In July Fannie Mae issued over $42 billion in new mortgage backed securities, up 6.4% from June, and the highest level of MBS issuance since February. Freddie, however, dropped slightly from June to July at about $26 billion, possibly due to a drop in the purchase of refi’s. Fannie reported that the serious delinquency rate
August 2010
The S&P Case Shiller June 2010 report of existing home sales showed year-over-year 4.2% price gains averaged across 20 major metropolitan areas. In June, 17 of the 20 metro areas covered by the index were up. However S&P noted that this reporting period was during the peak of activity corresponding to federal homebuyer tax credit
The S&P Case Shiller June 2010 report of existing home sales showed year-over-year 4.2% price gains averaged across 20 major metropolitan areas. In June, 17 of the 20 metro areas covered by the index were up. However S&P noted that this reporting period was during the peak of activity corresponding to federal homebuyer tax credit
Here’s some dark Monday humor as we head into a week that’s likely to confirm dropping home prices and rising job losses. Andy Samberg’s cocaine-addled character sings about how it’s going to be a great dayyyyyyy … as long as he gets plenty of stimulus. If the U.S. economy was a person, it might very
Rates are down this morning on continued fears of a double dip recession and the latest inflation report confirming tame prices. Overall Personal Consumption Expenditures, the Fed’s favorite measure of consumer inflation, were 0.2% in June and 1.5% year-over-year through June. Excluding volatile oil and food costs from the readings, “Core” PCE price index was
Jumpy Rate Market Response To GDP & Home Sales Reports Rates dropped 0.2% early last week then rose Friday to end the week even. The $109b in Treasury auctions throughout last week caused mortgage bonds to sell off slightly, and July’s record low New Home Sales (down 32.4% year-over-year) and Existing Home Sales (down 25.5%
This post debunking the myth of deleveraging in the U.S. economy was on ZeroHedge yesterday and was written by Jim Quinn of TheBurningPlatform.com. It’s a must-read for anyone who’d like to test the credibility of financial chatter on TV. Here’s a couple of excerpts and two key charts, and go read the full story for
Why Banks Aren’t Lending More Why aren’t large depository banks loosening their credit guidelines and lending more money? Market watchers suggest that one reason is the buy-back issue: FNMA & FHLMC have sizable losses on bad loans and are considering forcing eleven large lenders (the biggest being BofA and Chase) to buy back loans which
What If All Mortgages Were 1% Lower? A Wall Street acquaintance of mine wrote to me about dropping trillions of dollars of mortgages by 1%. “I think that something like it may just happen. Many people I’ve talked to have said the same thing: ‘The money would go directly to the borrowers to help our
Guns & Mortgages This story speaks for itself, here’s the link and the epic lead paragraph below: Prosecutors: Mortgage Worker Got Drunk, Shot Computer Server A Salt Lake City mortgage company employee allegedly got drunk, opened fired on his firm’s computer server with a .45-caliber automatic, and then told police someone had stolen his gun
Homes are most people’s largest investment so it’s not surprising NYT’s most read story the past 2 days is Housing Fades As A Means To Build Wealth. It cites 5 housing experts who all have similar bearish outlooks on housing. There will always be chatter about the demise of a certain asset class, so remember
Rates are up about .125% following a mortgage bond selloff late last week, but rates are still at unprecedented lows. There was very little economic news last week, and the selloff (which pushes rates higher) came as bond markets traded on two main factors that will continue next week. Rate Factors Week of August 23
Rates are up about .125% following a mortgage bond selloff late last week, but rates are still at unprecedented lows. There was very little economic news last week, and the selloff (which pushes rates higher) came as bond markets traded on two main factors that will continue next week. Rate Factors Week of August 23
Turns out this ‘grassroots’ Elizabeth Warren rap video that made the rounds last week was produced by Hollywood bigwig composer Hans Zimmer, the music man behind many of the biggest movies of the past 25 years … from Rain Man to Gladiator to Pirates of the Caribbean to the latest Batman movies and Inception. NYT
Turns out this ‘grassroots’ Elizabeth Warren rap video that made the rounds last week was produced by Hollywood bigwig composer Hans Zimmer, the music man behind many of the biggest movies of the past 25 years … from Rain Man to Gladiator to Pirates of the Caribbean to the latest Batman movies and Inception. NYT
Saw this video on an SF Realtor friend’s Facebook page, which appears to have been created by this Jersey Realtor. Funny stuff.
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