jumbo: Market Snapshot
- 05/10/11 03:26 AM
Treasuries and mortgages opened soft early this morning but by 9:00 were recovering with only minor price declines. No scheduled data today; most attention focused on the dollar and continuing concerns over Greece's debt. There was no additional news from the ECB or Greece over the weekend however. Last week the euro fell the most in a week since back in 2008 with concerns Greece would not be able to survive in the EU, this morning the dollar is slightly weaker against the currency. A weakening dollar continues to support US bond markets.
Crude oil fell almost $17.00, gold dropped … (1 comments)
jumbo: Market Snapshot
- 05/05/11 05:26 AM
Treasuries and mortgage markets better again this morning with the stock market weaker. Crude oil, gold, silver and other commodities lower as the commodity bubble continues to burst. At 8:30 more bad news for the economy, weekly jobless claims were expected to have declined 29K they increased 43K to 474K, the biggest increase since Aug 2010. Continuing claims increased to 3.733 mil frm 3.659 mil. The 4 wk average now at 431,250; 400K is considered pivotal by many analysts, not sure why other than its an easy rounded number. A huge shock to markets with many still professing economic improvement; that view has … (0 comments)
jumbo: May 5, 2011: Deutsche & MortgageIT, BofA & Countrywide; Freddie doesn't need money this time around; lots of investor u/w adjustments
- 05/05/11 05:24 AM
May 5, 2011: Deutsche & MortgageIT, BofA & Countrywide; Freddie doesn't need money this time around; lots of investor u/w adjustmentsRob Chrisman Cinco de Mayo does not mark the discovery of tequila, but instead celebrates the legendary Battle of Puebla on May 5, 1862, in which a Mexican force of 4,500 men faced 6,000 well-trained French soldiers. The 4-hour battle ended in a victory for the Mexican army under Gen. Ignacio Zaragoza. But the other, tragic, fabled story of this date can be found at the end of this commentary.Lenders should note that the median age of US residents of Mexican … (0 comments)
jumbo: Market Snapshot
- 05/04/11 04:10 AM
Slightly weaker this morning in the bond and mortgage markets after the 10 yr hit 3.25% yesterday, more of a psychological level than technical but still a level that may be tested before it tries breaking lower. The outlook for lower rates remains in tact, however at these levels to work lower won't be an easy ride.
ADP reported its estimate for non-farm private jobs at 8:15 this morning; 179K jobs is their estimate, forecasts were for 200K. The increase in April is the lowest estimate from ADP this year and emphasizes employment gains are far below what is needed to get the … (0 comments)
jumbo: May 3, 2011: Resistance to quick financial reform; Barclays' thoughts on non-agency refinancing; misc. lender updates
- 05/04/11 04:07 AM
May 3, 2011: Resistance to quick financial reform; Barclays' thoughts on non-agency refinancing; misc. lender updatesRob Chrisman This plan is simple, like my brother-in-law Tony. But unlike Tony, this plan just might work.When an originator locks a loan with an investor on a best-efforts basis, and the loan funds, they deliver it (one assumes). If the loan doesn't close, they have nothing to deliver, and there is no penalty (within certain limits). When an originator locks a loan with an investor on a mandatory basis, and it funds, the originator delivers it, and when it doesn't fund, the originator is "on … (0 comments)
jumbo: Market Snapshot
- 05/04/11 04:06 AM
A better start this morning after a generally unchanged session yesterday. Markets working on the after impact (if any) frm the news Osama is dead. Yesterday the equity markets made an attempt to rally on relief but ended the session slightly weaker, the bond and mortgage markets saw no safe haven moves based on the view that Islamic terrorists would take revenge in the US with attacks. Crude oil ended lower as did gold; it appears that killing Bin Laden has had little impact. Had we gotten him seven yrs ago it may have had a different impact. After 10 yrs … (0 comments)
Occasionally I receive e-mails that are worth saving. Like the one where someone wrote, "Your vocabulary is as bad as, like, whatever." And some websites are worth saving, like this one that tells the viewer what states/counties have been declared disaster areas by our government: FEMAUpdates.
Happy Asian/Pacific American Heritage Month, which was originally 3 days that extended from May 7th (the arrival in the US of the first Japanese immigrants in 1843) and May 10th (the completion day in 1869 … (0 comments)
jumbo: Market Snapshot
- 05/04/11 04:03 AM
Early on this morning the bond and mortgage market prices were lower, gold lower and crude oil down; the stock indexes rallying----initial reactions to Osama Bin Laden being killed. At 7:30 the 10 yr note -9/32, crude off $2.50 (at 10:00 up on the day) and gold down $7.50, mortgages opened -5/32 (.15 bp) frm Friday's close. Some safety trades being lifted was the rationale but we doubt there was that much safety concerns over Bin Laden ion the markets. By 9:00 the 10 yr recovered early price declines with mortgages back to unchanged.
Finally Bin Laden is dead, it took almost 10 yrs … (1 comments)
jumbo: Uniform Mortgage Data Program and Appraisals; Bank MBS Holdings; Obtaining IRS Tax Transcripts;
- 04/29/11 05:04 AM
Uniform Mortgage Data Program and Appraisals; Bank MBS Holdings; Obtaining IRS Tax Transcripts; by Rob Chrisman Do boom and bust cycles in real estate only happen in the United States? Of course not: Boom&Bust Here's a campaign hitting the public: Zillow Mortgage Marketplaceis giving out Lowe's gift cards to borrowers who contact them for a quote between 4/28 and 5/4 and the loan closes before 7/5. The cards are worth up to $1,000 for SFH, primary residence, $250-417k, FICO greater than 720, LTV less than 80%, in certain states. Here you go: LowesZillow Is it my imagination, or does the public's … (2 comments)
Fun with numbers: Freddie Mac's mortgage delinquencies on single-family homes declined in March from both month- and year-earlier levels. March's delinquencies on single-family residences fell to 3.63% from 3.78% in February, according to Freddie's report, and were lower than the 4.13% rate reported for the year-earlier month. The rate has now decreased for four consecutive months. Before a two-month period of increases last year, the rate had fallen sequentially for three years. Its mortgage portfolio now stands at $2.14 trillion with single-family refinance-loan purchase volume of … (0 comments)
jumbo: Market Snapshot
- 04/28/11 07:24 AM
Treasuries and mortgages doing better this morning; prior to 8:30 the 10 yr was 6/32 and mtgs +3/23 (.09 bp). At 8:30 weekly jobless claims were thought to have declined 13K last week, as reported claims increased 25K to 429K frm 404K the previous week. Continuing claims did decline as unemployment compensation continues to run out fore many; 3.64 mil frm 3.709 mil. Also at 8:30 the advance look for Q1 GDP, +1.8% about where most had revised their estimates downward. A month ago Q1 GDP was thought to be up 3.0%. The price deflator (inflation read) +1.9% in line with estimates. … (0 comments)
jumbo: Market Snapshot
- 04/27/11 07:17 AM
A little weaker this morning in the rate markets; not really unexpected after the recent improvement in rates and ahead of an historic day with the chairman of the Fed holding a press conference for the first time ever. The FOMC meeting will conclude at 12:30 with its usual short policy statement, then at 2:15 Bernanke will hold a 45 minute press conference to answer questions. It is huge step for the Fed to open the chairman to the media, it also could be just another event that fails to meet expectations. If Bernanke doesn't allow follow up questions then he … (0 comments)
Huh? Maybe Freddie and Fannie are not going to evaporate, which many in the industry were not looking forward to anyway: MSNBCAgencies
One servicing manager from a large institution wrote to me and said, "If you look at the delinquencies at the agencies versus the market, Freddie & Fannie are a much smaller percentage. If FNMA and Freddie 'own' half the mortgages, but their delinquencies are much lower than other institutions during that time period who were buying loans, what does that … (0 comments)
The trivia for the day is, "Your tongue is the only muscle in your body that is attached at only one end." I bring this up because there will be plenty of them wagging at the MBA's Secondary Marketing conference next week about Qualified Residential Mortgages. The proposals are being commented upon (until June 10), and nothing is set in stone, but that doesn't, and won't, stop industry folks from conjecturing and asking investors about it. And investors next week, dressed in blue and gray … (0 comments)
jumbo: Market Snapshot
- 04/26/11 05:00 AM
US rate markets slightly better this morning but not much; the early trade in stock indexes were pointing to a better open on UBS earnings. The Fed begins its FOMC meeting today concluding tomorrow with the short policy statement at 12:30 then Bernanke's awaited press conference at 2:15.
At 9:00 the Case/Shiller Feb home price index; on the 20 city measurement prices fell 3.3% yr/yr and on the 10 city metro prices fell 2.6% yr/yr. No reaction to the data as usual, there isn't any improvement in the housing markets with prices continuing to fall and consumers seeing little compelling … (0 comments)
In terms of powerful world figures, how does the FDIC's Sheila Bair stack up against Lady Gaga or Katie Couric? ForbesList For the 1st quarter, the big four banks originated a combined $186 billion in residential mortgages, down 33% from the $281 billion home loans written in the previous quarter, according to their financial statements. Servicing costs were up, each bank still has hundreds of millions of dollars in reserves for buybacks on defaulted loans, and thousands of full-time … (0 comments)
jumbo: Market Snapshot
- 04/21/11 06:13 AM
A little better start today in the rate markets while the stock indexes early were pointing to another better open at 9:30. More earnings reports late yesterday coming better than expected. At 8:30 weekly jobless claims were widely expected to have declined 22K after increasing 27K the prior week; claims were down 13K to 403K, continuing claims declined to 3.695 mil frm 3.702 mil the week before. The 4 wk average on claims at 399K frm 396.7K. Claims remain elevated showing little progress recently after falling in Feb and Jan. A week ago the NFIB reported small business optimism, after improving … (0 comments)
The percentage of jumbo business that any originator does is, of course, very dependent on location. But what are borrowers thinking when it comes to obtaining a jumbo loan? Here's one take from Linda Stern with Reuters: JumboFuture
Wells Fargo does a decent business in jumbo loans (at least in its retail and wholesale channels), but as analysts continue to look at its earnings numbers, other items stand out that are indicative of the overall industry. Namely, loan … (0 comments)
jumbo: Apr. 20: Dodd Frank's potential impact on underwriting guidelines; bank earnings continue; Cantor's commercial deal; lender & investor news
- 04/20/11 08:21 AM
Apr. 20: Dodd Frank's potential impact on underwriting guidelines; bank earnings continue; Cantor's commercial deal; lender & investor newsLee Farkas, the former chairman of Taylor, Bean and Whitaker Mortgage Corp., was found guilty on all 14 charges stemming from a seven-year, multibillion-dollar fraud scheme that led to the collapse of his firm and Colonial Bank. Even the photo can make you cringe. WSJFarkas At this point Mr. Farkas is probably not interested that Cantor Fitzgerald sold $635 million of bonds backed by commercial mortgages in its first sale of the securities. Congrats to Cantor, who started its real-estate finance business in September. The … (2 comments)
Treasuries and mortgages opened soft early this morning but by 9:00 were recovering with only minor price declines. No scheduled data today; most attention focused on the dollar and continuing concerns over Greece's debt. There was no additional news from the ECB or Greece over the weekend however. Last week the euro fell the most in a week since back in 2008 with concerns Greece would not be able to survive in the EU, this morning the dollar is slightly weaker against the currency. A weakening dollar continues to support US bond markets.
;)
;)
