credit markets: Treasury announces their Fannie, Freddie bailout - 07/13/08 06:13 PM
This evening the US Treasury just announced their rescue plan for mortgage giants Fannie Mae and Freddie Mac which combined insure over $5T in mortgages and are currently accounting for the majority of all mortgage lending taking place. The three main points of the rescue plan:
1. The US Treasury with … (20 comments)
|
credit markets: The states AG's pile on Countrywide - 06/26/08 01:03 AM
This morning, something happened many had a pretty good idea was in the works, the attorney generals for three states (California, Washington and Illinois) formally filed lawsuits against Countrywide for fraudulent or discrimatory lending practices. The filing of these lawsuit happened soon after Countrywide shareholders approved the planned acquisition by Bank … (20 comments)
|
credit markets: A jumbo cram down: Bank lobbyists 1, Tax payers 0 - 02/21/08 08:06 PM
This post is a break off of one item in my post Your credit market update and some of the comments, particularly one from Michael Tarabotto. As most people an economic stimulus bill was recently passed. This bill includes several items that are supposed to help the economy and particularly the … (9 comments)
|
credit markets: Nice recovery in the ten year treasury today - 02/21/08 07:06 PM
Finally some news that should be positive for mortgage rates. The 10 year treasury bond rallied pretty good today (yields down). The yield dropped closed the day at 3.78% down from 3.92% just the other day. All things being equal this should provide some relief to fixed mortgage rates from the … (9 comments)
|
credit markets: Your credit market update - 02/19/08 11:04 PM
I thought I'd just do a brief recap of some of the happenings in the credit markets, which of course have significant effects on mortgage rates.
The "monolines"
No, big earth shattering news out of them, yet. MBIA joined FGIC and Ambac in saying they were now working with regulators to explore … (18 comments)
|
credit markets: Monoline update - Bring on the lawyers - 02/16/08 11:32 AM
The saga of the monoline credit insurers (MBIA, Ambac, FGIC, etc) continues to get more interesting and move faster. What happens with these companies has an enormous impact on the credit markets, from mortgage backed securities to municipal bonds. This week for the first time we've had some extensive failures in … (13 comments)
|
credit markets: Spitzer is on the war path... - 02/14/08 01:37 PM
Lawyers rev up your engines, Eliot Spitzer is on the war path. While he likes to grand stand with the best of them, his words usually turn into major actions. It started with this letter published in the Washington Post this morning.
Predatory Lenders' Partner in Crime
"Several years ago, state attorneys general … (11 comments)
|
credit markets: Munis, monolines and Buffett's offer you "can't" refuse - 02/12/08 10:01 PM
Ok, this is not a real estate related post, but there's so many interesting things taking place in the credit markets right now. For anybody that doesn't know what the monoline insurers are, or why they are making headlines right now you might want to read my post "What are the … (14 comments)
|
credit markets: Oh boy, Credit Crunch round #4 - 02/12/08 06:51 PM
Ding, ding, ding...
Looks like Round #4 of the credit crunch is just about to start. I wrote a few months ago in Credit Problems - Round 3 how drops in the ABX indices foretold the major credit problems in Feb, Aug, and then the ones in Nov a few weeks in … (14 comments)
|
credit markets: Amazing decline in non-agency mortgage debt - 02/12/08 06:09 PM
Below is a chart showing pretty clearly the crunch effecting the mortgage industry right now. "Non Agency" refers to mortgage backed securities not issued by the GSE's such as Fannie, Freddie and Ginnie. Not sure much more needs to be said on this one, wow...
… (7 comments)
|
credit markets: Bond market puts the smackdown on the US Treasury - Rates up - 02/07/08 01:58 PM
The treasury department periodically holds auctions to sell US Treasuries to fund the government debt. Today they held one for 30 year treasury bonds and to put it simply, buyers didn't show up. It was the worst auction results EVER for the treasury department with 90% of the bonds going to … (17 comments)
|
credit markets: Why the FED may cut deeper soon, and the scary implications... - 02/05/08 12:04 PM
Ok, just a warning before reading any further, if you are having a good day, don't proceed as this post may be a little disturbing...
In the last several week the FED has cut the target overnight rate by 125 basis points. It's the most they've cut in a single quarter in … (16 comments)
|
credit markets: What are the Monolines and why is everybody trying to bail them out? - 02/03/08 05:57 PM
One of the big stories that has finally started to hit the mainstream media in the last week or two has been the Monoline credit insurures and everybody from banks to the government trying to arrange a bail out for them. I thought I'd try to put together another one of … (34 comments)
|
credit markets: HELOC lock downs become more extensive - 02/02/08 01:56 AM
A little over a month ago I wrote about a certain lender (WaMu) starting to lock down the HELOCs of their customers, preventing them from tapping them further. Today the LA Times had a good article on this subject and the fact these lock downs are starting to become much more … (14 comments)
|
credit markets: Fed target rate down, mortgage rates up - 02/02/08 01:05 AM
So over the last 2 week the FED has cut their target interest rate a full 125 basis points and credit demand has plummeted off a cliff. Guess what 30 year mortgage rates are pretty much unchanged from a week ago after initially dropping after the cuts. Below is a chart … (10 comments)
|
credit markets: Credit Problems - Round 3 - 10/27/07 12:06 AM
I've written several times in the past on this blog about current events in the credit markets that have a huge impact on the overall economy but in particular the mortgage industry. I thought I'd give another update...
Back in February we saw Round 1 of the credit problems brought to the … (13 comments)
|
credit markets: What's going on in the credit markets? - 08/10/07 06:27 PM
I thought I'd follow up my post from yesterday with an explanation of some of what is happening in the credit markets during the last two days. Some people may have seen some headlines about the federal reserve injecting billions of dollars into the banking system along with ECB (European Central … (22 comments)
|
credit markets: Subprime meltdown and the real estate market - 03/13/07 03:22 PM
Watching the meltdown in the subprime market the last couple weeks has been kinda shocking. The fact that it's happening or even how fast it's happening isn't the shocking part, it's the fact that how many people act totally surprised by it, is what gets me. The lending standards, particularly over the … (45 comments)
|
;)
Links;)
Tags (Tag Cloud);)
Archives
