[MBS Commentary] – MBS RECAP: Mortgages Win Flatness Contest Vs Treasuries and Stocks

MBS RECAP: Mortgages Win Flatness Contest Vs Treasuries and Stocks

Posted to: MBS Commentary
Thursday, February 28, 2013 4:05 PM

Forward this email:  Send a copy of this story to someone you know that may want to read it.

Flatness…  That would be the best characterization for today’s range in MBS.  Even as Treasuries and equities futures whipped around mildly before the Stock open, MBS couldn’t be bothered to move outside a 3 tick range from 103-15 to 103-18.  Later in the day, the only semblance of drama in broader markets merely made for a 1 tick expansion of that range as MBS visited 103-14.  A-4-tick range is a rare occurrence for production MBS, and even rarer on month-end trading days.  Tomorrow brings an impressive glut of European economic data that may well set the tone for the domestic session unless morning data contains outrageous surprises.

(READ THE FULL POST)

 

More from MND:

 

If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/mortgage_rates/blog/298066.aspx

You were sent this email because you opted to receive email alerts when a new article was published to this Mortgage News Daily channel. To adjust your email settings:
Manage Your Email

Unsubscribe from all Email Communications

Forward this email:  Send a copy of this story to someone you know that may want to read it.

[Mortgage Rate Watch] – Mortgage Rates Aggressively Flat To End The Month

Mortgage Rates Aggressively Flat To End The Month

Posted to: Mortgage Rate Watch
Thursday, February 28, 2013 4:17 PM

Forward this email:  Send a copy of this story to someone you know that may want to read it.

Mortgage rates are even more sharply unchanged today than they were yesterday, which at least saw some consensus toward strength in the morning and weakness in the afternoon.  In contrast, today’s movements in the secondary mortgage market were completely flat (relative to their average range of motion).  This left nearly all lenders at liberty to put out one rate sheet in the morning and call it a day.  As such, 3.625% best-execution is unchanged, as are the average costs associated with that rate.  As has been the case, adjacent rates at 3.5 and 3.75 may be competitive depending on your scenario. 

(READ THE FULL POST)

 

More from MND:

 

If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/consumer_rates/298070.aspx

You were sent this email because you opted to receive email alerts when a new article was published to this Mortgage News Daily channel. To adjust your email settings:
Manage Your Email

Unsubscribe from all Email Communications

Forward this email:  Send a copy of this story to someone you know that may want to read it.

[Pipeline Press] – FHA and the Sequester; A Note in Defense of Builder Affiliate Relationships

FHA and the Sequester; A Note in Defense of Builder Affiliate Relationships

Posted to: Pipeline Press
Thursday, February 28, 2013 8:47 AM

Forward this email:  Send a copy of this story to someone you know that may want to read it.

I continue to see concerns in the market about the fate of “affiliate relationships” in a QM world, especially in regard to builder/lenders. (Remember that Debra Still, the chairman of the MBA, comes from PulteGroup.) Recently I received this e-mail, filled with questions: “Would not the ‘builder concession’ be considered a borrower paid cost because the price of the home they pay creates the funds for the concessions? Shouldn’t there be an anti-steering form that accurately reflects what the rate would be if the borrower obtained financing elsewhere and another form reflecting the cost of the home without concessions? Wouldn’t it be in the borrower’s best interest to require full consumer disclosure and awareness of the true cost with new construction? I have done lending for a ‘production builder’ I do understand and know how builder concessions work. Is there legislation in process that will address this practice?”

Besides, how high can home loan rates really go with the Fed saying it would continue its asset purchases…

 

(READ THE FULL POST)

 

More from MND:

 

If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/channels/pipelinepress/02282013-builder-mortgage-companies.aspx

You were sent this email because you opted to receive email alerts when a new article was published to this Mortgage News Daily channel. To adjust your email settings:
Manage Your Email

Unsubscribe from all Email Communications

Forward this email:  Send a copy of this story to someone you know that may want to read it.

[MND NewsWire] – Housing a Bright Spot in Fed’s Latest Household Debt and Credit Report

Housing a Bright Spot in Fed’s Latest Household Debt and Credit Report

Posted to: MND NewsWire
Thursday, February 28, 2013 3:16 PM

Forward this email:  Send a copy of this story to someone you know that may want to read it.

James McAndrews, Executive Vice President and Director of Research at the Federal Reserve Bank of New York told a Household Debt and Credit Press Briefing on Thursday that three and a half years after the end of the “Great Recession” expansion remains sluggish with both economic and job growth growing more slowly than in earlier business cycles and inflation remaining subdued.

These conditions were the basis for the Federal Open Market Committee’s (FOMC) January decision to continue to pursue its “highly accommodative” policy stance combining an exceptionally low policy interest rate with forward guidance indicating that this range would remain at least until unemployment falls below 6½ percent, inflation is projected to be no more than 2½ percent between one and two years in the future, and…

(READ THE FULL POST)

 

More from MND:

 

If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/02282013_nyf_economy.asp

You were sent this email because you opted to receive email alerts when a new article was published to this Mortgage News Daily channel. To adjust your email settings:
Manage Your Email

Unsubscribe from all Email Communications

Forward this email:  Send a copy of this story to someone you know that may want to read it.

[MND NewsWire] – MBA, NAR Outline Importance of FHA

MBA, NAR Outline Importance of FHA

Posted to: MND NewsWire
Thursday, February 28, 2013 1:56 PM

Forward this email:  Send a copy of this story to someone you know that may want to read it.

David H. Stevens, President & CEO of the Mortgage Bankers Association (MBA), and Gary Thomas, President of the National Association of Realtors® (NAR) testified today before the U.S. Senate Committee on Banking, Housing and Urban Affairs at a hearing titled, “Addressing FHA’s Financial Condition and Program Challenges.” 

Stevens, who served as FHA Commissioner from 2009 to 2111 noted findings from FHA’s 2012 Actuarial Review that the capital ratio of the MMI Fund had fallen to negative 1.44 percent which prompted concerns that it might need a draw from the U.S. Treasury and raised questions about whether FHA’s policies need to be adjusted…

(READ THE FULL POST)

 

More from MND:

 

If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/02282013_fha_reform.asp

You were sent this email because you opted to receive email alerts when a new article was published to this Mortgage News Daily channel. To adjust your email settings:
Manage Your Email

Unsubscribe from all Email Communications

Forward this email:  Send a copy of this story to someone you know that may want to read it.

[MND NewsWire] – Regulators Outline $9.3B Foreclosure Compensation Plan for 13 Servicers

Regulators Outline $9.3B Foreclosure Compensation Plan for 13 Servicers

Posted to: MND NewsWire
Thursday, February 28, 2013 10:43 AM

Forward this email:  Send a copy of this story to someone you know that may want to read it.

Over four million homeowners may be eligible for compensation for mortgage servicer-related problems under agreements announced today.  The agreements with 13 servicers for deficient practices in mortgage loan servicing and foreclosure processing were originally reached with the Office of Comptroller of the Currency (OCC) and the Federal Reserve Board in January.  Amendments to enforcement actions against the servicers that memorialized the agreements were released Thursday and will release the servicers from completing which will replace the Independent Foreclosure Reviews.

The amendments require the servicers to provide $9.3 billion in payments and…

(READ THE FULL POST)

 

More from MND:

 

If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/02282013_servicer_settlement.asp

You were sent this email because you opted to receive email alerts when a new article was published to this Mortgage News Daily channel. To adjust your email settings:
Manage Your Email

Unsubscribe from all Email Communications

Forward this email:  Send a copy of this story to someone you know that may want to read it.

[MBS Commentary] – MBS MID-DAY: Sideways, Mostly Positive Morning, Outperforming Treasuries

MBS MID-DAY: Sideways, Mostly Positive Morning, Outperforming Treasuries

Posted to: MBS Commentary
Thursday, February 28, 2013 11:09 AM

Forward this email:  Send a copy of this story to someone you know that may want to read it.

MBS are currently showing their appreciation for Treasuries to hold the line at yesterday afternoon’s highs.  In general, the faster the pace and the bigger the move in Treasuries, the harder it is for MBS to keep pace.  Today then, is the opposite of that, with 10yr yields opening improved (but not “too improved”) from yesterday’s latest levels, and holding a narrow range of roughly 2bps.  10’s spiked just a bit into the first half hour of the stock market trading day but bounced before threatening yesterday’s closing levels.  The tidy little range–which is slightly higher in rate since the open, but not high enough to break support–has afforded MBS the opportunity to stay almost completely sideways around 103-16.  Data was of little consequence and volumes have been low.  In fact, taking inventory of what we have going on: MBS are in a narrow range near long term inflection points, Treasuries aren’t giving clear signals, volume is low, AND it’s “month-end,” all seem to suggest that things are a little “too quiet.”  That suggests the next move outside this morning’s ranges could be bigger than yesterday’s morning or afternoon swings.

(READ THE FULL POST)

 

More from MND:

 

If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/mortgage_rates/blog/297983.aspx

You were sent this email because you opted to receive email alerts when a new article was published to this Mortgage News Daily channel. To adjust your email settings:
Manage Your Email

Unsubscribe from all Email Communications

Forward this email:  Send a copy of this story to someone you know that may want to read it.