[MBS Commentary] – MBS RECAP: Big Month/Quarter-End Volume, And Nothing To Show For It

MBS RECAP: Big Month/Quarter-End Volume, And Nothing To Show For It

Posted to: MBS Commentary
Thursday, March 28, 2013 4:09 PM

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Today was an uncommon combination of strong volume and insanely contained price ranges.  It’s not a frequent occurrence and even less so outside quarter-end trading sessions.  MBS markets absorbed a ton of new origination supply, all of which was taken very much in stride as mortgages stayed tight to Treasuries.  That said, neither side of market moved much and Fannie 3.0s clung to a miraculously narrow range of 103-02 to 103-05.  Even the overnight movement in European markets was more contained than it has been in recent sessions.  It caused a bit of weakness at the open, but lackluster economic data was there to reign us back in to over around unchanged levels all day.  Exciting news from Italy never came, and even when Bersani’s party admitted as much, it was too late for markets to let us know whether or not they cared.  NOTE: Markets are closed tomorrow for Good Friday.  There is no scheduled commentary, but Italian president Napolitano will be continuing discussions with other political leaders and we’ll endeavor to let you know if anything dramatic transpires.

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[Mortgage Rate Watch] – Mortgage Rates Sneak Into Long Weekend Nearly Unchanged

Mortgage Rates Sneak Into Long Weekend Nearly Unchanged

Posted to: Mortgage Rate Watch
Thursday, March 28, 2013 1:55 PM

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Mortgage rates moved gently higher today, but levels were close enough to unchanged that several lenders were either in line with yesterday’s rates or marginally better.  The trading session for bond markets including Mortgage-backed-securities, came to an early close in honor of tomorrow’s Good Friday holiday.  Though there were several potential market movers in play, none of them caused a scene and trading levels moved very calmly sideways all day.  Best execution (what is this?) for 30yr Fixed loans remained at 3.625% with the minor weakness being seen in the form of moderately higher borrowing costs.

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[MND NewsWire] – Cordray says Consumer Complaints are Key to Helping Consumers and the Marketplace

Cordray says Consumer Complaints are Key to Helping Consumers and the Marketplace

Posted to: MND NewsWire
Thursday, March 28, 2013 12:51 PM

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In addition to announcing the availability of a new consumer complaint database, Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB) told attendees at a Consumer Response Field Hearing that complaints give the new agency three distinct and important ways to help consumers

Each complaint is a chance to evaluate a perceived problem and see if it can be resolved quickly.  CFPB has received more than 130,000 complaints from individual consumers, including complaints about mortgages, credit cards, student loans, auto loans, bank accounts, credit reports, and more and has helped consumers secure millions of dollars in monetary relief and non-monitory solutions such as cleaning up credit reports.  In this way he said, our consumer response team is making a real difference in the financial marketplace…

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[MND NewsWire] – CFPB’s New Financial Products Complaint Site Goes Live Today

CFPB’s New Financial Products Complaint Site Goes Live Today

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

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Starting today consumers will be able to track complaints about products and services levied by other consumers against some 450 financial services companies.  The Consumer Financial Protection Bureau (CFPB) will go live with what they are calling the nation’s largest public database of federal consumer financial complaints, covering some 90,000 individual complaints regarding mortgages, student loans, bank accounts and services, 

The searchable data base, an expansion of an earlier complaint site which covered only about 19,000 credit card complaints, includes information on what customers complained about, when, and why as well as how the company responded to the complaint, whether the response was timely and if the consumer disputed it. There is no identifying consumer data included in the data base…

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[MBS Commentary] – MBS MID-DAY: Lack Of Italian Headlines Leaves Bond Markets Flat

MBS MID-DAY: Lack Of Italian Headlines Leaves Bond Markets Flat

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

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Although bond markets have been far from completely flat–in fact there was a solid 4bp swing in 10yr Treasuries overnight–both MBS and Treasuries are settling into relatively flat trading patterns as some of the morning volatility dies down.  “Risk-on” undertones via uneventful Cypriot bank reopenings and quasi hopeful Italian snippets pushed Treasuries higher during European hours, and right up to the mornings US economic data.  Not only was there a good show of technical support at 1.87% (same as yesterday morning), but the data has all been lackluster, with Chicago PMI experiencing the bigger miss.  The interesting thing about this morning’s bond market resilience is that it’s not actually in line with recent examples of “movement vs data/events.”  In other words, bond markets should be just a bit weaker than they are if recent history and other trading levels (European metrics, stocks, etc.) are a guide, but the presence of month/quarter-end index buying is providing a small, relative boost, helping to keep us nearly unchanged .  The 7yr auction is coming right up at 11:30am.

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[MND NewsWire] – Shadow Inventory On The Rise After 2012 Foreclosure Legislation

Shadow Inventory On The Rise After 2012 Foreclosure Legislation

Posted to: MND NewsWire
Thursday, March 28, 2013 8:20 AM

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A new report issued today by RealtyTrac says that the U.S. foreclosure inventory has increased by about 12 percent since May 2012 when it hit a five-year low of 1.3 million properties.  Today that inventory stands at about 1.5 million and is up 9 percent form the first quarter of 2012.  The foreclosure inventory consists of homes actively in the foreclosure process and bank-owned homes or REO.  

“Delinquent loans that fell into a deep sleep after the robo-signing controversy in late 2010 are gradually coming out of hibernation following the…”

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[MBS Commentary] – The Day Ahead: Do or Die Time for EU Illusion or More Cyprus Slide?

The Day Ahead: Do or Die Time for EU Illusion or More Cyprus Slide?

Posted to: MBS Commentary
Thursday, March 28, 2013 7:47 AM

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Today should be interesting to say the least.  As is frustratingly the case on days where the biggest potential market movement is reserved for European headlines that may or may not come, the key word in any realistic outlook is “potential.”  There’s an atypically potent confluence of events today that hasn’t gotten nearly the attention it’s deserved, both due to recent noise from Cyprus as well as the timing of the Good Friday market closure.

Because Friday is a market holiday in the US, today is ‘month-end’ for portfolio managers and is their last trading opportunity to ensure their portfolios line up with various indexes.  In addition to being ‘month-end,’ March has the added dimension of being ‘quarter-end’ (same story as month-end, but on a slightly grander scale).  Depending on how many of these trades have already been made, this can introduce phantom forces to the list of valid market movers.  

 

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