Bond markets are heading toward the end of the session very close to unchanged levels. This is a small accomplishment considering they began the day in weaker territory. Major sell-offs in global stock markets helped bonds find their footing, with Germany leading the charge for US Treasuries in the morning hours. In short, both in the US and Europe, stocks sold and bonds gained.
Once the European session was over, US markets ebbed back in the other direction. This brought MBS back toward unchanged levels at 103-27 after being as high as 104-31 earlier. Most of the reprices seen were improvements heading into the highs (and just after them), but there were a few negative reprices later in the afternoon despite MBS holding quite steady at +0-01 day-over-day.
MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing
is available via MBS Live.
| MBS || |
96-10 : -0-02
100-15 : -0-01
103-27 : +0-01
| Treasuries || |
0.4370 : +0.0040
2.7299 : -0.0201
3.5617 : -0.0473
| Pricing as of 3/24/14 4:45PMEST |
Today's Reprice Alerts and Updates
3:54PM : ALERT ISSUED: Still Holding Gains, but Several Negative Reprices Reported
2:34PM : Off Highs, but Holding Gains as Stocks Hold Losses
11:47AM : Bond Markets Trudge Back into Positive Territory
9:38AM : Bond Markets Holding Ground After Weakening Slightly Overnight
MBS Live Chat Highlights
Christopher Stevens : "This was Obama's comment earlier today at the Bilateral meeting with the Netherlands before the Nuclear Security Summit..."First, we obviously spent a considerable amount of time on the situation in Ukraine. Europe and America are united in our support of the Ukrainian government and the Ukrainian people. We’re united in imposing a cost on Russia for its actions so far. Prime Minister Rutte rightly pointed out yesterday the growing sanctions would bring significant consequences to the Russian economy. And I’ll be meeting with my fellow G7 leaders later today, and we’ll continue to coordinate closely with the Netherlands and our European partners as we go forward.""
Sung Kim : "that's a lot of words for saying nothing"
Christopher Stevens : "Agree SK"
Caroline Roy : "anyone know the mortgagee letter showing that FHA now accepts esignatures?"
Sam : "14-03"
DIRK POSTUPACK : "Borrower bought a condo in SC 5 years ago, a 5 yr balloon mortgage. During the 5 years the condo association was in financial ruins. Enter wynn resorts who bought a majority of condos and turned them into timeshares. Ballon is now due 4-1-14, but borrower can't find financing anywhere due to the makeup of the complex now. this borrower is signing a deed in lieu of foreclosure. Has anyone seen Freddie or fannie give a reprieve on the foreclosure status for future refi or purchase due to the fact that the make up of the property was changed? Hope that makes sense"
Mike Drews : "not an uncommon scenario"
DIRK POSTUPACK : "Nothing is being reported to the credit bureaus but the loans are requiring a VOM which shows no payment in March yet"
Victor Burek : "why would the bank cancel his March payment?"
DIRK POSTUPACK : "they are taking the property VB so they were "doing him a favor!""
Ted Rood : "cause balloon was due?"
DIRK POSTUPACK : "my question was has anyone seen fannie or Freddie make the exception to overlook the foreclosure due to the fact that what he bought is not what he got!"
Jon Bodan : "I'm not really getting why they're taking the property back - no bank wants to foreclose, and the loan isn't in default until he doesn't make the balloon. I think there's probably more to the story than is being presented. "
Victor Burek : "and no bank does a client a favor by not accepting a payment they are owed"
Matt Hodges : "late on this conversation, but traditional balloons were "extendables" - they'd reset for the remaining 25 years at market rate on 60 day lock + margin"
Tim Robinson : "Hey Dirk, I can't even think of a loan in the last 10+ years that didn't have some type of extension feature. although there are restrictions, with some the ppty must still be owner occ. I would get a hold of the note, everything will be spelled out in there or in a "rider""