MBS coupons are trading near the afternoon highs from yesterday (slightly better than last post). Some investors may reprice for the better given the lack of YSP provided yesterday....reprices for the better are due if they were not passed along yesterday. MBS is outperforming the steepening yield curve so far today...spreads tighter.
TIIIMMMAAAAY Geithner is about to speak before the House Ways and Means Committee. Here's how markets are behaving pre-Geithner statement
Pre-TIIIMMAAAAAY Yield Curve...
Pre-TIIIMMAAAAAAAYYYYYYY!!!!!! Stocks...
If you didnt file your income taxes and want a lower mortgage rate...you better do it!!!
WASHINGTON - Unclaimed refunds totaling approximately $1.3 billion are awaiting over a million people who did not file a federal income tax return for 2005, the Internal Revenue Service announced today. However, to collect the money, a return for 2005 must be filed with the IRS no later than Wednesday, April 15, 2009.
Especially in these tough economic times, people should not lose out on money that is rightfully theirs," said IRS Commissioner Doug Shulman. "People should check their records, especially if they had taxes withheld from their paychecks but were not required to file a tax return. They may be leaving money on the table, including valuable tax credits that can mean even more money in their pockets."
The IRS estimates that half of those who could claim refunds for tax year 2005 would receive more than $581. Some individuals may not have filed because they had too little income to require filing a tax return even though they had taxes withheld from their wages or made quarterly estimated payments. In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. If no return is filed to claim the refund within three years, the money becomes property of the U.S. Treasury. For 2005 returns, the window closes on April 15, 2009. The law requires that the return be properly addressed, postmarked and mailed by that date. There is no penalty assessed by the IRS for filing a late return qualifying for a refund.
The IRS reminds taxpayers seeking a 2005 refund that their checks will be held if they have not filed tax returns for 2006 or 2007. In addition, the refund will be applied to any amounts still owed to the IRS and may be used to satisfy unpaid child support or past due federal debts such as student loans.
By failing to file a return, individuals stand to lose more than refunds of taxes withheld or paid during 2005. Many low-income workers may not have claimed the Earned Income Tax Credit (EITC). Generally, unmarried individuals qualified for the EITC if in 2005 they earned less than $35,263 and had more than one qualifying child living with them, earned less than $31,030 with one qualifying child, or earned less than $11,750 and had no qualifying child. Limits are slightly higher for married individuals filing jointly.
Current and prior year tax forms and instructions are available on the Forms and Publications web page of IRS.gov or by calling 1-800-TAX-FORM (1-800-829-3676). Information about the Earned Income Tax Credit and how to claim it is also available on IRS.gov. Taxpayers who need help also can call the toll-free IRS help line at 1-800-829-1040.
Individuals Who Did Not File a 2005 Return with an Estimated Refund
Total
Median Estimated
Estimated Refunds
Individuals Refund* ($000)*
Alabama 21,400 $585 $18,167
Alaska 6,100 $665 $6,925
Arizona 36,900 $487 $31,234
Arkansas 11,400 $547 $9,756
California 154,500 $537 $144,580
Colorado 23,700 $532 $20,676
Connecticut 16,000 $659 $18,234
Delaware 5,400 $592 $5,117
Dist of Columbia 5,300 $564 $5,518
Florida 99,300 $609 $108,162
Georgia 44,400 $538 $39,381
Hawaii 9,400 $639 $11,108
Idaho 5,300 $464 $4,113
Illinois 50,400 $640 $53,166
Indiana 26,600 $624 $24,041
Iowa 11,800 $587 $9,367
Kansas 12,900 $555 $10,804
Kentucky 14,600 $588 $12,506
Louisiana 24,900 $594 $24,388
Maine 4,900 $532 $3,928
Maryland 30,600 $584 $29,967
Massachusetts 29,600 $638 $31,942
Michigan 45,100 $609 $42,390
Minnesota 19,700 $531 $17,085
Mississippi 12,200 $533 $10,311
Missouri 26,000 $550 $21,237
Montana 3,700 $509 $3,125
Nebraska 5,900 $548 $5,091
Nevada 18,300 $551 $17,588
New Hampshire 5,500 $667 $5,759
New Jersey 41,100 $646 $43,761
New Mexico 9,400 $532 $7,724
New York 76,800 $639 $82,994
North Carolina 37,300 $515 $29,645
North Dakota 2,000 $553 $1,647
Ohio 44,600 $571 $37,290
Oklahoma 17,000 $546 $14,541
Oregon 21,000 $467 $16,138
Pennsylvania 47,800 $623 $43,958
Rhode Island 4,500 $610 $4,332
South Carolina 16,000 $506 $13,240
South Dakota 2,400 $602 $2,046
Tennessee 21,900 $586 $19,917
Texas 103,000 $624 $105,241
Utah 8,300 $496 $8,334
Vermont 2,300 $550 $1,730
Virginia 40,200 $576 $40,657
Washington 35,600 $624 $39,414
West Virginia 4,900 $627 $4,389
Wisconsin 16,900 $535 $13,825
Wyoming 2,800 $649 $2,785
Armed Forces 5,500 $800 $4,540
Total 1,343,000 $581 $1,284,133
*Excluding the Earned Income Credit and other taxes.
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