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You are viewing Micro News from Tuesday, Nov 22, 2011 - View all recent Micro News
  • 11/22/11
    Two Good Reasons to Play it Safe Heading Into Tomorrow...
    Actually, there may be more than two good reasons to play it safe with your lock/float approach at the moment. And as always, there are counterpoints that suggest a roll of the dice. But what there are certainly too good charts to support the former assertion, and for anyone who has, in the past, ascribed to any iteration of "play the range until the range plays you," the charts will show that we've gone about as far as we can go in the context of recent MBS and TSY movement. (charts linked below)

    Tomorrow's Econ Data:

    * 7am MBA Applications

    *830am Durable Goods - new orders are expected to have fallen from -0.6% previously to -1.0%. Last month's strong +1.8% that excluded transportation is seen falling to 0.0% this month, while the numbers exclusing defense and aircraft are seen falling from +2.9% last month to -0.6%

    *830am Personal Income/Outlays - Income seen rising to 0.3% from 0.1% last month. Consumption (outlays) seen falling to 0.4% from 0.6% last month. PCE price index seen rising 0.1% month-over-month

    *830am Jobless Claims - After last week's 388k, Jobless Claims are expected to have risen slightly to 390k with continued claims at 3.605 mln vs 3.608 mln.

    *955am Consumer Sentiment (Final) - Seen roughly unchanged at 64.5 versus last month's 64.2.

    * 1pm 7yr Treasury Note Auction

    And don't forget it's basically the last day of the week as Friday will be a shorty, and participation will be quite low. Bottom line, there's a chance that we're running into range resistance and long weekends lie ahead... It's just feeling like time to start lockin' 'em up an moving on, especially if you're getting the reprices for which you're waiting this afternoon.
    Category: MBS, ECON
    Share:   
  • 11/22/11
    Benchmark Treasuries are on a nice little run lower...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 11/22/11
    FHFA: 2012 Conforming Loan Limits Unchanged Except One
    The Federal Housing Finance Agency (FHFA) today announced that under terms set forth in the Housing and Economic Recovery Act of 2008 (HERA), the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2012 will remain at existing levels except in Fairfield County, Connecticut, where it will increase. A listing of the 2012 maximum conforming loan limits for all counties and countyequivalent areas in the country can be found here.
    Category: MBS, INDUSTRY
    Share:   
  • 11/22/11
    FOMC: Minutes of the November 1-2, 2011 Meeting
    "...The Manager reported on System open market operations, including the ongoing reinvestment into agency-guaranteed mortgage-backed securities (MBS) of principal payments received on SOMA holdings of agency debt and agency-guaranteed MBS as well as the operations related to the maturity extension program authorized at the September 20-21 FOMC meeting...."
    Category: MBS, INDUSTRY
    Share:   
  • 11/22/11
    NLMS Reports 277,326 Licenses thru Q3
    According to the report covering the first three quarters of the year, 16,776 companies, 18,366 branch offices, and 113,352 individuals now hold one or more licenses through NMLS. This is a total of 148,594 unique entities holding an aggregate of 277,326 licenses. During the third quarter the system added 8,173 new entities and 18,707 licenses. There are an average of 5.5 licensed mortgage loan officers in each company and an average of 1.1 branches.
    Category: MBS, INDUSTRY
    Share:   
  • 11/22/11
    Fannie 3.5's were already demonstrating a good ability...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 11/22/11
    (Reuters) - The International Monetary Fund on Tuesday...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS
    Share:   
  • 11/22/11
    OCC Releases Status Report on Fixing Deficient Foreclosure Practices
    The Office of the Comptroller of the Currency (OCC) issued a report today on the actions by 12 national bank and federal savings association mortgage servicers to comply with consent orders issued in April 2011 to correct deficient and unsafe or unsound foreclosure practices.

    The report, “Interim Status Report: Foreclosure-Related Consent Orders,” summarizes progress on activities related to the independent foreclosure review announced November 1, 2011, as well as other activities to enhance mortgage servicing operations, strengthen oversight of third-party service providers and activities related to Mortgage Electronic Registration Systems (MERS), improve management information systems, assess and manage risk, and ensure compliance with applicable laws and regulations.
    Category: MBS, INDUSTRY
    Share:   
  • 11/22/11
    FHFA Reports Mortgage Interest Rates for October
    The FHFA reported that the average interest rate on conventional, 30-year, fixed-rate mortgage loans of $417,000 or less decreased 20 basis points to 4.36 percent in October.

    The contract rate on the composite of all mortgage loans (fixed- and adjustable-rate) was 4.17 percent in October, down 19 basis points from 4.36 percent in September. The effective interest rate, which reflects the amortization of initial fees and charges, was 4.29 percent in October, down 20 basis points from 4.49 percent in September.
    Category: MBS, INDUSTRY
    Share:   
  • 11/22/11
    ECON: Corporate Profits 3.0 pct in the Third Quarter
    Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $61.2 billion in the second quarter, compared with an increase of $19.0 billion in the first quarter. Current-production cash flow (net cash flow with inventory valuation adjustment) -- the internal funds available to corporations for investment -- increased $86.2 billion in the second quarter, compared with an increase of $21.1 billion in the first.

    This was a rise of 3.0 pct versus an expectation of +3.5 pct by economists polled by Reuters. Profits rose at a 4.3 pct pace in the previous two quarters making today's reading a bit of a mixed-bag in that it was a marked slowdown from previous quarters and worse than consensus, but still growth.
    Category: MBS, ECON
    Share:   
  • 11/22/11
    ECON: GDP Revised Down to 2.0 pct. Inventories to Blame
    (Reuters) - Gross domestic product grew at a 2.0 percent annual rate in the third quarter, the Commerce Department said in its second estimate on Tuesday, down from the previously estimated 2.5 percent.

    While the revision was below economists' expectations for a 2.5 percent growth pace, the composition of the GDP report, especially still-firm consumer spending and the first drop in businesses inventories since the fourth quarter of 2009 set the platform for a stronger economic performance this quarter.

    Data so far suggest the fourth-quarter growth pace could exceed 3 percent, which would be the fastest in 18 months.

    Despite the downward revision, last quarter's growth is still a step-up from the April-June period's 1.3 percent pace. Part of the pick-up in output during the last quarter reflects a reversal of factors that held back growth earlier in the year.

    A jump in gasoline prices had weighed on consumer spending earlier in the year, and supply disruptions from Japan's big earthquake and tsunami in March had curbed auto production.

    The government revised third-quarter output to account for an $8.5 billion drop in business inventories, which lopped off 1.55 percentage points from GDP growth. Inventories had previously been estimated to have increased $5.4 billion. The drag from inventories was offset by strong export growth. Excluding inventories, the economy grew at an unrevised brisk 3.6 percent pace after expanding 1.6 percent in the second quarter.

    A core inflation measure, which strips out food and energy costs, rose at a 2.0 percent rate rather than 2.1 percent. The measure -- closely watched by the Federal Reserve -- grew at a 2.3 percent rate in the prior three months. (Reporting by Lucia Mutikani, Editing by Andrea Ricci)
    Category: MBS, ECON
    Share:   
  • 11/22/11
    Perhaps more than any other overnight session in recent...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 11/22/11
    FHFA: 2012 Conforming Loan Limits Unchanged Except One
    The Federal Housing Finance Agency (FHFA) today announced that under terms set forth in the Housing and Economic Recovery Act of 2008 (HERA), the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2012 will remain at existing levels except in Fairfield County, Connecticut, where it will increase. A listing of the 2012 maximum conforming loan limits for all counties and countyequivalent areas in the country can be found here.
    Category: MBS, INDUSTRY
    Share:   
  • 11/22/11
    FOMC: Minutes of the November 1-2, 2011 Meeting
    "...The Manager reported on System open market operations, including the ongoing reinvestment into agency-guaranteed mortgage-backed securities (MBS) of principal payments received on SOMA holdings of agency debt and agency-guaranteed MBS as well as the operations related to the maturity extension program authorized at the September 20-21 FOMC meeting...."
    Category: MBS, INDUSTRY
    Share:   
  • 11/22/11
    NLMS Reports 277,326 Licenses thru Q3
    According to the report covering the first three quarters of the year, 16,776 companies, 18,366 branch offices, and 113,352 individuals now hold one or more licenses through NMLS. This is a total of 148,594 unique entities holding an aggregate of 277,326 licenses. During the third quarter the system added 8,173 new entities and 18,707 licenses. There are an average of 5.5 licensed mortgage loan officers in each company and an average of 1.1 branches.
    Category: MBS, INDUSTRY
    Share:   
  • 11/22/11
    OCC Releases Status Report on Fixing Deficient Foreclosure Practices
    The Office of the Comptroller of the Currency (OCC) issued a report today on the actions by 12 national bank and federal savings association mortgage servicers to comply with consent orders issued in April 2011 to correct deficient and unsafe or unsound foreclosure practices.

    The report, “Interim Status Report: Foreclosure-Related Consent Orders,” summarizes progress on activities related to the independent foreclosure review announced November 1, 2011, as well as other activities to enhance mortgage servicing operations, strengthen oversight of third-party service providers and activities related to Mortgage Electronic Registration Systems (MERS), improve management information systems, assess and manage risk, and ensure compliance with applicable laws and regulations.
    Category: MBS, INDUSTRY
    Share:   
  • 11/22/11
    FHFA Reports Mortgage Interest Rates for October
    The FHFA reported that the average interest rate on conventional, 30-year, fixed-rate mortgage loans of $417,000 or less decreased 20 basis points to 4.36 percent in October.

    The contract rate on the composite of all mortgage loans (fixed- and adjustable-rate) was 4.17 percent in October, down 19 basis points from 4.36 percent in September. The effective interest rate, which reflects the amortization of initial fees and charges, was 4.29 percent in October, down 20 basis points from 4.49 percent in September.
    Category: MBS, INDUSTRY
    Share:   
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  • 11/22/11
    Actually, there may be more than two good reasons to play it safe with your lock/float approach at the moment. And as always, there are counterpoints that suggest a roll of the dice. But what there are certainly too good charts to support the former assertion, and for anyone who has, in the past, ascribed to any iteration of "play the range until the range plays you," the charts will show that we've gone about as far as we can go in the context of recent MBS and TSY movement. (charts linked below)

    Tomorrow's Econ Data:

    * 7am MBA Applications

    *830am Durable Goods - new orders are expected to have fallen from -0.6% previously to -1.0%. Last month's strong +1.8% that excluded transportation is seen falling to 0.0% this month, while the numbers exclusing defense and aircraft are seen falling from +2.9% last month to -0.6%

    *830am Personal Income/Outlays - Income seen rising to 0.3% from 0.1% last month. Consumption (outlays) seen falling to 0.4% from 0.6% last month. PCE price index seen rising 0.1% month-over-month

    *830am Jobless Claims - After last week's 388k, Jobless Claims are expected to have risen slightly to 390k with continued claims at 3.605 mln vs 3.608 mln.

    *955am Consumer Sentiment (Final) - Seen roughly unchanged at 64.5 versus last month's 64.2.

    * 1pm 7yr Treasury Note Auction

    And don't forget it's basically the last day of the week as Friday will be a shorty, and participation will be quite low. Bottom line, there's a chance that we're running into range resistance and long weekends lie ahead... It's just feeling like time to start lockin' 'em up an moving on, especially if you're getting the reprices for which you're waiting this afternoon.
    Category: MBS, ECON
    Share:   
  • 11/22/11
    Benchmark Treasuries are on a nice little run lower...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 11/22/11
    The Federal Housing Finance Agency (FHFA) today announced that under terms set forth in the Housing and Economic Recovery Act of 2008 (HERA), the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2012 will remain at existing levels except in Fairfield County, Connecticut, where it will increase. A listing of the 2012 maximum conforming loan limits for all counties and countyequivalent areas in the country can be found here.
    Category: MBS, INDUSTRY
    Share:   
  • 11/22/11
    "...The Manager reported on System open market operations, including the ongoing reinvestment into agency-guaranteed mortgage-backed securities (MBS) of principal payments received on SOMA holdings of agency debt and agency-guaranteed MBS as well as the operations related to the maturity extension program authorized at the September 20-21 FOMC meeting...."
    Category: MBS, INDUSTRY
    Share:   
  • 11/22/11
    According to the report covering the first three quarters of the year, 16,776 companies, 18,366 branch offices, and 113,352 individuals now hold one or more licenses through NMLS. This is a total of 148,594 unique entities holding an aggregate of 277,326 licenses. During the third quarter the system added 8,173 new entities and 18,707 licenses. There are an average of 5.5 licensed mortgage loan officers in each company and an average of 1.1 branches.
    Category: MBS, INDUSTRY
    Share:   
  • 11/22/11
    Fannie 3.5's were already demonstrating a good ability...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 11/22/11
    (Reuters) - The International Monetary Fund on Tuesday...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS
    Share:   
  • 11/22/11
    The Office of the Comptroller of the Currency (OCC) issued a report today on the actions by 12 national bank and federal savings association mortgage servicers to comply with consent orders issued in April 2011 to correct deficient and unsafe or unsound foreclosure practices.

    The report, “Interim Status Report: Foreclosure-Related Consent Orders,” summarizes progress on activities related to the independent foreclosure review announced November 1, 2011, as well as other activities to enhance mortgage servicing operations, strengthen oversight of third-party service providers and activities related to Mortgage Electronic Registration Systems (MERS), improve management information systems, assess and manage risk, and ensure compliance with applicable laws and regulations.
    Category: MBS, INDUSTRY
    Share:   
  • 11/22/11
    The FHFA reported that the average interest rate on conventional, 30-year, fixed-rate mortgage loans of $417,000 or less decreased 20 basis points to 4.36 percent in October.

    The contract rate on the composite of all mortgage loans (fixed- and adjustable-rate) was 4.17 percent in October, down 19 basis points from 4.36 percent in September. The effective interest rate, which reflects the amortization of initial fees and charges, was 4.29 percent in October, down 20 basis points from 4.49 percent in September.
    Category: MBS, INDUSTRY
    Share:   
  • 11/22/11
    Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $61.2 billion in the second quarter, compared with an increase of $19.0 billion in the first quarter. Current-production cash flow (net cash flow with inventory valuation adjustment) -- the internal funds available to corporations for investment -- increased $86.2 billion in the second quarter, compared with an increase of $21.1 billion in the first.

    This was a rise of 3.0 pct versus an expectation of +3.5 pct by economists polled by Reuters. Profits rose at a 4.3 pct pace in the previous two quarters making today's reading a bit of a mixed-bag in that it was a marked slowdown from previous quarters and worse than consensus, but still growth.
    Category: MBS, ECON
    Share:   
  • 11/22/11
    (Reuters) - Gross domestic product grew at a 2.0 percent annual rate in the third quarter, the Commerce Department said in its second estimate on Tuesday, down from the previously estimated 2.5 percent.

    While the revision was below economists' expectations for a 2.5 percent growth pace, the composition of the GDP report, especially still-firm consumer spending and the first drop in businesses inventories since the fourth quarter of 2009 set the platform for a stronger economic performance this quarter.

    Data so far suggest the fourth-quarter growth pace could exceed 3 percent, which would be the fastest in 18 months.

    Despite the downward revision, last quarter's growth is still a step-up from the April-June period's 1.3 percent pace. Part of the pick-up in output during the last quarter reflects a reversal of factors that held back growth earlier in the year.

    A jump in gasoline prices had weighed on consumer spending earlier in the year, and supply disruptions from Japan's big earthquake and tsunami in March had curbed auto production.

    The government revised third-quarter output to account for an $8.5 billion drop in business inventories, which lopped off 1.55 percentage points from GDP growth. Inventories had previously been estimated to have increased $5.4 billion. The drag from inventories was offset by strong export growth. Excluding inventories, the economy grew at an unrevised brisk 3.6 percent pace after expanding 1.6 percent in the second quarter.

    A core inflation measure, which strips out food and energy costs, rose at a 2.0 percent rate rather than 2.1 percent. The measure -- closely watched by the Federal Reserve -- grew at a 2.3 percent rate in the prior three months. (Reporting by Lucia Mutikani, Editing by Andrea Ricci)
    Category: MBS, ECON
    Share:   
  • 11/22/11
    Perhaps more than any other overnight session in recent...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 11/22/11
    Two Good Reasons to Play it Safe Heading Into Tomorrow...
    Actually, there may be more than two good reasons to play it safe with your lock/float approach at the moment. And as always, there are counterpoints that suggest a roll of the dice. But what there are certainly too good charts to support the former assertion, and for anyone who has, in the past, ascribed to any iteration of "play the range until the range plays you," the charts will show that we've gone about as far as we can go in the context of recent MBS and TSY movement. (charts linked below)

    Tomorrow's Econ Data:

    * 7am MBA Applications

    *830am Durable Goods - new orders are expected to have fallen from -0.6% previously to -1.0%. Last month's strong +1.8% that excluded transportation is seen falling to 0.0% this month, while the numbers exclusing defense and aircraft are seen falling from +2.9% last month to -0.6%

    *830am Personal Income/Outlays - Income seen rising to 0.3% from 0.1% last month. Consumption (outlays) seen falling to 0.4% from 0.6% last month. PCE price index seen rising 0.1% month-over-month

    *830am Jobless Claims - After last week's 388k, Jobless Claims are expected to have risen slightly to 390k with continued claims at 3.605 mln vs 3.608 mln.

    *955am Consumer Sentiment (Final) - Seen roughly unchanged at 64.5 versus last month's 64.2.

    * 1pm 7yr Treasury Note Auction

    And don't forget it's basically the last day of the week as Friday will be a shorty, and participation will be quite low. Bottom line, there's a chance that we're running into range resistance and long weekends lie ahead... It's just feeling like time to start lockin' 'em up an moving on, especially if you're getting the reprices for which you're waiting this afternoon.
    Category: MBS, ECON
    Share:   
  • 11/22/11
    ECON: Corporate Profits 3.0 pct in the Third Quarter
    Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $61.2 billion in the second quarter, compared with an increase of $19.0 billion in the first quarter. Current-production cash flow (net cash flow with inventory valuation adjustment) -- the internal funds available to corporations for investment -- increased $86.2 billion in the second quarter, compared with an increase of $21.1 billion in the first.

    This was a rise of 3.0 pct versus an expectation of +3.5 pct by economists polled by Reuters. Profits rose at a 4.3 pct pace in the previous two quarters making today's reading a bit of a mixed-bag in that it was a marked slowdown from previous quarters and worse than consensus, but still growth.
    Category: MBS, ECON
    Share:   
  • 11/22/11
    ECON: GDP Revised Down to 2.0 pct. Inventories to Blame
    (Reuters) - Gross domestic product grew at a 2.0 percent annual rate in the third quarter, the Commerce Department said in its second estimate on Tuesday, down from the previously estimated 2.5 percent.

    While the revision was below economists' expectations for a 2.5 percent growth pace, the composition of the GDP report, especially still-firm consumer spending and the first drop in businesses inventories since the fourth quarter of 2009 set the platform for a stronger economic performance this quarter.

    Data so far suggest the fourth-quarter growth pace could exceed 3 percent, which would be the fastest in 18 months.

    Despite the downward revision, last quarter's growth is still a step-up from the April-June period's 1.3 percent pace. Part of the pick-up in output during the last quarter reflects a reversal of factors that held back growth earlier in the year.

    A jump in gasoline prices had weighed on consumer spending earlier in the year, and supply disruptions from Japan's big earthquake and tsunami in March had curbed auto production.

    The government revised third-quarter output to account for an $8.5 billion drop in business inventories, which lopped off 1.55 percentage points from GDP growth. Inventories had previously been estimated to have increased $5.4 billion. The drag from inventories was offset by strong export growth. Excluding inventories, the economy grew at an unrevised brisk 3.6 percent pace after expanding 1.6 percent in the second quarter.

    A core inflation measure, which strips out food and energy costs, rose at a 2.0 percent rate rather than 2.1 percent. The measure -- closely watched by the Federal Reserve -- grew at a 2.3 percent rate in the prior three months. (Reporting by Lucia Mutikani, Editing by Andrea Ricci)
    Category: MBS, ECON
    Share:   
 
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