Housing Mortgages Information

AG Holder Announces Structure of MBS Fraud Unit

January 27, 2012 – 10:36 am
Posted To: MND NewsWireThe formation of the Residential Mortgage-Backed Securities Working Group tasked with investigating mortgage fraud is now official. The new office, which will be part of the Administrations Financial Fraud Enforcement Task Force (FFETF) was first announced by President Obama in his State of the Union speech on Tuesday. At a press conference this morning (video below), Attorney General Eric Holder along with Housing and Urban Development (HUD) Secretary Shaun Donovan, Securities and Exchange Commission (SEC) Director of Enforcement Robert Khuzami and New York Attorney General Eric T. Schneiderman, Holder outlined the mechanics of the working group which will bring together the Department of Justice (DOJ), several state attorneys general and other federal entities to investigate those responsible...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

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MBS End Week Near All Time Highs, But Benchmark Rally Momentum is Slowing

January 27, 2012 – 9:55 am
Posted To: MBS CommentaryThe trading day is rapidly growing uneventful and charts suggest that quite a few market participants already have one or more feet out the door for the weekend. The only real pop of volume and volatility was seen around this morning's GDP report, which was generally a mild boon to bond markets. Consumer Sentiment was close enough to consensus as to have been a non-event and everything since then has been even less so. Trading ranges are narrowing... Stocks and Bonds are following each other to a greater extent... and Volumes are rapidly dwindling... Unless something unexpected happens to cause a surge in volume and volatility, game over... bond markets win. Not only is the pivot point seen in the video a ceiling from yesterday, but it was a major ceiling from the day before, after the FOMC...(read more)Forward this article via email:  Send a copy of this ...

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MBS MID-DAY: 1/27/2012

January 27, 2012 – 8:19 am
Posted To: MBS CommentaryMBS Live : MBS MID-DAY Open MBS Live Dashboard FNMA 3.5 103-18 : +0-02 FNMA 4.0 105-17 : +0-02 FNMA 4.5 106-25 : +0-00 FNMA 5.0 108-01 : +0-01 GNMA 3.5 104-31 : +0-01 GNMA 4.0 107-21 : +0-00 GNMA 4.5 109-06 : -0-03 GNMA 5.0 110-30 : -0-02 FHLMC 3.5 103-12 : +0-02 FHLMC 4.0 105-09 : +0-02 FHLMC 4.5 106-09 : +0-01 FHLMC 5.0 107-17 : +0-01 Pricing as of 11:04 AM EST Morning Market Updates A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBS Live Dashboard . 10:15AM : Fed's Dovish Dudley Says Recovery to Slow in 2012 RTRS – Fed’s Dudley says much work remains to achieve Fed's dual mandate of employment, price stability RTRS - monetary policy will continue to do its part to support recovery RTRS - action on housing, fiscal policy also needed ...

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LPS: Mortgage Originations Among Highest Quality Ever in 2010-2011

January 27, 2012 – 8:15 am
Posted To: MND NewsWireThe Lender Processing Services (LPS) Mortgage Monitor Report for December show improvement in a number of the metrics it tracks. Many measures of delinquency rates are down, inventories are clearing in some states, and recent loan originations are "among the best quality on record." The overall delinquency rate did not change from November, remaining at 8.15 percent but is down 7.7 percent since December 2010. Seriously delinquent loans, those 90 or more days overdue or in foreclosure decreased 0.6 percent to 7.67 percent, a -5.9 percent change from one year earlier. The foreclosure rate which was 4.16 percent in November fell to 4.11 percent in December and is down 1.0 percent year-over-year. Foreclosure starts showed the most dramatic change. There were 159,092 starts in December compared...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

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What Should the Government do to Address the Inventory of Foreclosed Properties?

January 27, 2012 – 7:06 am
Posted To: Voice of HousingEconomists calculate that the decline in home prices has cost American homeowners approximately $7 trillion in home equity. Compounding this problem is the fact that the inventory of homes available for sale remains high and there is potential for a significant volume of “shadow inventory” to hit the market. Intervention is necessary to support the fragile recovery in the housing market and to prevent further declines in home values. What steps must policy makers take to prevent the loss of additional trillions in home equity? The abundant supply of homes available for sale presents opportunities for first-time homebuyers and “move-up” buyers as affordability is at an all-time high. Many, however, are hesitant to make a move as they wait for values to reach “bottom...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

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California Says “No Thanks”; FHA Compare Ratio, and Lender FHA Changes not to be Ignored

January 27, 2012 – 6:44 am
Posted To: Pipeline Press"The trouble with quotes on the internet is that it's difficult to determine whether or not they are genuine." So said Abraham Lincoln. But here is one I received yesterday from Steve S., the president of Residential Mortgage Group in Minnesota: "In thinking about the mortgage programs being proposed, we continue to be too stupid to have our own country." And another from a broker discussing signing documents with his clients: "Anyway, I had an older married couple come in to sign refinance papers this morning and when they got to the page entitled 'Intent to Proceed with Application,' the husband threw up his hand and said, 'You mean we sign and initial 29 times and they still think we don't intend to proceed? Monkeys! We are governed by Monkeys!'" These blunt thoughts reflect many e-mails...(read more)Forward this article via email:  Send a copy of this story to ...

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The Day Ahead: GDP, Consumer Sentiment, and Euro Headline Potential

January 27, 2012 – 4:56 am
Posted To: MBS CommentaryVolume in the overnight session was just under recent averages but respectable overall. 10yr Treasuries rose as high as 1.9681 after a relatively strong Italian debt auction. Beyond that, there was no major driver of trade as it seems bond markets have opted to shy away from overly aggressive bullish breakouts and are perhaps waiting for this morning's GDP, next week's NFP, or resolution to Greek bond-swap talks that may come some time in between. MBS are opening 2-3 ticks lower; S&P futures just slightly higher, but generally followed bond markets overnight. The world economic forum in Davos continues. The schedule is packed with what sound like meaningful events, such as a "panel debate on the future of the Euro-zone," but as always, we'll have to wait for potentially meaningful news...(read more)Forward this article via email:  Send a copy of this story to someone you know that may ...

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MBS RECAP: 1/26/2012

January 26, 2012 – 1:19 pm
Posted To: MBS CommentaryMBS Live : MBS RECAP Open MBS Live Dashboard FNMA 3.5 103-14 : +0-13 FNMA 4.0 105-14 : +0-08 FNMA 4.5 106-23 : +0-06 FNMA 5.0 107-31 : +0-06 GNMA 3.5 104-29 : +0-15 GNMA 4.0 107-20 : +0-10 GNMA 4.5 109-08 : +0-08 GNMA 5.0 110-32 : +0-08 FHLMC 3.5 103-08 : +0-13 FHLMC 4.0 105-07 : +0-09 FHLMC 4.5 106-07 : +0-07 FHLMC 5.0 107-15 : +0-06 Pricing as of 4:03 PM EST Afternoon Market Updates A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBS Live Dashboard . 1:37PM : ALERT: MBS, Treasuries Settling -In Around Best Levels After 7 Yr Auction Although MBS aren't making any new highs, it's not uncommon to see a few lenders offer positive reprices when prices simply hold steady, especially when that steadiness is at the highs of the day (also highs ...

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Remodelers See Business Improving

January 26, 2012 – 12:17 pm
Posted To: MND NewsWireLike their home-building counterparts, remodelers who are members of the National Association of Home Builders (NAHB) are displaying more confidence in their industry than they have in years. The NAHB's Remodeling Market Index (RMI) for the fourth quarter of 2011 which measures remodelers' sentiments about their business climate rose to 46.6 its highest level in five year. In the third quarter the Index was 41.7. Like the Home Builders Index (HMI) the measures responses from home builders, the RMI surveys NAHB members who are involved in remodeling about current market conditions and about indicators of future conditions. Scores above 50 for the HMI, the RMI or their component indices indicate that more respondents view the market as good than view it as fair. In January the HMI hit a 54 month...(read more)Forward this article via email:  Send a copy of this story to someone you know that may ...

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Mortgage Rates Continue To Solidify Bounce Back To Lows

January 26, 2012 – 12:17 pm
Posted To: Mortgage Rate WatchMortgages Rates over the past two days have done much to make ground lost leading up to Yesterday's FOMC Announcement. After further improvements today, rates further solidified their reentry into 3.875% 30yr Fixed Best Execution levels. (for detail on what that means, READ THIS POST from a few days ago). The rounded average of various lenders' Best-Ex rates had moved up to 4.0%, and more than a few lenders are still well-priced there, but a majority are once again offering 3.875% with attractive borrowing costs. Yesterday's FOMC Announcement (Federal Open Market Committee or simply "The Fed") which surprised some market participants with it's inclusion of new verbiage describing how long the Fed anticipated that it would keep its "Fed Funds Rate" at so-called "exceptionally low levels," continues...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read ...

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