[MBS Commentary] – MBS RECAP: Mortgages Outperform As Headlines Batter Treasuries

MBS RECAP: Mortgages Outperform As Headlines Batter Treasuries

Posted to: MBS Commentary
Monday, December 31, 2012 4:06 PM

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Today’s headlines generally erred on the site of optimism for some sort of stop-gap Fiscal Cliff agreement and Treasuries began taking their lumps early and often.  10yr yields came in the door just under 1.7 but went out in the mid 1.75’s.  In terms of price, that was a 16 tick loss for 10yr Treasuries.  Contrast this to Fannie 3.0 MBS, which hit the 2pm early close a scant 3 ticks lower at 104-25 and the outpeformance is clear.  There was no relevant economic data released during today’s shortened session, and as-expected, the market was exclusively focused on the on-again/off-again Fiscal Cliffhijinks that played out in various speeches from political leaders.  This ultimately ended with the news that the House isn’t likely to vote on a mini-deal by midnight–news conveniently timed about 3 minutes after stock markets closed.  It’s no real bombshell, however, as futures markets are still open and didn’t manifest a panicked reaction.  It’s also not a bombshell because it’s no surprise that things don’t happen efficiently, smoothly, as-expected, or as-promised in Washington.  Fiscal-Cliff dealings have been a nauseating reminder of that fact.  NOTE: BOND MARKETS ARE CLOSED FOR NEW YEARS DAY TOMORROW.  Normal trading hours will resume on Wednesday morning

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[Mortgage Rate Watch] – Mortgage Rates Higher As Washington Scrambles For Fiscal Cliff Deal

Mortgage Rates Higher As Washington Scrambles For Fiscal Cliff Deal

Posted to: Mortgage Rate Watch
Monday, December 31, 2012 1:26 PM

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Mortgage rates moved moderately higher to end the year, reversing last week’s trend of small improvements.  In Washington, Fiscal Cliff negotiations have seemingly come to a head with a deal still possible before midnight tonight.  That possibility has bond markets more cautious today, and although mortgage-backed-securities have been less damaged than Treasuries in the process, it’s been enough to raise borrowing costs on the prevailing Best-Execution rate of 3.375% for conventional 30yr fixed loans.  Markets and Mortgage Lenders will be closed for New Years Day tomorrow.

Whether or not we get some sort of Fiscal Cliff deal by tonight, the fact remains that any attempts to reduce spending and/or increase taxes amounts to “austerity.”  Opinions and predictions as to how the US economically copes with austerity can justifiably vary, though the consensus is certainly that austerity makes growth more difficult.  In that regard, a Fiscal Cliff deal doesn’t have a negative connotation for rates in the long term (because it would take stronger and more sustainable improvements in the economy to support higher rates).

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[MBS Commentary] – MBS MID-DAY: Slightly Weaker But Off The Lows

MBS MID-DAY: Slightly Weaker But Off The Lows

Posted to: MBS Commentary
Monday, December 31, 2012 11:06 AM

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With Japanese markets closed, overnight trading activity was light.  10yr Treasuries began the European hours in slightly weaker Territory than Friday’s worst levels, but improved into the domestic open.  This helped MBS  come in the door right in the middle of Friday’s range, but bond markets sold-off moderately on a series of Fiscal Cliff headlines.  None of the news was meaningful or specific, but markets seem to be giving some consideration to lack of negative headlines.  In other words, traders have arrived this morning to see some equivocal-but-not-negative Fiscal Cliff headlines, and for lack of a more elegant way to put it, that’s better than nothing.  Despite the small dose of weakness, 104-24 has been supportive for Fannie 3.0s for all but a few of the spikier moves.  NOTE: bond markets close early today.  Make sure you’re up to speed on any changes to lock desk times, and keep in mind that politicians may well drop tape bombs tonight and tomorrow that markets won’t have a chance to respond to until Wednesday.  That means that if some iteration of a Fiscal Cliff deal happens to pass, and if bond markets are going to sell-off as a result, that they will be selling off heavily on Wednesday morning, BEFORE rate sheets come out.  

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[Pipeline Press] – Mortgage Jobs Heading into 2013; Several States’ Minimum Wages to Rise Tomorrow; Agency and Investor Updates Continue

Mortgage Jobs Heading into 2013; Several States’ Minimum Wages to Rise Tomorrow; Agency and Investor Updates Continue

Posted to: Pipeline Press
Monday, December 31, 2012 8:25 AM

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As our nation prepares to begin the new year, the U.S. Census Bureau today projected that on Jan. 1, 2013, the total United States population will be 315,091,138. This represents an increase of 2,272,462, or 0.73%, from New Year’s Day 2012. We are currently seeing a rate of one birth every eight seconds in the United States and one death every 12 seconds. And you heard this “who cares?” news here first: Kim Kardashian is pregnant with Kanye West’s baby. But we digress…

Lenders continue to expand! As previously mentioned in this column, iServe is a growing national GNMA approved issuer and a “one-stop shop focused upon speed and quality of service.” iServe is hiring NMLS licensed Originators, Branch Managers and Regional Managers in key markets throughout the United States. Check its website for all 22 of the licensed states at joiniserve.com or email joiniserve@iservelending .com. For Regional Manager opportunities email Ken Michael at kmichael@iservelending .com. All inquiries are held in strict confidence.

And speaking of expansion, Colorado State Bank & Trust Mortgage Group is hiring several Mortgage Loan Originators and Sales Managers for various offices throughout Colorado. CSBT is a subsidiary of BOK Financial Corporation (NASDAQ symbol: BOKF) a $27 billion financial holding company, and CSBT itself dates back to 1908.  “We’re proud of our heritage and pleased at our long-time role in the Colorado banking community. CSBT’s Loan Originators can expect an aggressive commission structure, competitive pricing, niche products including 100% LTV’s with no MI, 80/10/10s & 97% LPMI, and local processing, underwriting and closing teams to support you and all of your sales efforts.”  Interested applicants should SVP, Gary Tackett at gtackett@csbt .com or visit the website

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[MND NewsWire] – Another Multi-Billion Dollar Foreclosure Abuse Settlement Likely

Another Multi-Billion Dollar Foreclosure Abuse Settlement Likely

Posted to: MND NewsWire
Monday, December 31, 2012 9:07 AM

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Fourteen large banks appear ready to pony up another $10 billion to end allegations of foreclosure abuse.  According to the New York Times, the settlement would end federal investigations into the bank’s purported faulty paperwork and excessive fees.

Unlike the $25 billion settlement between all but one of the states’ attorneys general and some federal agencies completed earlier this year, the lion’s share of the new settlement would go to homeowners.  An estimated $3.75 billion would be used to compensate those already foreclosed and evicted from their homes and $2.25 billion would be used to assist other distressed borrowers to stay in their homes through principal reduction or other loan modifications or by helping those borrowers to refinance.    Under the earlier settlement $1.5 billion was to be used for cash relief to borrowers and some states have made attempts to divert their share of that amount into state treasuries…

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[MBS Commentary] – The Week Ahead: Washington’s Turn To Drop New Years Ball?

The Week Ahead: Washington’s Turn To Drop New Years Ball?

Posted to: MBS Commentary
Sunday, December 30, 2012 10:16 PM

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Both chambers of Congress worked over the weekend to ensure that no Fiscal Cliff deal would accidentally get passed or announced before the last possible minute.  On Fox News, Senator Graham said that chances for a deal are “exceedingly good.”  A few hours later, Majority Leader Reid spoke on the Senate floor saying that “there are still significant differences between the two sides,” but that the Senate intended to continue negotiations.  Just over an hour later, the Senate adjourned, and will reconvene at 1100am EST.

We can only assume that Senator Graham was reprimanded by both sides of the aisle for being overly optimistic on air and that the comically late 11am start time is to help preserve the illusion of strife in Washington as long as possible.  To that end, who knows what the theoretical deadline actually might be!  Some have suggested that we have to make it through Boehner’s re-election as House Speaker before more progress can be made (Jan 3rd) while others are hoping for an 11th hour deal on Monday night.

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[MBS Commentary] – MBS RECAP: Jostled By Cliff Headlines, Bond Markets Come Out On Top

MBS RECAP: Jostled By Cliff Headlines, Bond Markets Come Out On Top

Posted to: MBS Commentary
Friday, December 28, 2012 4:06 PM

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For a trading day that had a good amount of potential for volatility, today turned out the be pretty tame, especially for MBS which held a 6 tick range from open to close.  Things kicked off in moderately improved territory and silently held a super narrow range near yesterday’s highs (104-29 to 104-30) in anticipation of Fiscal Cliff news ahead of weekend attempts at deal-making.  Like clockwork, the first headlines of the day hit just before 11am and caused a series of minor shocks for Treasuries and MBS.  A majority of bond market volume had come and gone in the hour following those headlines.  Markets did more drifting vs determined trading until new headlines out of the White House landed around 3:30pm indicating that Obama was not actually making a new offer at today’s Fiscal Cliff meeting (this seemed to be the suggestion of the morning’s headlines).  S&P’s sold off 10 points by the close and Futures are currently down 20 points from the pre-headline highs.  Bond markets only got a small taste of that “risk-off” move, though Treasuries hit their best levels of the day and MBS reinforced a supportive range into the close.

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