Unless one follows the Fannie Mae/Freddie Mac conservatorship drama on a regular basis, it is easy to get lost in the legal weeds. MND has dipped in and out periodically, and it is time for another update. To briefly reprise. When the two government sponsored enterprises (GSEs) were placed in government conservatorship in 2008 each were given access to multi-billion-dollar lines of credit from the U.S. Treasury. Under the terms of their Senior Preferred Stock Agreement (SPSA), Treasury would be given dollar-for-dollar shares of preferred stock and would receive a fixed quarterly dividend. Fast forward to 2012. During their four years in conservatorship the GSEs had drawn billions of dollars from the Treasury, (to date Fannie Mae has drawn $116.1 billion and Freddie Mac $71.3 billion) but had

July 25, 2017 Download our Mobile App: Download our Mobile App: Housing News Unsealed Court Docs Paint Fannie/Freddie as Congressional Cash Cow Unless one follows the Fannie Mae/Freddie Mac conservatorship drama on a regular basis, it is easy to get lost in the legal weeds. MND has dipped in and out periodically, and it is time for another update. To briefly reprise. When the two government ... (read more) Mortgage Rate Watch Mortgage Rates Spike, Erasing Last Week's Gains Mortgage rates moved abruptly higher today, erasing the improvement seen last week. An entire week's worth of movement may or may not be worth stressing out about depending on your perspective. On one hand, we're only talking about a change of roughl... (read more) MBS Commentary MBS Live Recap: For Bonds, Worst Day Since Late June ECB Scare Bonds sold off aggressively today, for a combination of reasons that are tremendously unsatisfying in a traditional market-watching sense.  For example, it would be nice if we could point to something tidy and logical like all-time high stock ... (read more) Housing News 6th Straight Record High For Home Prices -Case-Shiller The S&P CoreLogic Case-Shiller National Home Price Index hit another new record in May, the sixth consecutive month it did so while the Federal Housing Finance Agency reported another increase in its annual Housing Price Index (HPI) Case-Shiller'... (read more) MBS Commentary MBS Live Day Ahead: Recent Rally Under Threat Ahead of Fed After enjoying a nice rally since July 10th, bond markets are taking the 2 days leading up to tomorrow's Fed announcement to book some profits and get back to neutral territory.  Unfortunately, getting back to neutral means "selling bonds" if ... (read more) Rob Chrisman Credit Underwriting Changes; Exec Comments on Margins and Volume; Ally's Offer Lenders cutting margins in a diminishing mortgage marketplace. You bet. Does one lender want 100% market share? Perhaps. Here’s the latest example: Ally Home announced their Price Match Guarantee to give consumers peace of mind that they’... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.81% +0.03% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.81% +0.03 0.00 15 Yr. Fixed 6.05% +0.01 0.00 30 Yr. FHA 6.38% +0.02 0.00 30 Yr. Jumbo 6.91% +0.01 0.00 7/6 SOFR ARM 6.27% +0.02 0.00 30 Yr. VA 6.40% +0.02 0.00 Updates Daily - Last Update: 7/24 15 Yr. Fixed Rate 6.05% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.74% -0.01 0.00 15 Yr. Fixed 5.87% -0.05 0.00 Updates Weekly - Last Update: 7/24 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.84% +0.02 0.62 15 Yr. Fixed 6.14% +0.03 0.69 30 Yr. Jumbo 6.75% -0.06 0.70 Updates Weekly - Last Update: 7/23 MBS / Treasuries UMBS 30YR 5.5 99.31 -0.05 Price / Yield Change MBS UMBS 5.5 99.31 -0.05 UMBS 6.0 101.25 -0.06 GNMA 5.5 99.58 -0.05 GNMA 6.0 101.22 -0.04 Pricing as of: 7/24 8:15PM EST 10 Year US Treasury 4.3982 +0.0145 Price / Yield Change US Treasury 2 YR Treasury 3.923 +0.045 5 YR Treasury 3.960 +0.030 7 YR Treasury 4.164 +0.020 10 YR Treasury 4.398 +0.015 30 YR Treasury 4.939 -0.001 Pricing as of: 7/24 8:15PM EST Latest Video We're getting some worry about affordability: MKM Partner's Megan McGrath Zillow reports home median values hitting highest levels Next Fed chair up in the air until fall Around the Web CNBC Investors are watching for one big thing in the Fed statement Bloomberg Wells Fargo Lawyer Who Released Client Information Wants It Back Market Watch BB&T raises quarterly common stock cash divided by 3 cents to 33 cents a share Reuters Kushner interviewed by House intelligence panel IMF Central Bank Balance Sheet Policies and Spillovers to Emerging Markets CNBC Can't buy a house? Don't worryhere's how you can still build wealth consumerfinancemonitor.com House likely to pass H.J. Res. 111 today to override CFPB Arbitration Rule CNBC Consumer confidence strengthens in July, beating expectations for a drop Reuters U.S. home prices for May rise slower than expected NAR - Realtor.com The Worst Cities of 2017: Brace Yourself for Some Surprises Bloomberg Government Shutdown Odds Grow With GOP Border Wall Funding Bill Market Watch Should you buy a starter home or a long-term home? CNBC Kushner returns to Capitol Hill for second day of interviews

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