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You are viewing Micro News from Thursday, May 31, 2012 - View all recent Micro News
  • 5/31/12
    LPS' April Mortgage Monitor Shows Sharp Jump in FHA Foreclosure Starts
    "The April Mortgage Monitor report released by Lender Processing Services shows that while overall foreclosure starts were down 2.6 percent in April, FHA foreclosure starts spiked significantly, jumping 73 percent during the month. The rise was driven primarily by defaults in 2008 and 2009 vintage loans, though all FHA vintages saw increases in foreclosure starts in April, despite that fact that the more recent vintages - from 2009 forward - have shown improved relative credit performance.

    "In 2008, when the loan origination market virtually dried up, the FHA stepped in to fill the void," explained Herb Blecher, senior vice president for LPS Applied Analytics. "FHA originations tripled that year, and increased to five times historical averages in 2009. High volumes like that, even with low default rates, can produce larger numbers of foreclosure starts. That represents a lot of loans to work through - the 2008 vintage alone represents some $14 billion of unpaid balances in foreclosure, and the overall FHA foreclosure inventory continues to rise..."
    Category: MBS, INDUSTRY
    Share:   
  • 5/31/12
    Fannie Mae Releases April 2012 Monthly Summary
    -Fannie Mae’s Book of Business decreased at a compound annualized rate of 8.0 percent in April.

    -Fannie Mae’s Gross Mortgage Portfolio declined at a compound annualized rate of 13.8 percent in April.

    -The Conventional Single-Family Serious Delinquency Rate fell four basis points to 3.63 percent in April; the Multifamily Serious Delinquency Rate fell two basis points to 0.35 percent in April.

    -The Effective Duration Gap on Fannie Mae’s portfolio averaged zero months in April.

    -Fannie Mae completed 12,552 loan modifications in April, for a total of 59,223 loan modifications in the four months ended April 30, 2012.
    Category: MBS, INDUSTRY
    Share:   
  • 5/31/12
    FHFA: DeMarco Announces DeLeo to Oversee DeGSE's Strategic Plans
    Federal Housing Finance Agency Acting Director Edward J. DeMarco today announced the appointment of Wanda I. DeLeo as Deputy Director leading a newly created Office of Strategic Initiatives. In this role Ms. DeLeo will be responsible for coordinating and overseeing activities associated with the recently issued Strategic Plan for Fannie Mae and Freddie Mac Conservatorships.

    “I am pleased to have an executive with Wanda’s experience to manage this critical agency project,” said DeMarco. “Her proven management skills and experience are ideal to coordinate the numerous activities required at FHFA and Fannie Mae and Freddie Mac to achieve the goals set forth in the Strategic Plan.”
    Category: MBS, INDUSTRY
    Share:   
  • 5/31/12
    Wow... The extent to which the movement of "risk" is...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 5/31/12
    As insulting and paradoxical as it might seem, the...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 5/31/12
    Freddie Mac: 15-Year Fixed Rate Mortgage Falls Below 3%
    30-year fixed-rate mortgage (FRM) averaged 3.75 percent with an average 0.8 point for the week ending May 31, 2012, down from last week when it averaged 3.78 percent. Last year at this time, the 30-year FRM averaged 4.55 percent.

    15-year FRM this week averaged 2.97 percent with an average 0.7 point, down changed from last week when it averaged 3.04 percent. A year ago at this time, the 15-year FRM averaged 3.74 percent.

    5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84 percent this week, with an average 0.6 point, up from last week when it averaged 2.83. A year ago, the 5-year ARM averaged 3.41 percent.

    1-year Treasury-indexed ARM averaged 2.75 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 3.13 percent.
    Category: MBS, INDUSTRY
    Share:   
  • 5/31/12
    ECON: Chicago Purchasing Managers Index Weaker Than Expected
    * PMI 52.7 vs consensus 56.5

    May 2012: The Chicago Purchasing Managers reported the May Chicago Business Barometer decreased for a third consecutive month to its lowest level since September 2009. The short term trend of the Chicago Business Barometer, and all seven Business Activity indexes, declined in May.

    Among the Business Activity measures, only the Supplier Delivery index expanded faster while Order Backlogs and Inventories contracted.

    The Production index fell to neutral while, inexplicably, measures of Business Policy advanced.

    BUSINESS ACTIVITY:
    • PRODUCTION and NEW ORDERS lowest since September 2009;
    • PRICES PAID lowest since September 2010;
    • EMPLOYMENT rate of growth slowed
    Category: MBS, ECON
    Share:   
  • 5/31/12
    Despite yesterday being a tough act to follow, both...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 5/31/12
    ECON: GDP In Line With Expectations
    * Headline GDP +1.9 vs +1.9 consensus, previously +2.2
    *Consumer Spending +2.7 pct vs +2.9 pct previously

    Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 1.9 percent in the first quarter of 2012 (that is, from the fourth quarter to the first quarter), according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2011, real GDP increased 3.0 percent.

    The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 2.2 percent (see "Revisions" on page 3).

    The increase in real GDP in the first quarter primarily reflected positive contributions from personal consumption expenditures (PCE), exports, residential fixed investment, private inventory investment, and nonresidential fixed investment that were partly offset by negative contributions from federal government spending and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.

    The deceleration in real GDP in the first quarter primarily reflected a deceleration in private inventory investment, an acceleration in imports, and a deceleration in nonresidential fixed investment that were partly offset by accelerations in exports and in PCE.
    Category: MBS, ECON
    Share:   
  • 5/31/12
    ECON: Jobless Claims Higher Than Expected
    * Claims +383k vs 370k consensus
    * 4wk moving ave rises to 374.5k from 370.75k
    * Benefit exhaustion leads to fall in continuing claims, lowest since July 2008,

    In the week ending May 26, the advance figure for seasonally adjusted initial claims was 383,000, an increase of 10,000 from the previous week's revised figure of 373,000. The 4-week moving average was 374,500, an increase of 3,750 from the previous week's revised average of 370,750.

    The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending May 19, unchanged from the prior week's unrevised rate.

    The advance number for seasonally adjusted insured unemployment during the week ending May 19 was 3,242,000, a decrease of 36,000 from the preceding week's revised level of 3,278,000. The 4-week moving average was 3,263,750, a decrease of 12,000 from the preceding week's revised average of 3,275,750.
    Category: MBS, ECON
    Share:   
  • 5/31/12
    ECON: ADP Employment Lower Than Expected
    * Private Payrolls +133k vs 148k consensus
    * Last month revised down to 113k from 119k

    Private-sector employment increased by 133,000 from April to May on a seasonally adjusted basis, according to the latest ADP National Employment Report® released today. The ADP National Employment Report, created by Automatic Data Processing, Inc. (ADP®), in partnership with Macroeconomic Advisers, LLC, is derived from actual payroll data and measures the change in total nonfarm private employment each month. The estimated gain from March to April was revised down modestly, from the initial estimate of 119,000 to a revised estimate of 113,000.
    Category: MBS, ECON
    Share:   
  • 5/31/12
    LPS' April Mortgage Monitor Shows Sharp Jump in FHA Foreclosure Starts
    "The April Mortgage Monitor report released by Lender Processing Services shows that while overall foreclosure starts were down 2.6 percent in April, FHA foreclosure starts spiked significantly, jumping 73 percent during the month. The rise was driven primarily by defaults in 2008 and 2009 vintage loans, though all FHA vintages saw increases in foreclosure starts in April, despite that fact that the more recent vintages - from 2009 forward - have shown improved relative credit performance.

    "In 2008, when the loan origination market virtually dried up, the FHA stepped in to fill the void," explained Herb Blecher, senior vice president for LPS Applied Analytics. "FHA originations tripled that year, and increased to five times historical averages in 2009. High volumes like that, even with low default rates, can produce larger numbers of foreclosure starts. That represents a lot of loans to work through - the 2008 vintage alone represents some $14 billion of unpaid balances in foreclosure, and the overall FHA foreclosure inventory continues to rise..."
    Category: MBS, INDUSTRY
    Share:   
  • 5/31/12
    Fannie Mae Releases April 2012 Monthly Summary
    -Fannie Mae’s Book of Business decreased at a compound annualized rate of 8.0 percent in April.

    -Fannie Mae’s Gross Mortgage Portfolio declined at a compound annualized rate of 13.8 percent in April.

    -The Conventional Single-Family Serious Delinquency Rate fell four basis points to 3.63 percent in April; the Multifamily Serious Delinquency Rate fell two basis points to 0.35 percent in April.

    -The Effective Duration Gap on Fannie Mae’s portfolio averaged zero months in April.

    -Fannie Mae completed 12,552 loan modifications in April, for a total of 59,223 loan modifications in the four months ended April 30, 2012.
    Category: MBS, INDUSTRY
    Share:   
  • 5/31/12
    FHFA: DeMarco Announces DeLeo to Oversee DeGSE's Strategic Plans
    Federal Housing Finance Agency Acting Director Edward J. DeMarco today announced the appointment of Wanda I. DeLeo as Deputy Director leading a newly created Office of Strategic Initiatives. In this role Ms. DeLeo will be responsible for coordinating and overseeing activities associated with the recently issued Strategic Plan for Fannie Mae and Freddie Mac Conservatorships.

    “I am pleased to have an executive with Wanda’s experience to manage this critical agency project,” said DeMarco. “Her proven management skills and experience are ideal to coordinate the numerous activities required at FHFA and Fannie Mae and Freddie Mac to achieve the goals set forth in the Strategic Plan.”
    Category: MBS, INDUSTRY
    Share:   
  • 5/31/12
    Freddie Mac: 15-Year Fixed Rate Mortgage Falls Below 3%
    30-year fixed-rate mortgage (FRM) averaged 3.75 percent with an average 0.8 point for the week ending May 31, 2012, down from last week when it averaged 3.78 percent. Last year at this time, the 30-year FRM averaged 4.55 percent.

    15-year FRM this week averaged 2.97 percent with an average 0.7 point, down changed from last week when it averaged 3.04 percent. A year ago at this time, the 15-year FRM averaged 3.74 percent.

    5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84 percent this week, with an average 0.6 point, up from last week when it averaged 2.83. A year ago, the 5-year ARM averaged 3.41 percent.

    1-year Treasury-indexed ARM averaged 2.75 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 3.13 percent.
    Category: MBS, INDUSTRY
    Share:   
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  • 5/31/12
    "The April Mortgage Monitor report released by Lender Processing Services shows that while overall foreclosure starts were down 2.6 percent in April, FHA foreclosure starts spiked significantly, jumping 73 percent during the month. The rise was driven primarily by defaults in 2008 and 2009 vintage loans, though all FHA vintages saw increases in foreclosure starts in April, despite that fact that the more recent vintages - from 2009 forward - have shown improved relative credit performance.

    "In 2008, when the loan origination market virtually dried up, the FHA stepped in to fill the void," explained Herb Blecher, senior vice president for LPS Applied Analytics. "FHA originations tripled that year, and increased to five times historical averages in 2009. High volumes like that, even with low default rates, can produce larger numbers of foreclosure starts. That represents a lot of loans to work through - the 2008 vintage alone represents some $14 billion of unpaid balances in foreclosure, and the overall FHA foreclosure inventory continues to rise..."
    Category: MBS, INDUSTRY
    Share:   
  • 5/31/12
    -Fannie Mae’s Book of Business decreased at a compound annualized rate of 8.0 percent in April.

    -Fannie Mae’s Gross Mortgage Portfolio declined at a compound annualized rate of 13.8 percent in April.

    -The Conventional Single-Family Serious Delinquency Rate fell four basis points to 3.63 percent in April; the Multifamily Serious Delinquency Rate fell two basis points to 0.35 percent in April.

    -The Effective Duration Gap on Fannie Mae’s portfolio averaged zero months in April.

    -Fannie Mae completed 12,552 loan modifications in April, for a total of 59,223 loan modifications in the four months ended April 30, 2012.
    Category: MBS, INDUSTRY
    Share:   
  • 5/31/12
    Federal Housing Finance Agency Acting Director Edward J. DeMarco today announced the appointment of Wanda I. DeLeo as Deputy Director leading a newly created Office of Strategic Initiatives. In this role Ms. DeLeo will be responsible for coordinating and overseeing activities associated with the recently issued Strategic Plan for Fannie Mae and Freddie Mac Conservatorships.

    “I am pleased to have an executive with Wanda’s experience to manage this critical agency project,” said DeMarco. “Her proven management skills and experience are ideal to coordinate the numerous activities required at FHFA and Fannie Mae and Freddie Mac to achieve the goals set forth in the Strategic Plan.”
    Category: MBS, INDUSTRY
    Share:   
  • 5/31/12
    Wow... The extent to which the movement of "risk" is...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 5/31/12
    As insulting and paradoxical as it might seem, the...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 5/31/12
    30-year fixed-rate mortgage (FRM) averaged 3.75 percent with an average 0.8 point for the week ending May 31, 2012, down from last week when it averaged 3.78 percent. Last year at this time, the 30-year FRM averaged 4.55 percent.

    15-year FRM this week averaged 2.97 percent with an average 0.7 point, down changed from last week when it averaged 3.04 percent. A year ago at this time, the 15-year FRM averaged 3.74 percent.

    5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84 percent this week, with an average 0.6 point, up from last week when it averaged 2.83. A year ago, the 5-year ARM averaged 3.41 percent.

    1-year Treasury-indexed ARM averaged 2.75 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 3.13 percent.
    Category: MBS, INDUSTRY
    Share:   
  • 5/31/12
    * PMI 52.7 vs consensus 56.5

    May 2012: The Chicago Purchasing Managers reported the May Chicago Business Barometer decreased for a third consecutive month to its lowest level since September 2009. The short term trend of the Chicago Business Barometer, and all seven Business Activity indexes, declined in May.

    Among the Business Activity measures, only the Supplier Delivery index expanded faster while Order Backlogs and Inventories contracted.

    The Production index fell to neutral while, inexplicably, measures of Business Policy advanced.

    BUSINESS ACTIVITY:
    • PRODUCTION and NEW ORDERS lowest since September 2009;
    • PRICES PAID lowest since September 2010;
    • EMPLOYMENT rate of growth slowed
    Category: MBS, ECON
    Share:   
  • 5/31/12
    Despite yesterday being a tough act to follow, both...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 5/31/12
    * Headline GDP +1.9 vs +1.9 consensus, previously +2.2
    *Consumer Spending +2.7 pct vs +2.9 pct previously

    Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 1.9 percent in the first quarter of 2012 (that is, from the fourth quarter to the first quarter), according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2011, real GDP increased 3.0 percent.

    The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 2.2 percent (see "Revisions" on page 3).

    The increase in real GDP in the first quarter primarily reflected positive contributions from personal consumption expenditures (PCE), exports, residential fixed investment, private inventory investment, and nonresidential fixed investment that were partly offset by negative contributions from federal government spending and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.

    The deceleration in real GDP in the first quarter primarily reflected a deceleration in private inventory investment, an acceleration in imports, and a deceleration in nonresidential fixed investment that were partly offset by accelerations in exports and in PCE.
    Category: MBS, ECON
    Share:   
  • 5/31/12
    * Claims +383k vs 370k consensus
    * 4wk moving ave rises to 374.5k from 370.75k
    * Benefit exhaustion leads to fall in continuing claims, lowest since July 2008,

    In the week ending May 26, the advance figure for seasonally adjusted initial claims was 383,000, an increase of 10,000 from the previous week's revised figure of 373,000. The 4-week moving average was 374,500, an increase of 3,750 from the previous week's revised average of 370,750.

    The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending May 19, unchanged from the prior week's unrevised rate.

    The advance number for seasonally adjusted insured unemployment during the week ending May 19 was 3,242,000, a decrease of 36,000 from the preceding week's revised level of 3,278,000. The 4-week moving average was 3,263,750, a decrease of 12,000 from the preceding week's revised average of 3,275,750.
    Category: MBS, ECON
    Share:   
  • 5/31/12
    * Private Payrolls +133k vs 148k consensus
    * Last month revised down to 113k from 119k

    Private-sector employment increased by 133,000 from April to May on a seasonally adjusted basis, according to the latest ADP National Employment Report® released today. The ADP National Employment Report, created by Automatic Data Processing, Inc. (ADP®), in partnership with Macroeconomic Advisers, LLC, is derived from actual payroll data and measures the change in total nonfarm private employment each month. The estimated gain from March to April was revised down modestly, from the initial estimate of 119,000 to a revised estimate of 113,000.
    Category: MBS, ECON
    Share:   
  • 5/31/12
    ECON: Chicago Purchasing Managers Index Weaker Than Expected
    * PMI 52.7 vs consensus 56.5

    May 2012: The Chicago Purchasing Managers reported the May Chicago Business Barometer decreased for a third consecutive month to its lowest level since September 2009. The short term trend of the Chicago Business Barometer, and all seven Business Activity indexes, declined in May.

    Among the Business Activity measures, only the Supplier Delivery index expanded faster while Order Backlogs and Inventories contracted.

    The Production index fell to neutral while, inexplicably, measures of Business Policy advanced.

    BUSINESS ACTIVITY:
    • PRODUCTION and NEW ORDERS lowest since September 2009;
    • PRICES PAID lowest since September 2010;
    • EMPLOYMENT rate of growth slowed
    Category: MBS, ECON
    Share:   
  • 5/31/12
    ECON: GDP In Line With Expectations
    * Headline GDP +1.9 vs +1.9 consensus, previously +2.2
    *Consumer Spending +2.7 pct vs +2.9 pct previously

    Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 1.9 percent in the first quarter of 2012 (that is, from the fourth quarter to the first quarter), according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2011, real GDP increased 3.0 percent.

    The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 2.2 percent (see "Revisions" on page 3).

    The increase in real GDP in the first quarter primarily reflected positive contributions from personal consumption expenditures (PCE), exports, residential fixed investment, private inventory investment, and nonresidential fixed investment that were partly offset by negative contributions from federal government spending and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.

    The deceleration in real GDP in the first quarter primarily reflected a deceleration in private inventory investment, an acceleration in imports, and a deceleration in nonresidential fixed investment that were partly offset by accelerations in exports and in PCE.
    Category: MBS, ECON
    Share:   
  • 5/31/12
    ECON: Jobless Claims Higher Than Expected
    * Claims +383k vs 370k consensus
    * 4wk moving ave rises to 374.5k from 370.75k
    * Benefit exhaustion leads to fall in continuing claims, lowest since July 2008,

    In the week ending May 26, the advance figure for seasonally adjusted initial claims was 383,000, an increase of 10,000 from the previous week's revised figure of 373,000. The 4-week moving average was 374,500, an increase of 3,750 from the previous week's revised average of 370,750.

    The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending May 19, unchanged from the prior week's unrevised rate.

    The advance number for seasonally adjusted insured unemployment during the week ending May 19 was 3,242,000, a decrease of 36,000 from the preceding week's revised level of 3,278,000. The 4-week moving average was 3,263,750, a decrease of 12,000 from the preceding week's revised average of 3,275,750.
    Category: MBS, ECON
    Share:   
  • 5/31/12
    ECON: ADP Employment Lower Than Expected
    * Private Payrolls +133k vs 148k consensus
    * Last month revised down to 113k from 119k

    Private-sector employment increased by 133,000 from April to May on a seasonally adjusted basis, according to the latest ADP National Employment Report® released today. The ADP National Employment Report, created by Automatic Data Processing, Inc. (ADP®), in partnership with Macroeconomic Advisers, LLC, is derived from actual payroll data and measures the change in total nonfarm private employment each month. The estimated gain from March to April was revised down modestly, from the initial estimate of 119,000 to a revised estimate of 113,000.
    Category: MBS, ECON
    Share:   
 
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