Considering that the Thanksgiving holiday always begins with full market closure on a Thursday, you can usually count on the juxtaposed Friday to be a slow trading day. From a logical standpoint, if the Christmas holiday falls on a Tuesday, it seems fair to expect that the Monday beforehand would be a similarly slow trading day, but that the Wednesday afterward would be noticeably busier, especially with some sort of looming mega issue with an ostensible deadline coming up in the next 3 business days. Today's session flies in the face of such logic, either reinforcing the volume destroying power of Christmas or the fact that markets really are waiting for meaningful Fiscal Cliff news and thus, were aggressively tuned-out with Congress not back until Thursday. Either way, it was slow. Bond markets made some decent gains with only a stock market sell-off to offer any guidance for the low volume session.
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Live Chat Featured Comments
Ira Selwin : "risk "
Ira Selwin : "Why would a lender have their own internal FICO cap?"
Andrew Russell : "Why would a lender have their own internal LTV cap? What is the benefit? Why would one have an LTV overlay, and others are unlimited?"
B-C : "isnt the key to the program waving reps and warrants? Because most lenders make their own cap on LTV. Some 100% some 105% etc etc"
Matthew Graham : "hard to compel the big banks to play HARP ball without offering some assurance of prepay insulation. I don't know whose idea the date was, but clearly, it's in place to facilitate broad-scale participation among banks who'd otherwise not participate without it. It's also in the best interest of the conservatorship. The date restrictions are very much a "golden rule" issue, and have always been the least likely to change of any HARP feature."
David Zilkha : "Yes they were eligible. I guess I am just trying to understand who came up with this date when as best I can see there never was one. But I was new to the industry at the time so can't say for sure"
Matthew Graham : "I can't think of any reason that a pre-HARP refi of any kind wouldn't now be eligible for HARP due to dates/seasoning as long as it met the other criteria."
David Zilkha : "I would think the best way to reduce the GSE portfolio would be to allow repeat streamlines? I know I did some ofmthosemprior streamline programs and they were later HARP eligible. Those that closed in time"
David Zilkha : "Thanks MG, that's possible. Yes it shows no date for RP in that grid. It was added the following year."
Matthew Graham : "At least for DURP, there was always an early-to-mid 2009 requirement. (see bottom of page 6: https://www.fanniemae.com/content/announcement/0904.pdf). That doesn't speak to RP though, so maybe that accounts for the different recollections. I couldn't find anything specifically referencing delivery date requirements for RP."