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Do you expect the home buyer tax credit extension to contribute to a noticeable pick up in loan production?

Created By: Adam Quinones
  • Yes, I anticipate an increase in activity (26.2%)
  • Only a modest upturn in production (45.5%)
  • Nope. 2009 demand stole from 2010 demand (28.3%)

Federal Reserve MBS Purchase Program





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MBS ALERT: REPRICES FOR WORSE
by Adam Quinones
Posted
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The S&P has broken and held gains over the 1,000 price mark, unfortunately since the yield curve and MBS are taking directional guidance from the stock lever....the 10 yr yield has jumped 10 bps to 3.75 and the rate sheet influential FN 4.5 is testing the lows of the day at 99-06. If your lender hasnt already REPRICED FOR THE WORSE...its coming.

 

We do expect 3.75 to provide support and for the RANGE TO MODERATE LOSSES

 

MBS, TSY, LIBOR QUOTES

Data provided by Thomson Reuters
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David Haines  |  Contact or Connect with this Member
on
The question is "why'? Why would equities rally at all today. This makes no sense to me.
Brad Clifford  |  Contact or Connect with this Member
on
I thought this week was supposed to be slow until Friday. This late day rally in TSY's really worries me today. Stock market is down a bit, yet the yield goes up 8.5 bps on the day? Do you guys think rates are at a bottom now for the summer? Or do they have a decent chance at staying at the same level or going down by the end of the month?
Adam Quinones  |  Contact or Connect with this Member
on
day trader's delight!
Edgar  |  Contact or Connect with this Member
on
David: Three letters explain it all "HFT". Computers run the show now, and we are all doomed.
Brad Clifford  |  Contact or Connect with this Member
on
That sure is true Adam! It is a trader's world, and it gives me nausea!
Edgar  |  Contact or Connect with this Member
on
Who remembers ABC and what happend after they blew up early August of 2007? Locked another loan, after locking several the last few days. Dont like the Colonial/TBW thing at all looking to close all my locked loans asap.
J B  |  Contact or Connect with this Member
on
Adam, I imagine the announcement from the Treasury of how much they will have to auction didn't help. More supply equals less demand. I think amount announced was higher than expected. I can't imagine that helps very much either.
Edgar  |  Contact or Connect with this Member
on
JB I think (could be wrong) the quarterly announcement a few days ago was 100 billion below expectations...again could be wrong.
Marty Sonke  |  Contact or Connect with this Member
on
Edgar: You have to remember that when ABC blew up that was the end of AltA. Some other things to consider was that was the same month that Sarbanes/Oxley went into effect with Mark to Market accounting. TBW is large but doesn't really compare to ABC IMHO.
Adam Quinones  |  Contact or Connect with this Member
on
refunding announcement did not affect markets this morning....was as expected
Edgar  |  Contact or Connect with this Member
on
Marty: My concern has to do with the movement of TBW loans to other wholeslae lenders that are swamped and also how lenders will now double, tripple check/review gudelines and loans. Connecting the two was more about what happens after a major player exits (TBW was a major player in the broker industry) in the broker industry.
Alfred Velasco  |  Contact or Connect with this Member
on
Just got a reprice for the worse for about 30bps.
Marty Sonke  |  Contact or Connect with this Member
on
AQ and MG: Did you see this on the Treasury Repurchase Program http://www.bloomberg.com/apps/news?pid=20601069&sid=ayTqng4UbttM&refer=fedwatch. If they choose to let this expire, what does that mean?
Marty Sonke  |  Contact or Connect with this Member
on
Edgar: Agreed. However, lenders have already tightened up. They don't want to take any chances and every loan they write has to be immediately saleable to secondary IMO. I have several loans that seem to barely inch along because documentation that used to clear a condition isn't working any more and we are required to get additional documentation to satisfy them.
Peter Gladkin  |  Contact or Connect with this Member
on
i liked the days of the Dragon much better... we need a rally of epic proportion so Matt can get to drawing again, and all will be well for a few days... think pleasant thoughts and we shall have a green day.
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