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This email was sent to you by:
Harry Chriest |
Mortgage News Daily

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MBS RECAP: Morning Weakness Gives Way To Afternoon Stability
Posted to: MBS Commentary
Monday, December 03, 2012 4:09 PM

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MBS Live: MBS Afternoon Market Summary
Bond markets began the session in weaker territory after a series of overnight headlines and events that generally pointed in a "risk-on" direction.  These included Merkel comments on potential Greek haircuts in the future (though she later recanted, essentially saying she didn't want to send the wrong message about Greece's commitment to austerity).  Greece announced a higher-than-expected price on the debt buyback that's part of their bailout agreement, and Spain finally named an amount for their Bank bailout (not a sovereign bailout) and made the request official.  That was probably the biggest benefit to stocks and detractor to bond markets early, but things changed course just after the domestic stock market open.  After rallying for 2 hours, MBS and Treasuries both just STOPPED and went almost perfectly sideways into the close, despite ongoing weakness in stocks and plenty of Fiscal Cliff headlines.  
MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
FNMA 3.0
105-08 : +0-01
FNMA 3.5
106-25 : +0-01
FNMA 4.0
107-07 : +0-01
FNMA 4.5
107-26 : +0-01
GNMA 3.0
106-23 : +0-02
GNMA 3.5
108-27 : -0-01
GNMA 4.0
109-16 : +0-01
GNMA 4.5
108-31 : +0-01
FHLMC 3.0
104-28 : +0-02
FHLMC 3.5
106-13 : +0-01
FHLMC 4.0
106-22 : +0-02
FHLMC 4.5
107-02 : +0-02
Pricing as of 4:07 PM EST
Afternoon Reprice Alerts and Updates
Below is a recap of instant Reprice Alerts and updates issued via email and text alert to MBS Live subscribers this afternoon.

3:44PM  :  Four Hours Later, Still Sideways At Best Levels Of The Day
It's been a very quiet afternoon for bond markets and especially for MBS trading levels. Treasuries and MBS both got on board with a broad "risk-off" movement just after the domestic stock market open. Bond prices moved higher and stock prices moved lower both before and after the 10am ISM Manufacturing data.

Fannie 3.0 MBS hit their first prominent high of the day just before the noon hour at 105-08 and haven't moved more than 2 ticks in either direction since then. 10yr yields hit 1.625 at the same time and have held inside a 0.01% range ever since despite the fact that stocks have generally continued to slide.
Live Chat Featured Comments
A recap of the featured comments from the MBS Live Dashboard's Live Chat feature, utilized by hundreds of industry professionals each day.

Jay Waters  :  "FYI - That's the SECOND improvement from FAMC from the inital morning release"
Jay Waters  :  "REPRICE: 3:03 PM - Franklin American Better"
Matthew Graham  :  "REPRICE: 2:32 PM - Plaza Better"
Roland Wilcox  :  "REPRICE: 2:25 PM - USBank Better"
Ross Miller  :  "Deferred installment debts, such as deferred student loans, must be included as part of the borrower’s recurring monthly debt obligations. If the borrower’s credit report does not indicate the monthly amount that will be payable at the end of the deferment period, the lender must obtain copies of the borrower’s payment letters or forbearance agreements so that a monthly payment amount can be determined and used in calculating the borrower’s total monthly obligations. Exception: For a student lo"
Nate Miller  :  "REPRICE: 2:04 PM - Interbank Better"
Caroline Roy  :  "what does DU say? i can't remember. "
Grant R. Menard  :  "Best thing you can do is have client get ESTIMATE payments from company or do a credit update with estimated payments . its usually less. "
Caroline Roy  :  "what do we use for student loan pmts? 2% when deferred? or 5% like amex?"
Victor Burek  :  "REPRICE: 1:39 PM - Nexbank Better"
Matthew Graham  :  "RTRS- FED'S ROSENGREN SAYS ASSET PURCHASES HAVE HAD 'QUITE LARGE' PASS-THROUGH RATES TO CONSUMERS "
Matthew Graham  :  "RTRS- ROSENGREN: BUYING MORTGAGE-BACKED SECURITIES MAY BE PREFERABLE TO TREASURIES TO IMPROVE MARKET FUNCTIONING, STIMULATE INTEREST-SENSITIVE SECTOR "
Matthew Graham  :  "RTRS- U.S. FED'S ROSENGREN SAYS 'STRONG CASE CAN BE MADE' TO CONTINUE $85 BLN/MONTH IN TOTAL ASSET PURCHASES IN 2013 "
Jeff Anderson  :  "REPRICE: 12:31 PM - Chase Better"
Jay Waters  :  "Confirmed Hodges wf 7 year policy. And to add to York, the CAIVRS info will give you the date from which the 3 year seasoning requirement is met."
Jason York  :  "it is 3 years from when the FHA loss is paid, if the previous loan was an FHA"
Nate Miller  :  "I've heard in cases if a borrowers foreclosure was on an FHA loan, they can't do FHA again for 7 years, too."
Matt Hodges  :  "be ware of lender overlays. i believe WF will not purchase that deal if it was a WF FC for 7 years"
Nate Miller  :  "yep 3 years, 7 for conventional..."
B-C  :  "Good afternoon, Fha requires 3 years from foreclosure?"
Jay Waters  :  "REPRICE: 11:30 AM - Franklin American Better"

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