http://www.mortgagenewsdaily.com/channels/micro_news/atom.aspxCommunity Server2013-05-22T16:08:45Z/micro_news/310155.aspx2013-05-24T17:18:53Z2013-05-24T17:18:53ZWe finally got a bounce that has materialized into something meaningful. The lows look like they starged coming in as early as 11:30, but were dragged lower still at 12:11pm. At that point, the cries of "come get me down here sellers!" from the bid side dried up and value buying at the wides kicked in. In other words, spreads blew out so much that the "limit" was reached for the day, and should continue to hold as long as Treasuries hold their range.<br/><br/> Negative reprice risk now ebbs for the quick-acting lenders and those who already repriced. There could still be some laggards yet to come with a negative reprices, but the bounce is such that we wouldn't rule out a corrective positive reprice as well. Either way, bleeding stopped for now. Fannie 3.0s at 101-20 after hitting 101-13 lows. The floor is somewhere between 101-14 and 101-16 though, and the absolute lows of the day stand out as more isolated "overrun." 10's are up to 2.013 and we'd be a bit concerned if they run above 2.03. Otherwise, this might be the last update until Tuesday morning! Let's hope that it is.<div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/310155.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/310155/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=310155" width="1" height="1">mgrahamhttp://www.mortgagenewsdaily.com/members/mgraham/default.aspx/micro_news/310137.aspx2013-05-24T16:20:50Z2013-05-24T16:20:50ZBecause MBS have completely left the building. Well... Buyers have left the building anyway. Fannie 3.0s are at 2013 lows (lowest prices since May 2012 actually), currently down 8 ticks at 101-14. This is not event driven. There's no headline or fundamental data motivating the movement. Instead this is purely a factor of tradeflows in bond markets in general and MBS-specific illiquidity. Quad-witching and an early close are not helping. No one's a buyer right now. That said, we may catch a bounce, but not before we see more reprices.<div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/310137.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/310137/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=310137" width="1" height="1">mgrahamhttp://www.mortgagenewsdaily.com/members/mgraham/default.aspx/micro_news/310134.aspx2013-05-24T15:56:23Z2013-05-24T15:56:23ZMBS are now dangerously close to the levels that they really need to hold in order to go into the weekend "sideways" between yesterday and today. Fannie 3.0s are down 5 ticks to 101-18 and the first two negative reprices have already been reported. 10's are green! down a bp to 2.005! That means MBS are getting beat up relatively and spreads have blown out further into pre-QE3 wides (the gap between MBS yield and Treasury yields is rising, and is as high as it's been since August 2012). Things are choppy, illiquid, and just generally ugly. We wouldn't rule out a negative reprice from any lender at this point.<div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/310134.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/310134/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=310134" width="1" height="1">mgrahamhttp://www.mortgagenewsdaily.com/members/mgraham/default.aspx/micro_news/310125.aspx2013-05-24T15:20:35Z2013-05-24T15:20:35ZIt's getting to be tragically comical at this point, but yet again, MBS prices have shifted lower by precisely a sufficient amount and at precisely the right time to introduce early hints of negative reprice risk. This is all tradeflow related with no significant news or data driving the move. <br/><br/> Fannie 3.0s are down to 101-23 from the 101-30 highs at which some lenders may have priced. Even the earlier crop of lenders are already looking at a 4 tick loss and a negative trend in both MBS and Treasuries. Reprice risk is at least 'moderate' at this point and we're rather concerned about the current shape of the trend unless it reverses course very soon.<div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/310125.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/310125/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=310125" width="1" height="1">mgrahamhttp://www.mortgagenewsdaily.com/members/mgraham/default.aspx/micro_news/310101.aspx2013-05-24T13:21:24Z2013-05-24T13:21:24ZThe pocket translator for trade-speak might characterize this morning as "fading the Durables print," where "fade" means to take up a counterintuitive position to that suggested by data or events among other things. That is to say, the data was stronger than expected, which traditionally implies negative price pressure on bond markets, and we're instead seeing a rally. <br/><br/> It's not just bond markets though. Equities are making the equivalent move with S&P futures off about 8 points from their post-data highs. For their part, MBS opened a few ticks into positive territory, weakened briefly on the initial data print and bounced in the other direction with everyone else, now 5 ticks higher on the day at 101-27.<br/><br/> Whether or not the positive momentum is sustainable into the early 2pm close remains to be seen, but simply holding ground above 101-16 is all we'd really need to keep hope alive for a bigger-picture supportive bounce next week. <br/><br/> From a tactical standpoint, the high 1.99's and low 2.00's in 10yr yields have been a key battleground over the past two days, coming into play as an ultra high volume pivot point yesterday and serving as a tough resistance floor to an overnight rally. At 1.998 moments ago, we were at the best levels of the night, but the biggest bounce yesterday was all the way down at 1.988 (feels like a very long distance for a single basis point).<br/><br/> There's no additional scheduled data today, and again, we close early for a 3-day weekend. Japan will be trading on Monday whereas we will not, and this could add some relative defensiveness into any intention to rally meaningfully past the aforementioned inflection point at 1.988. We'll cross that bridge (or not) when we come to it though, and for now, 10's have already shied away, back to 2.007 currently. <br/><br/>On a final note, it is a "quadruple witching" session, meaning that all open positions in single stock and stock index futures and options will have to be closed or rolled. This can be nothing more than a silly phrase to impress your friends over the holiday weekend ("sorry I'm late to the cookout guys/gals... You know how it is, what with Quadruple Witching and all...") or it can be cause of inexplicably motivated volatility. So far so good on that note, but things probably won't die down meaningfully until lunch time in New York, which tends to be like the Bermuda triangle on early close Friday's ahead of 3 day weekends.<div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/310101.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/310101/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=310101" width="1" height="1">mgrahamhttp://www.mortgagenewsdaily.com/members/mgraham/default.aspx/micro_news/310098.aspx2013-05-24T12:39:24Z2013-05-24T12:39:24Z- Headline +3.3 vs +1.5 forecast, -5.9 previously<br/> - Ex Transportation +1.3 vs +0.5 forecast<br/> - Nondefense orders, excluding aircraft +1.2 vs +0.5 forecast<br/><br/> Market Reaction: So far so good with bond markets bouncing back after an initial obligatory blip to the downside. Back in line with 8:30am levels now.<br/><br/> New orders for manufactured durable goods in April increased $7.2 billion or 3.3 percent to $222.6 billion, the U.S. Census Bureau announced today. This increase, up two of the last three months, followed a 5.9 percent March decrease. Excluding transportation, new orders increased 1.3 percent. Excluding defense, new orders increased 2.1 percent. <br/><br/> Transportation equipment, also up two of the last three months, led the increase, $5.1 billion or 8.1 percent to $67.6 billion. This was led by nondefense aircraft and parts, which increased $1.9 billion. <div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/310098.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/310098/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=310098" width="1" height="1">mgrahamhttp://www.mortgagenewsdaily.com/members/mgraham/default.aspx/micro_news/309994.aspx2013-05-23T18:36:08Z2013-05-23T18:36:08ZHighlights:<br/> - Net Purchases $15.3 bln vs $15.1 bln previously<br/> - Allocations roughly similar with some 'up-in-coupon' exceptions.<br/> - Fannie 2.5's dropped to $100 mil from $350 mil previously<br/> - Fannie 3.5's rose to $700 mil from $450 mil previously<br/> - Other than those 2.5's and 3.5s, everything else in 30yr Fixed GSEs was 3.0s (total of $8.85 bln) <a href="http://www.newyorkfed.org/markets/ambs/"> Full breakdown and link to archives</a><div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/309994.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309994/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309994" width="1" height="1">mgrahamhttp://www.mortgagenewsdaily.com/members/mgraham/default.aspx/micro_news/309987.aspx2013-05-23T18:10:22Z2013-05-23T18:10:22ZFannie 3.0s are only 3+ ticks in the red now compared to 7 ticks earlier today (101-19 vs 101-15). Simply holding sideways just under these unchanged levels has been enough for a few lenders to come out with positive reprices, but it's important to note that those reprices aren't indicative of a bullish shift in today's trend.<br/><br/> On the bright side, the ground-holding is now the longest-standing instance of "flat-to-improving" prices we've had over the past two sessions, and for that, we're thankful. Other lenders may express their thanks the longer it continues to hold.<br/><br/>10's are still about a bp in the green at 2.0298 but have seen 2 decent supportive bounces at and just under 2.05. We're not putting this out as a positive reprice alert, however, because we're not especially confident that the uptrend continues, and to a lesser extent because other lenders may have yet to negatively reprice (though they'd be very late). We're still not out of the woods. <div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/309987.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309987/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309987" width="1" height="1">mgrahamhttp://www.mortgagenewsdaily.com/members/mgraham/default.aspx/micro_news/309960.aspx2013-05-23T16:22:48Z2013-05-23T16:22:48Z (Check out the charts in the Agenda <a href="http://www.newyorkfed.org/aboutthefed/agenda_0513.pdf"> HERE</a>. The NY Fed is forecasting 3.5% growth in 2014. Plenty of other interesting charts as well.) <br/><br/> As we did last year around this time, we’re presenting the New York Fed staff outlook for the U.S. economy to the Bank’s Economic Advisory Panel at today’s meeting. It provides an opportunity to get valuable feedback from leading economists in academia and the private sector on the staff forecast; such feedback helps us evaluate the assumptions and reasoning underlying our forecast and the risks to it. It’s important to open the staff forecast to periodic evaluation to inform the staff’s discussions with New York Fed President Bill Dudley about economic conditions. In the same spirit of inviting feedback, we’re sharing a short summary of our forecast; for more, see the material from the Panel’s meeting. <br/><br/> The forecast anticipates moderate economic expansion over the next two years. Real GDP growth in 2013 is expected to be around 2½ percent, slightly below the rate in 2013:Q1 as well as below our year-ago projection of about 3 percent. A major factor behind the projected sluggishness over the rest of this year is fiscal policy. The combination of sequestration and the tax increases associated with the agreement to avert the “fiscal cliff” is anticipated to exert a significant drag on GDP growth of more than 1 percentage point. In 2014, the fiscal drag is expected to be smaller than in 2013. With a smaller fiscal drag, an expected further lessening of other headwinds—for example, the European sovereign debt crisis and the deleveraging of household balance sheets—and further improvement in labor market and financial conditions, we project real growth in 2014 of around 3¼ percent. <br/><br/><div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/309960.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309960/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309960" width="1" height="1">mgrahamhttp://www.mortgagenewsdaily.com/members/mgraham/default.aspx/micro_news/309945.aspx2013-05-23T15:07:00Z2013-05-23T15:07:00ZMBS are down another quick few ticks after the Fed's POMO results with Fannie 3.0s off 7 on the day now to 101-16. Treasuries just broke their higher of the day with 10's moving to 2.043. Negative reprices are now probable vs "possible" previously. <div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/309945.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309945/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309945" width="1" height="1">mgrahamhttp://www.mortgagenewsdaily.com/members/mgraham/default.aspx/micro_news/309928.aspx2013-05-23T14:12:30Z2013-05-23T14:12:30ZIt was only a minor beat for the just-released New Home Sales report, but MBS are now down a tick on the day at 101-20. 10yr yields are up a quick 2bps since the report to 2.025 and for lenders that priced at an inopportune time near the highs of the day, reprice risk is potentially already a factor. So that's pretty much any lender who was already out with pricing before now.<div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/309928.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309928/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309928" width="1" height="1">mgrahamhttp://www.mortgagenewsdaily.com/members/mgraham/default.aspx/micro_news/309926.aspx2013-05-23T14:06:33Z2013-05-23T14:06:33Z- Annual Rate 454k vs 425k consensus <br/> - +2.3 pct vs March +3.5 pct<br/> - Median Price a record $271,600, +14.9% Year over Year<br/> - Inventory at 156k, highest since Oct 2011<br/><br/> Sales of new single-family houses in April 2013 were at a seasonally adjusted annual rate of 454,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 2.3 percent (±12.8%)* above the revised March rate of 444,000 and is 29.0 percent (±20.7%) above the April 2012 estimate of 352,000.<br/><br/> The median sales price of new houses sold in April 2013 was $271,600; the average sales price was $330,800. The seasonally adjusted estimate of new houses for sale at the end of April was 156,000. This represents a supply of 4.1 months at the current sales rate.<div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/309926.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309926/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309926" width="1" height="1">mgrahamhttp://www.mortgagenewsdaily.com/members/mgraham/default.aspx/micro_news/309914.aspx2013-05-23T13:09:46Z2013-05-23T13:09:46Z10yr Treasuries started the overnight session popping higher in yield into the 2.06's as the Yen and JGBs (Japanese Government Bonds) sold off. That changed at about 9:40pm after Chinese PMI unexpectedly turned contractionary. JGB yields began to fall in earnest at 11:40pm but US TSYs stayed more connected to USD/JPY (dollar/yen), which fell from over 103 to under 101 by 5am, ushering in a 7%+ decline in the Nikkei and triggering a temporary shut-down of equities futures.<br/><br/> Treasuries rallied all the way to 1.965 by 4:30am and have been grinding higher since then, popping slightly higher after this morning's Jobless Claims data to 2.033. Data shook up MBS as well, which had already opened in the red, and significantly underperforming Treasuries. We managed to get a friendly post-data bounce after initial weakness and 10's are now back under 2.0 while Fannie 3.0s are up 4 ticks to 101-26. <br/><br/> The only remaining scheduled data this morning is New Home Sales at 10am. For the 11 ticks that Treasuries are in the green, MBS being up only 4 ticks is some of the better relative performance of the morning. MBS should be able to close some of that gap the more we hold 2% as a ceiling in 10s, or fingers crossed, improve upon it.<div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/309914.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309914/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309914" width="1" height="1">mgrahamhttp://www.mortgagenewsdaily.com/members/mgraham/default.aspx/micro_news/309900.aspx2013-05-23T12:37:53Z2013-05-23T12:37:53Z- Claims 340k vs 345k Consensus, 363k Previous<br/> - 4-wk average 339.5k vs 340k previously<br/> - Continued Claims 2.912 mln vs 3.0 mln f'cast<br/> - Cont'd claims lowest since March 2008<br/><br/> - Market Reaction: down several ticks in MBS and up 1.5 bps in 10s<br/><br/> In the week ending May 18, the advance figure for seasonally adjusted initial claims was 340,000, a decrease of 23,000 from the previous week's revised figure of 363,000. The 4-week moving average was 339,500, a decrease of 500 from the previous week's revised average of 340,000. <br/><br/>The advance seasonally adjusted insured unemployment rate was 2.3 percent for the week ending May 11, unchanged from the prior week's revised rate. The advance number for seasonally adjusted insured unemployment during the week ending May 11 was 2,912,000, a decrease of 112,000 from the preceding week's revised level of 3,024,000. The 4-week moving average was 2,995,250, a decrease of 23,750 from the preceding week's revised average of 3,019,000.<div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/309900.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309900/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309900" width="1" height="1">mgrahamhttp://www.mortgagenewsdaily.com/members/mgraham/default.aspx/micro_news/309826.aspx2013-05-22T20:08:45Z2013-05-22T20:08:45ZSeems to be a popular question today:<br/><br/> When's the last time we've lost this much ground in MBS? <br/><br/> Plenty of sessions have come close to the 1 point loss in the predominant production coupon, but based on some cursory research this afternoon, the nearest neighbor is December 15th, 2010, when Fannie 4.5's moved from 101-16 to 100-15. <br/><br/> Of additional interest is the fact that May is is also the worst month since that same December with 2.3125 points lost so far. But in terms of liquid production coupons, you'd have to go back to the nearly 3 point loss in 12/2009. So yeah... It's pretty bad.<div style="clear:both;"></div>...(<a href="http://www.mortgagenewsdaily.com/micro_news/309826.aspx">read more</a>)<p><div style="background-color:#D4EDC9;border:1px solid #BDD4B3;padding:3px 5px 3px 6px; color:#000000;font-family:arial,sans-serif;font-size:12px;"><strong>Forward this article via email:</strong>&nbsp;&nbsp;<a href="http://www.mortgagenewsdaily.com/channels/309826/3/forward.aspx" style="color:#3333CC;">Send a copy of this story</a> to someone you know that may want to read it.</div></p><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=309826" width="1" height="1">mgrahamhttp://www.mortgagenewsdaily.com/members/mgraham/default.aspx