Retail Sales Figures posted this morning higher than expected at 0.2% versus consensus estimates of 0.0. The reading was 0.1 excluding auto sales. This better than expected data would normally have a more detrimental impact on the bond market, but considering it's context...
Central Bank Watch: Week Saw Plenty of Rate Decisions but Few Surprises
Fri, 11 Apr 2008 13:36:25 EST
This past week that saw three of the world’s major central banks release interest rate decisions, all of which were in line with what markets had been expecting.
FHA Head Touts Expansion of FHASecure Program Over Proposed Legislation
Fri, 11 Apr 2008 13:26:34 EST
FHA head unveils modest expansion to new insurance program and speaks to his agency's financial difficulties. He also makes it clear that new housing bill proposed by Barney Frank has little chance of Administration endorsement.
U.S. Consumer Sentiment Falls Further in April
Fri, 11 Apr 2008 07:59:40 EST
According to preliminary data from Reuters and the University of Michigan, U.S. consumer sentiment fell sharply from March's final 69.5 to a score of 63.2, the lowest level since March 1982 when the index stood at 62.2.
Fed to Examine Rules on Capital and Liquidity to Insulate Against Market Shocks
Thu, 10 Apr 2008 10:40:53 EST
Fed Chairman Ben Bernanke said the Federal Reserve will examine guidance on capital and liquidity and that new regulations should insulate against financial market shocks.
Treasury Secretary Paulson Says Economy "Has Turned Down Sharply"
Thu, 10 Apr 2008 08:16:18 EST
He said the greatest risk to the economy was the housing sector. However, Paulson noted some positive developments recently, particularly in the Hope Now alliance, and an increase in market share from Fannie Mae and Freddie Mac.
Despite Jobs Report, MBS Unchanged
Thu, 10 Apr 2008
Jobless Claims were 29k shy of expectations for March. The Consensus was 386k. Actual was 357k. This data, in and of itself, would normally be damaging to the bond market, but this number is not the whole story.
U.S. Initial Jobless Claims Fall More Than Expected
Thu, 10 Apr 2008 06:46:01 EST
First-time claims for jobless benefits in the United States declined after hitting a two-and-a-half year high last week, the Department of Labor reported Thursday.
Fed's Fisher Says Rate Cuts Not Fully Passed on to Borrowers
Wed, 9 Apr 2008 13:23:29 EST
Dallas Fed President Richard Fisher said the rate cuts delivered by the Federal Reserve have not been fully passed on to borrowers during a speech in San Antonio, Texas.
FHA on Shaky Ground
Wed, 9 Apr 2008 12:59:59 EST
House holds hearings on Frank legislation while Senate inches closer to passage of its own housing bill. Meanwhile, FHA admits it is in financial difficulties.
MBS 101
Wed, 9 Apr 2008
101-00 that is! Despite some ups and downs (minor) over the last few days, the FNMA 5.5% coupon seems like it is happy "hanging out" around 101-00 in price. If this price continues to show stability, it should translate into...
Fed's Kroszner Says Fannie Mae, Freddie Mac Should Increase Capital
Wed, 9 Apr 2008 07:27:57 EST
Testifying before the House Financial Services Panel on Wednesday, he said Fannie Mae and Freddie Mac need to increase their capital and that he supports legislation on the two mortgage insurers and the Federal Housing Administration.
More Rate Cuts Could Be Necessary from the Fed, Says IMF
Wed, 9 Apr 2008 07:21:55 EST
he International Monetary Fund said in a World Economic Outlook report that more rate cuts could be necessary from the U.S. Federal Reserve.
MBA Mortgage Applications Rebound in First Week of April
Wed, 9 Apr 2008 07:16:04 EST
Weekly mortgage applications in the United States rebounded Wednesday morning according to data from the Mortgage Bankers' Association, which said applications rose 5.4% in the week ending April 4.
Mortgage Rates Drift During Most Recent Survey Week
Wed, 9 Apr 2008 07:10:55 EST
Weekly Mortgage Market Report
Some FOMC Members Saw Risk of "Prolonged and Severe" Downturn, Minutes Show
Tue, 8 Apr 2008 11:49:33 EST
Minutes from the Federal Open Market Committee's March 18 meeting revealed several members saw a risk of a "prolonged and severe" downturn.
WaMu Job Cuts, Closings and Wholesale Shutdown
Tue, 8 Apr 2008 10:32:47 EST
Washington Mutual gets $7 billion in cash from sale of stock to a private equity firm and plans job cuts/closings.
Home Sales Drop, but Supply Still Hurting MBS
Tue, 8 Apr 2008
Pending Home Sales dropped yet again, this time by 1.9%. This brings us to the lowest reading since this index was created in 2001...
Pending Home Sales Fall Further than Forecasted in February
Tue, 8 Apr 2008 07:15:56 EST
U.S. pending home sales surprised to the downside on Tuesday morning, declining 1.9% month-over-month despite calls for a 1.0% pullback in February.
IMF Says Total Losses from Financial Turmoil Could Reach $945 Billion
Tue, 8 Apr 2008 06:26:09 EST
According to a report released by the International Monetary Fund (IMF) on Tuesday morning, total losses from the subprime meltdown could reach up to $945 billion on the back of fears of a deeper, more protracted crisis.
Consumer Credit Rises Short of Forecasts in February
Mon, 7 Apr 2008 12:14:02 EST
Surprising to the downside, seasonally adjusted U.S. consumer debt rose $5.2 billion in February.
FOMC Minutes to be Scrutinized Tomorrow
Mon, 7 Apr 2008 12:08:28 EST
When released Tuesday, the minutes from the FOMC's March 18 meeting are likely to be scrutinized for indications of the Fed’s economic outlook at the time of its last 75 basis point cut.
Boston Fed's Rosengren Surprised Housing Market Hasn't Bounced
Mon, 7 Apr 2008 11:44:53 EST
Speaking in an interview with Bloomberg, Boston Fed President Eric Rosengren expressed surprise that the U.S. housing market had not begun to show signs of recovery as of yet.
Experts Divided on Pending Home Sales Despite Consensus for Decline
Mon, 7 Apr 2008 11:30:22 EST
A preview of tomorrow's pending home sales report from NAR.
MBS Worse To Open The Day, But Showing Some Resilience
Mon, 7 Apr 2008
Friday was a very good day for MBS, so good in fact, that despite some losses this morning, we probably won't see a deterioration in rates unless lenders hedge their bets for the worse.
Greenspan Sees an Over-50% Chance of U.S. Recession
Mon, 7 Apr 2008 06:58:51 EST
Former U.S. Federal Reserve Chairman Alan Greenspan told Spain's El Pais newspaper on Sunday that chances of the U.S. economy slipping into a recession were now above 50%.
Public Intervention Needed to Tackle Credit Crunch
Mon, 7 Apr 2008 07:08:05 EST
The need for public intervention to tackle the credit crunch was "becoming more evident" than ever, International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn said on Monday.
Fed Announces Details of Next in Series of Liquidity Auctions
Mon, 7 Apr 2008 07:19:52 EST
The Federal Reserve will hold its next $50 billion Term Auction Facility auction of short-term liquidity Monday morning, and announce the results Tuesday.
The Week Ahead: April 7 - 11, 2008
Mon, 7 Apr 2008 06:51:45 EST
A look ahead at the economic calendar for April 7 - 11, 2008.
Senator Obama Lays out Housing Policy - Third in a Series
Fri, 4 Apr 2008 07:07:36 EST
Senator Obama outlines his housing policy as part of a broad program to increase regulation, directly assist homeowners, and stimulate the economy.
Fed's Yellen Says Economic Growth Likely to Be Sluggish in 2008
Fri, 4 Apr 2008 06:49:10 EST
U.S. economic growth is likely to be sluggish in 2008, dragged down by an ailing housing sector that is not likely to recover in the near future.
U.S. Investment Banks Borrow $10 Billion from Fed Discount Window
Fri, 4 Apr 2008 06:43:13 EST
Under the Fed's new primary dealer credit facility, investment banks borrowed $10.341 billion from the discount window for the week ending April 2.
Unemployment Up to 5.1%
Fri, 4 Apr 2008 06:37:36 EST
The U.S. Labor Department is reporting that the U.S. lost 80k jobs in March.
Federal Reserve Conducts $25 Billion TSLF Auction
Thu, 3 Apr 2008 13:06:48 EST
The Federal Reserve conducted a second auction under its Term Security Lending Facility (TSLF) Thursday, auctioning $25 billion in short-term securities.
Fears of Bear Stearns Bankruptcy Fallout Prompted Fed Plan, Says Geithner
Thu, 3 Apr 2008 13:00:51 EST
Fears that the bankruptcy of Bear Stearns would cause widespread uncertainty about the financial conditions of other global investment banks and further deepen the credit crunch prompted Federal Reserve officials to engineer the company's rescue plan
Fed's Bernanke Defends Bear Sterns Rescue, 'Chaotic Unwinding' Avoided
Thu, 3 Apr 2008 07:51:35 EST
Federal Reserve Chairman Ben Bernanke defended the U.S. central bank's action to provide funding to Bear Stearns, saying Bear's failure would have led to "a chaotic unwinding" in financial markets that would have impacted the real economy.
Senate ad hoc Committee Hammers out Housing Rescue Bill
Thu, 3 Apr 2008 07:41:21 EST
Bi-partisan bill with benefits for home builders and states but only marginal help for homeowners expected to reach Senate floor on Thursday.
Fannie Mae Tightens Loan Criteria for Credit Scores
Thu, 3 Apr 2008 07:32:56 EST
Fannie Mae is apparently going to look after Number One as it feels pressure to act as the mortgage industry’s first responder.
Mortgage Rates Relatively Static While Application Volume Continues Down
Thu, 3 Apr 2008 07:22:52 EST
Weekly Mortgage Market Summary
Central Bank Watch: Bernanke Warns of U.S. Contraction, RBA Holds Rate
Wed, 2 Apr 2008 13:14:44 EST
A look at this week's Central Bank News.
Hope Now's Successes May be Over Rated
Wed, 2 Apr 2008 13:00:41 EST
Hope Now is touting its many successes but New York Times article has a less flattering view.
U.S. Mortgage Applications Drop 28.7%, Refinances Fall 38.1%
Wed, 2 Apr 2008 08:01:58 EST
A look at the latest mortgage application and refinancing numbers.
Plenty More Subprime Fallout to Come, Says CIBC's Rubin
Wed, 2 Apr 2008 07:51:22 EST
Losses from the U.S. subprime mortgage meltdown could top $300 billion. "We're about 55-60% of the way through the subprime fallout."
The Bulls Keep At It
Wed, 2 Apr 2008
The data this morning, though not outright damaging to MBS is also not of any help.
Fed's Bernanke Defends Bear Stearns Bailout, Paints Glum Economic Picture
Wed, 2 Apr 2008 06:58:44 EST
Federal Reserve Chairman Ben Bernanke Wednesday touched on a variety of factors contributing to the current weak state of the U.S. economy.
The Day Ahead: Fed's Bernanke Testifies, Mortgage Applications
Tue, 1 Apr 2008 14:45:21 EST
Federal Reserve Chairman Ben Bernanke takes center stage when he testifies before the Joint Economic Committee.
New York Fed to Provide Nationwide U.S. Subprime, Alt-A Loan Data
Tue, 1 Apr 2008 12:34:55 EST
he Federal Reserve announced Tuesday that it will provide a set of maps and data illustrating subprime and alt-A mortgage loan conditions across the U.S.
Senator Hillary Clinton's Housing Plan
Tue, 1 Apr 2008 09:18:57 EST
Presidential candidate Clinton proposes a four-step solution to the current housing and credit situations.
Lehman Brothers Stock Sale Sends Market Surging; UBS Still Writing Down
Tue, 1 Apr 2008 09:04:38 EST
Lehman Brothers raises "confidence capital" while UBS announces further U.S. related losses.
Treasury's Levey Says Financial Information Critical in Combatting Terrorism
Tue, 1 Apr 2008 08:25:44 EST
Treasury undersecretary for terrorism and financial intelligence Stuart Levey told the Senate Finance Committee Tuesday that in the four years since his office was established, the use of financial information has become critical in the global war on terror.
U.S. Construction Spending Falls 0.3% in February
Tue, 1 Apr 2008 08:12:05 EST
A look at the construction spending numbers for January.
ISM a Touch Higher than Expected - Construction Spending Beats Expectations
Tue, 1 Apr 2008
So far, not a very happy morning for the bond market, unless you care about the fact that MBS are performing significantly better than treasuries...
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