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MBS RECAP: 2/8/2012	2/8/2012 3:17 PM
Posted To: MBS Commentary MBS Live : MBS RECAP Open MBS Live Dashboard FNMA 3.5 103-28 : +0-04 FNMA 4.0 105-21 : +0-02 FNMA 4.5 106-25 : +0-01 FNMA 5.0 108-01 : +0-01 GNMA 3.5 105-08 : +0-02 GNMA 4.0 107-32 : +0-03 GNMA 4.5 109-09 : +0-03 GNMA 5.0 110-31 : +0-02 FHLMC 3.5 103-18 : +0-05 FHLMC 4.0 105-07 : +0-01 FHLMC 4.5 106-08 : +0-02 FHLMC 5.0 107-24 : +0-03 Pricing as of 4:04 PM EST Afternoon Market Updates A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBS Live Dashboard . 1:28PM : ALERT: Limited Reaction to Good-But-Not-Great 10yr Auction Bond markets have reacted in a generally positive way to today's 10yr note auction. The high-yield awarded was 1.1 bps lower than "when-issued" yields just before the release (this is bond-market friendly as it means that yields were...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Mortgage Rates Flat to Slightly Improved After Auction, Greece News	2/8/2012 2:46 PM
Posted To: Mortgage Rate Watch For several sessions in a row, Mortgages Rates have moved in the opposite direction from the previous session, although even the bigger examples of these movements haven't been enough to nudge 3.875% out of the "best-execution" position. The same back-and-forth movement continued today as rates improved ever so slightly after rising slightly yesterday. Keep in mind, that the term "rates" in this context refers to the combination of the interest rate itself and the closing/borrowing costs required to obtain that rate. We explain more about Best-Execution calculations in THIS POST . Also in the same vein as yesterday, today's market movement began in reaction to headlines surrounding Greece's ongoing negotiations with creditors (the 3 official creditors, the ECB, IMF, and European Commission...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Mortgage Rates Flat to Slightly Improved After Auction, Greece News	2/8/2012 2:10 PM
Posted To: MBS Commentary For several sessions in a row, Mortgages Rates have moved in the opposite direction from the previous session, although even the bigger examples of these movements haven't been enough to nudge 3.875% out of the "best-execution" position. The same back-and-forth movement continued today as rates improved ever so slightly after rising slightly yesterday. Keep in mind, that the term "rates" in this context refers to the combination of the interest rate itself and the closing/borrowing costs required to obtain that rate. We explain more about Best-Execution calculations in THIS POST . Also in the same vein as yesterday, today's market movement began in reaction to headlines surrounding Greece's ongoing negotiations with creditors (the 3 official creditors, the ECB, IMF, and European Commission...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Ally said to be Shopping Mortgage Unit	2/8/2012 1:05 PM
Posted To: MND NewsWire One of the financial institutions that are party to the reported settlement agreement with the attorneys general of the majority of the states is reportedly on the auction block. According to Bloomberg News, Ally Financial is talking with private equity firms about selling its mortgage unit, Residential Capital LCC , through a pre-package bankruptcy. Any sale of the company would be complicated by its recent financial history. The company was founded as General Motors Acceptance Corporation (GMAC) in 1919 by General Motors as an intermediary to provide financing for the purchase of its autos. Over the years it expanded into other types of lending and into real estate brokerage and adopted the acronym as its brand name. GMAC was hard hit by the housing crash and was one of the beneficiaries...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Bond Markets Improve Following 10yr Auction and Fed Selling	2/8/2012 1:01 PM
Posted To: MBS Commentary After the 10yr auction, production MBS and the long end of the yield curve didn't move much at first. But it now seems that some additional bid for the 10yr was on hold until after the Fed's Scheduled selling that ended at 2pm. As that was wrapping up, 10's made another move lower in yield to test the the pivot point just over 1.96% that can be seen in the chart below. First, here's the full text of the MBS Live alert that went out after the auction: Limited Reaction to Good-But-Not-Great 10yr Auction (1:28PM) Bond markets have reacted in a generally positive way to today's 10yr note auction. The high-yield awarded was 1.1 bps lower than "when-issued" yields just before the release (this is bond-market friendly as it means that yields were slightly lower than the street was expecting) and the...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Delinquencies, Foreclosures, and Inventories Improve in CoreLogic Data	2/8/2012 11:54 AM
Posted To: MND NewsWire According to CoreLogic, the Santa Ana California based provider of information and business services, there were a total of 830,000 foreclosures nationwide in 2011 compared to 1.1 million in 2010. The most recent monthly numbers, for December 2011, were down from foreclosures both a month earlier and in December 2010. There were 55,000 foreclosures during the month of December, a drop of 2,000 from the November total and a significant decrease from a year earlier when there were 67,000, a -15 percent change. According to CoreLogic, there have been approximately 3.2 million foreclosures since the beginning of the financial crisis in September 2008. The foreclosure inventory - the stock of homes in the process of foreclosure - also decreased on an annual and accelerating basis. There were 1.4...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Missouri Goes After Processor DocX; Wells Now #1 Servicer; Rural Streamlines	2/8/2012 10:59 AM
Posted To: Pipeline Press What, exactly, qualifies a person as "rich"? It depends who you are - here in the States the wealth of the top 1% is about 225 times greater than that of the typical family, compared to 125 times in 1962, and the cumulative wealth of the Forbes 400 was $1.54 trillion, equal to worth of the bottom half of American families . Household net worth has been falling, and a recent Gallup poll states that the median income to be considered "rich" is $150,000 a year, up from the $120,000 that qualified a person as rich in 2003. Amongst different demographics, however, what makes one "rich" is relative. About 15% of respondents said it would take $1 million a year or more to fall into that category, but three in 10 say that they'd qualify as prosperous even pulling in less than six figures. About half...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS MID-DAY: 2/8/2012	2/8/2012 10:17 AM
Posted To: MBS Commentary MBS Live : MBS MID-DAY Open MBS Live Dashboard FNMA 3.5 103-26 : +0-03 FNMA 4.0 105-20 : +0-01 FNMA 4.5 106-23 : -0-01 FNMA 5.0 108-00 : -0-01 GNMA 3.5 105-09 : +0-03 GNMA 4.0 107-31 : +0-02 GNMA 4.5 109-06 : +0-00 GNMA 5.0 110-30 : +0-00 FHLMC 3.5 103-16 : +0-02 FHLMC 4.0 105-03 : -0-03 FHLMC 4.5 106-04 : -0-02 FHLMC 5.0 107-22 : +0-01 Pricing as of 11:03 AM EST Morning Market Updates A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBS Live Dashboard . 9:46AM : ALERT: Bond Markets Bounce Back To Breakeven Levels After Overnight Weakness News that the ECB would turn over it's Greek bond holdings to the EFSF in exchange for EFSF bonds of higher amounts, provides another potential reason that yesterday’s planned meeting among Greek leaders to approve the terms...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Refinancing Apps Rise on Record Low Rates	2/8/2012 7:58 AM
Posted To: MND NewsWire Mortgage rates broke another set of records during the week ended February 3, establishing several new historic lows. In response, the seasonally adjusted Mortgage Bankers Association's (MBA) Market Composite Index, a measure of mortgage application volume , rose 7.5 percent and 8.7 percent on an unadjusted basis. The increases were driven solely by refinancing which represented 80.5 percent of total applications for the week, up from 80.0 percent the previous week. The Index measuring applications for refinancing increased 9.4 percent over that of the week ended January 27 but the seasonally adjusted basis the Purchase Index ticked up only 0.1 percent. The unadjusted Purchase Index was 6 percent higher than in the previous week and 4.1 percent lower than during the same week in 2011. The four...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Day Ahead: 10yr Auction And Another Probable Greek Deadline Miss	2/8/2012 7:06 AM
Posted To: MBS Commentary The theme of light economic data continues on Wednesday with MBA Mortgage Apps being the only item of note. Even then, it's only notable due to it's pertinence to our industry and is not a market mover. Both the refi and purchase indexes snapped 3 week losing streaks with the Purchase Index just barely improving. The Refi Index on the other hand, rose a hefty 9.4% from 4113 to 4500 as the MBA reported average rates dropped from 4.09 to 4.05. The other part of the weekly theme is that the light economic data is punctuated by scheduled and unscheduled market movers. On the scheduled front, the most promising contender is the 1pm Auction of $24 billion of new 10yr Notes. Refundings over the past year have generally met with lighter demand than reopenings with the last 4 averaging 3.02 as opposed...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.