Mortgage Market Report - 07/31/09 12:24 PM
Market OutlookFriday, July 31, 2009 7:05 AMPrice Trend: PositivePrice Volatility: High_________________________________________________________________Current Conditions:FNMA 4.5 100-06 (+7)GNMA 4.5 100-12 (+6)10yr Yield 3.569Today’s Economic Data (PST)GDP 5:30Chicago PMI 6:45_________________________________________________________________Commentary:The big release of today was the initial reading of Q2 GDP. Although the headline number (-1.0%) wasbetter than expected, the market seems to have paid particular attention to the personal consumption andemployment cost index segments of the report. Personal consumption (spending) was quite a bit lower thanexpected and the employment cost index, although higher than expected, was still relatively low. These twofigures suggest that future growth and inflation will be subdued.The Chicago purchasing managers’ index … (0 comments)

Morning Humor - 07/30/09 10:47 AM
Ah, sorry to bother you Mr. Obama, Sir. . .

Excuse me Mr. Obama, I mean President Obama, Sir.  Um . . I know you're busy, and important and stuff.  I mean, running the county is very important and -- ah -- I hate to bother you, Sir.  I will only take a minute. Ok, Sir?See, I have these missing pieces that are holding me up, and I was wondering, Sir, if you could take time out of your busy schedule and help me out.  You know, no big deal, just some loose ends and things.Hey, you have a nice place … (0 comments)

Mortgage Market Report - 07/30/09 10:13 AM
Market OutlookThursday, July 30, 2009 7:00 AMPrice Trend: NegativePrice Volatility: High_________________________________________________________________Current Conditions:FNMA 4.5 99-23 (-2)GNMA 4.5 99-28 (-2)10yr Yield 3.686%Today’s Economic Data (PST)Jobless Claims 5:30_________________________________________________________________Commentary:The only data out this morning was weekly jobless claims. The number came in very close to expectations.Continuing claims declined more than expected, but during this time of year seasonal adjustments causethe claims numbers to lose some of their impact. Later today the Treasury will auction 7yr notes.Yesterday’s 5 yr auction did not go well at all and caused a quick sell off in mortgages. Some recovery wasmade after the release of the Beige Book and prices … (0 comments)

Our Tax Dollars at Work - 07/30/09 10:10 AM

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If it’s good enough for us, why won’t they also participate? - 07/29/09 09:52 AM
FINALLY...THE $64,000 QUESTION WAS ASKED!!!!!
 
YESTERDAY ON THE "ABC OBAMA SPECIAL ON HEALTH CARE"......OBAMA WAS ASKED "MR.  PRESIDENT WILL YOU AND YOUR FAMILY GIVE UP YOUR CURRENT HEALTH CARE PROGRAM AND JOIN THE NEW "UNIVERSAL HEALTH CARE PROGRAM" THAT THE REST OF US WILL BE ON ????.....OBAMA IGNORED THE QUESTION AND DIDN'T ANSWER IT!!!!!A NUMBER OF SENATORS WERE ASKED THE SAME QUESTION AND THIER RESPONSE WAS WE WILL THINK ABOUT IT!!!!  IT WAS ALSO ANNOUNCED TODAY ON THE NEWS THAT THE "KENNEDY HEALTH CARE BILL"....HAS WRITTEN INTO IT THAT CONGRESS WILL BE (FROM THIS GREAT HEALTH CARE PLAN) EXEMPT!!!!! … (1 comments)

Humor - 07/28/09 02:50 PM
I bought a new Chevy Silverado and returned to the dealer yesterday because I couldn't get the radio to work. The salesman explained that the radio was voice activated. 'Nelson,' the salesman said to the radio. The radio replied, 'Ricky or Willie?' 'Willie!' he continued and 'On The Road Again' came from the speakers. Then he said, 'Ray Charles!', and in an instant ' Georgia On My Mind' replaced Willie Nelson. I drove away happy, and for the next few days, every time I'd say, 'Beethoven,' I'd get beautiful classical music, and if I said, 'Beatles,' I'd get one of their awesome songs. Yesterday, some guy ran a red light and nearly … (2 comments)

Famous Quotes - 07/28/09 12:08 PM
Great American Orators  'One man with courage makes a majority.'  -  Andrew Jackson  'The only thing we have to fear is fear itself.'  -     Franklin  D.    Roosevelt  'The buck stops here.' -  Harry S. Truman 'Ask not what your country can do for you; ask what you can do for your country.' -          John F. Kennedy
 
And  from today's Genius Democrats..............  'It depends what your definition of 'Sex' is?'' -  Bill Clinton 'That Obama - I would like to cut his NUTS off.' -  Jesse Jackson  'Those rumors are false ..... I believe in the sanctity of … (1 comments)

Mortgage Market Report - 07/17/09 10:29 AM
Market OutlookFriday, July 17, 2009 7:05 AMPrice Trend: NegativePrice Volatility: High_________________________________________________________________Current Conditions: Today’s Economic Data (all times PST)FNMA 4.5 99-13 (-5) Housing Starts 5:30GNMA 4.5 99-14 (-5) Building Permits 5:3010yr Yield 3.610%_________________________________________________________________Commentary:Bonds are down this morning after the Housing Starts report showed its largest percentage gain since 2004.Although starts are down over 40% from a year ago, this is clearly a sign that the housing market isstabilizing. The previous month’s number was also revised higher which added to the impact of the report.Building Permits, which are an indication of future Starts, also came in higher than expected. Mortgageprices are down a … (0 comments)

Mortgage Market Report - 07/16/09 10:47 AM
Market OutlookThursday, July 16, 2009 7:05 AMPrice Trend: PositivePrice Volatility: High_________________________________________________________________Current Conditions: Today’s Economic Data (all times PST)FNMA 4.5 99-17 (+14) Jobless Claims 5:30GNMA 4.5 99-30 (+16) Philly Fed Survey 7:0010yr Yield 3.524%_________________________________________________________________Commentary:Bonds are up this morning and have recovered a large portion of yesterday’s losses. Yesterday’s sellingwas the result of a variety of pressures including a strong stock market and the release of the FOMCminutes. The FOMC minutes revealed that the Fed fells there will be stronger than previously anticipatedgrowth in the second half of the year while inflation and unemployment will rise.This morning’s data was mixed with jobless claims … (0 comments)

"The Proposal" - 07/15/09 01:46 PM
 
"The Proposal"    When a company falls on difficult times, one of the things that seems to happen is they reduce their staff and workers.  The remaining workers must find ways to continue to do a good job or risk that their job would be eliminated as well.    Wall street, and the media normally congratulate the CEO for making this type of "tough decision", and his board of directors gives him a big bonus.   Our government should not be immune from similar risks.   Therefore:  Reduce the House of Representatives from the current 435 members to 218 members.    Reduce Senate members … (1 comments)

Mortgage Market Report - 07/15/09 11:04 AM
Market OutlookWednesday, July 15, 2009 7:10 AMPrice Trend: NegativePrice Volatility: High_________________________________________________________________Current Conditions: Today’s Economic Data (all times PST)FNMA 4.5 99-20 (-7) CPI 5:30GNMA 4.5 100-00 (-6) Empire Manufacturing 5:3010yr Yield 3.520% Industrial production 6:15FOMC Minutes 11:00_________________________________________________________________Commentary:Bonds are down again this morning. The data that was released this morning was generally not bondfriendly. Inflation at the consumer level came in a little higher than expected. As we mentioned yesterday,the headline inflation number was heavily influenced by gasoline prices. The core reading was also higher,but most economists still believe that significantly higher consumer prices are not likely anytime soon.The industrial production data and … (0 comments)

Rate Drop - 07/15/09 08:49 AM
Average rates for 30-year mortgages fell for the second straight week, but still remained above record lows reached this year, Freddie Mac said Thursday.
The average rate for a 30-year fixed home loan was 5.2 percent last week, down from 5.32 percent the previous week, Freddie Mac said. At this time last year, the average rate for a 30-year fixed mortgage averaged 6.37 percent.
Rates on 30-year mortgages fell to a record low of 4.78 percent this year, spurring refinance activity.
Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Daily rates often … (0 comments)

Morning Humor - 07/15/09 08:45 AM
A small boy was lost at a large shopping mall. He approached a uniformed policeman and said, "I've lost my grandpa!" "The cop asked, "What's he like?" The little boy hesitated for a moment and then replied, "Crown Royal whiskey and women with big tits."
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Mortgage Market Report - 07/14/09 10:57 AM
Market OutlookTuesday, July 14, 2009 7:45 AMPrice Trend: NegativePrice Volatility: High_________________________________________________________________Current Conditions: Today’s Economic Data (all times PST)FNMA 4.5 100-04 (-4) PPI 5:30GNMA 4.5 100-16 (-4) Retail Sales 5:3010yr Yield 3.401% Business Inventories 7:00_________________________________________________________________Commentary:Bonds and mortgages have taken a hit this morning after the PPI report showed that inflation at thewholesale level is accelerating at a somewhat alarming clip. The bond market was already off before thereport as global stock markets rallied. Some of the losses have been recovered, though, after a closer studyof the report revealed that much of the increase in inflation was due to increased fuel costs. Fuel … (0 comments)

Mortgage Market Report - 07/13/09 09:48 AM
Market OutlookMonday, July 13, 2009 7:10 AMPrice Trend: NeutralPrice Volatility: High_________________________________________________________________Current Conditions: Today’s Economic Data (all times PST)FNMA 4.5 100-18 (+0) NoneGNMA 4.5 100-31 (+1)10yr Yield 3.282%_________________________________________________________________Commentary:Although the economic calendar is empty today this is shaping up to be a busy week. PPI, CPI, RetailSales, FOMC Minutes and Housing Starts are all due out this week. Earnings reports due out this week willinfluence stocks and in turn bonds, too.This Week’s Calendar:Date ET Release For Actual Briefing.com Consensus Prior RevisedFromJul 13 02:00p.m. Treasury Budget Jun NA -$77.5B $33.5BJul 14 08:30a.m. Core PPI Jun 0.1% 0.1% -0.1%Jul 14 08:30a.m. PPI Jun 0.7% 0.8% … (0 comments)

Morning Commentary - 07/13/09 09:45 AM
   Note               Ed McMahon died this week. He was a great entertainer, but prior to his stage accomplishments he was a distinguished Marine Corps fighter pilot in WWII earning six Air Medals and attaining the rank of Colonel.   He was discharged in 1946 and was later promoted to the rank of Brigadier General in the CA Air National Guard.               Farrah Fawcett died this week after a long career in Hollywood as an actress. After she was diagnosed with cancer, she became an activist for cancer treatment and devoted her last remaining years encouraging people to seek treatment. She documented her plight … (0 comments)

Irac vs Washington DC - 07/10/09 03:25 PM
If you consider that there has been an average of 160,000 troops in the Iraq theater of operations during the past 22 months, and a total of 2112 deaths, that gives a firearm death rate of 60 per 100,000 soldiers."The firearm death rate in Washington , DC is 80.6 per 100,000 for the same period.That means you are about 25 per cent more likely to be shot and killed in the US capital, which has some of the strictest gun control laws in the US , than you are in Iraq ." Conclusion: The US should pull out of Washington ."
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Morning Humor- Carlin's view on aging - 07/09/09 09:54 AM

The Ride of your life - George Carlin - worth  reading every day -a keeper  Enjoy the ride; There is no return ticket  George Carlin on aging! (Absolutely Brilliant)IF YOU DON'T READ THIS TO THE VERY END, YOU HAVE LOST A DAY IN YOUR  LIFE. AND WHEN YOU HAVE FINISHED, DO AS I AM DOING AND SEND IT ON.
George Carlin's Views on Aging Do you realize that the only time in our lives when we like to get old  is when we're kids? If you're less than 10 years old, you're so excited  about aging that you think … (0 comments)

California is cutting off applications for a tax credit that was designed to promote sales of new homes. - 07/06/09 11:41 AM
 
 
California is cutting off applications for a tax credit that was designed to promote sales of new homes. The Franchise Tax Board said it would stop taking applications for the tax credits at midnight Thursday. The program offered $100 million in credits to about 10,000 consumers who buy homes that have never been occupied. The credit is equal to 5% of the purchase price or $10,000, whichever is less. Buyers must occupy the homes for at least two years immediately after the purchase. The tax board expects to have received 12,000 applications. … (1 comments)

Mortgage Market Report - 07/06/09 10:42 AM
Market OutlookMonday, July 06, 2009 7:20 AMPrice Trend: NegativePrice Volatility: High_________________________________________________________________Current Conditions: Today’s Economic Data (all times PST)FNMA 4.5 99-29 (-3) ISM Services 7:00GNMA 4.5 99-28 (-4)10yr Yield 3.549%_________________________________________________________________Commentary:Bonds are down this morning after the release of the ISM Services report posted its best result in ninemonths. The employment and new orders segments of the report are what boosted the overall index.The rest of the week has a light economic calendar. Bond prices will be heavily influenced by Treasuryauctions this week, though.This Week’s Calendar:Date ET Release For Actual Consensus PriorJul 06 10:00 a.m. ISM Services Jun 47.0 46.0 44.0Jul 08 10:30 … (0 comments)

Mortgage Market Report - 07/02/09 10:16 AM
Market OutlookThursday, July 02, 2009 7:15 AMPrice Trend: PositivePrice Volatility: High_________________________________________________________________Current Conditions: Today’s Economic Data (all times PST)FNMA 4.5 100-00 (+3) Non-Farm Payrolls 5:30GNMA 4.5 100-02 (+4) Unemployment Rate 5:3010yr Yield 3.510% Jobless Claims 5:30Factory Orders 7:00_________________________________________________________________Commentary:The obvious focus this morning was the employment report. Job losses in June were more than expectedand came from just about every sector. The May number was revised lower but that did nothing to changethe opinion that this was a bad report. The unemployment rate rose slightly less than expected and hourlyearnings were flat. The flat earnings combined with a shorter average work week (33.0 … (0 comments)

Babs Boxer - 07/01/09 12:29 PM
I want the >world to know at least one scoundrel who >masquerades as a wise solon and a congress in >whose hand $trillions are spent without even reading the bills. > >Babs: > > > >You were so right on when you scolded the >general on TV for using the term, “ma’am,” >instead of “Senator.” After all, in the >military, “ma’am” is a term of respect when >addressing a female of superior rank or position. > > > >The general was totally wrong. You are not a >person of superior rank or position. You are a >member of one of the world’s most corrupt >organizations, the U.S. Senate, equaled only by … (0 comments)

Do You Miss This Guy? - 07/01/09 10:44 AM
DO YOUMISS THIS GUY? I sure do!    'Here's my strategy on the Cold War:We win, they lose.'- Ronald Reagan'The most terrifying words in the English language are: I'm from the government and I'm here to help.'-Ronald Reagan'The trouble with our liberal friends is not that they're ignorant; it's just that they know so much that isn't so.' Ronald Reagan'Of the four wars in my lifetime, none came about because the U.S.  was too strong.'- Ronald Reagan'I have wondered at times about what the Ten Commandmentswould have looked like if Moses had run them through the U.S. Congress.' - Ronald Reagan'The taxpayer: That's … (0 comments)

Mortgage Market Watch - 07/01/09 10:11 AM
Market OutlookWednesday, July 01, 2009 7:05 AMPrice Trend: NegativePrice Volatility: High_________________________________________________________________Current Conditions: Today’s Economic Data (all times PST)FNMA 4.5 99-18 (-4) ADP Employment 5:15GNMA 4.5 99-19 (-3) ISM Index 7:0010yr Yield 3.579% Construction Spending 7:00Pending Home Sales 7:00_________________________________________________________________Commentary:This morning the market is continuing to adhere to the idea that less bad equals good. The ADPemployment report showed less job losses in June than in May. The pace of contraction in themanufacturing sector of the economy slowed marginally in June. Construction Spending decreased in May.The lone bright spot is that contracts for sales of existing homes increased 0.1% in May. Once again, … (0 comments)

Wordless Wednesday - 07/01/09 10:10 AM

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Morning Humor - 07/01/09 10:08 AM
Just before the funeral services, the undertaker came up to the very elderly widow and asked, How old was your husband?''98,' she replied, 'Two years older than me''So you're 96,' the undertaker commented.She responded, 'Hardly worth going home, is it?
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