REALTOR® Serving the San Francisco Bay Area Communities
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Majority of States Reported on Board with Robo-Signing Settlement
- Posted To: MND NewsWireDetails are still sketchy, but apparently a settlement has been agreed upon between five major banks and a majority of the states' attorneys general. The settlement involves Bank of America, Wells Fargo, Citigroup, JPMorgan Chase, and Ally Financial and arises out of charges that the banks and their subsidiary servicers used robo-signing and other abuses in processing thousands of foreclosures. The settlement was announced by lead negotiator, Iowa Attorney General Tom Miller who, according to CNBC said of the deal, "This enables us to move forward into the very final stages of remaining work. Federal and state officials, as well as representatives from the banks, continue to address matters that they must complete before finalizing any settlement," Miller said in a statement released late Monday...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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MBS MID-DAY: 2/7/2012
- Posted To: MBS CommentaryMBS Live : MBS MID-DAY Open MBS Live Dashboard FNMA 3.5 103-17 : -0-10 FNMA 4.0 105-15 : -0-07 FNMA 4.5 106-23 : -0-05 FNMA 5.0 108-00 : -0-04 GNMA 3.5 104-32 : -0-08 GNMA 4.0 107-21 : -0-08 GNMA 4.5 109-02 : -0-05 GNMA 5.0 110-27 : -0-05 FHLMC 3.5 103-08 : -0-10 FHLMC 4.0 105-03 : -0-07 FHLMC 4.5 106-07 : -0-04 FHLMC 5.0 107-19 : -0-06 Pricing as of 11:01 AM EST Morning Market Updates A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBS Live Dashboard . 10:31AM : ALERT: Negative Reprice Risk Increasing as MBS Hit Lows 10yr benchmarks are on the verge of a fairly meaningful technical breakout, at least as far as the yields themselves are concerned. Volume, on the other hand, while much higher than yesterday is not high enough to do justice to the very important...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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Google Ends Mortgage Ads; Streamlines to be Nixed from FHA Compare Ratios; Servicing Agreement Bumping Along
- Posted To: Pipeline PressThis is Black (African-American) History Month. The event began as Black History Week in 1926. For many years, the second week of February was set aside for this celebration to coincide with the birthdays of abolitionist/editor Frederick Douglass and Abraham Lincoln but then expanded in 1976 into Black History Month. The 2010 census counted 42 million black (either a single ethnicity or a combination of races) people in the U.S., nearly 14% of the population. Looking at the states, New York had the highest population with 3.3 million blacks, followed by Florida, Texas, Georgia, California, North Carolina, Illinois, Maryland, Virginia and Ohio. In terms of percentages of overall state population, Mississippi led the nation with 38%, followed by Louisiana (33), Georgia (32), Maryland (31), South...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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The Day Ahead: Relatively Insignificant Scheduled Events
- Posted To: MBS CommentaryThere are all sorts of ways to divide market moving information into different categories. One of our favorites is also one of the most broad: scheduled vs unscheduled. At first glance, it might seem a bit odd to classify something scheduled as "market moving information" before it has been released. After all, we don't yet know what it's specific impact will be, or if it will even have one. But the important part here is not so much about the market impact and more about the fact that IF the data in question proves to be a market mover, AT LEAST WE KNOW what time of day it is released. The same courtesy is rarely extended to markets by the more significant market movers that concern European woes. The timely example would be Greece's current petulant defiance of it's three most important bond...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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January Housing Scorecard Released by HUD, Treasury
- Posted To: MND NewsWireThe Departments of Housing and Urban Development (HUD) and Treasury issued the administration's January Housing Scorecard on Monday. The report is essentially a summary of data on housing and housing finance released by public and private sources over the previous month and/or quarter. Most of the data such as new and existing home sales, permits and starts, mortgage originations, and various house price evaluations have been previously covered by MND. The scorecard incorporates by reference the monthly report of the Making Home Affordable Program (MHA) through the end of December. This includes information on the universe of MHA programs including the Home Affordable Modification Program (HAMP), HOPE Now, and Second Lien Modifications and other initiatives. Since the HAMP program began in...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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Industrial and Multi-family Loans Drive Annual CRE Increase
- Posted To: MND NewsWireThe Mortgage Bankers Association (MBA) reports that commercial and multifamily loan originations were down 7 percent in the fourth quarter of 2011 compared to the third quarter but were 13 percent higher than originations in the fourth quarter a year earlier. The year-over year change was driven by originations for both industrial and multifamily properties which increased 43 percent and 31 percent respectively from Q4 2010. On the negative side, retail loans were down 8 percent, loans for healthcare properties fell 24 percent, office properties were down 29 percent and hotel originations decreased 44 percent. Quarter over quarter results were mixed. There was a 153 percent jump in originations for health care properties; industrial loans were up 51 percent and multifamily properties increased...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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MBS RECAP: 2/6/2012
- Posted To: MBS CommentaryMBS Live : MBS RECAP Open MBS Live Dashboard FNMA 3.5 103-28 : +0-05 FNMA 4.0 105-23 : +0-07 FNMA 4.5 106-27 : +0-02 FNMA 5.0 108-02 : +0-04 GNMA 3.5 105-08 : +0-05 GNMA 4.0 107-29 : +0-05 GNMA 4.5 109-07 : +0-03 GNMA 5.0 110-30 : +0-02 FHLMC 3.5 103-19 : +0-04 FHLMC 4.0 105-11 : +0-06 FHLMC 4.5 106-09 : +0-01 FHLMC 5.0 107-20 : +0-03 Pricing as of 4:03 PM EST Afternoon Market Updates A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBS Live Dashboard . 2:36PM : ALERT: MBS Gains Hold. Additional Positive Reprices Reported About 2 hours ago, we started to entertain the possibility of positive reprices despite the lack of outright gains, and suggested that additional lenders would either need more time or further improvement in prices. They ended up getting both...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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European Headlines Help Mortgage Rates Bounce Back
- Posted To: Mortgage Rate WatchFollowing Friday's employment data, Mortgages Rates moved quickly higher. In most cases, the changes were seen not in the quoted interest rates themselves, but rather in the closing costs required to obtain those rates. A small number of lenders' Best-Execution rates rose to 4.0%, but a majority stayed at 3.875%. (learn more about how we calculate Best-Execution in THIS POST ). For a given interest rate, there are a range of costs at which it could still be a best-execution candidate. Whereas Friday basically took these costs from the low side (about as low as they'd even been) to the high side, today's improvements serve to moderate that movement back toward somewhat of a middle ground. In another way of looking at things, you could think of the past three days as 3.875% best-ex rates being...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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Nearly 100 Metro Areas on Improving Market List
- Posted To: MND NewsWireThe list of Improving Housing Markets (IHM) maintained by the National Association of Home Builders (NAHB) took another big jump in February, rising from 76 in January and more than doubling the 41 reported in December. There are now 98 metropolitan areas representing 36 states included on the list. The IHM identifies metropolitan areas that have shown improvement from their respective troughs on each of three metrics - employment, housing permits, and home prices - for at least six consecutive months. NAHB uses data from the Bureau of Labor Statistics, the U.S. Census Bureau, and Freddie Mac to measure improved performance. The additions to the February Index include some metropolitan areas that had been particularly weak including Miami, Detroit, Memphis, Kansas City, Missouri; Portland,...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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MBS Stable Enough For Potential Reprices as Treasuries Reinforce Trends
- Posted To: MBS Commentary( MBS Live ) - Against today's data-free backdrop, the only real market mover has been the earlier scheduled Fed buying (30yr sector of Treasuries) that left the long end of the yield curve in slightly better shape. 2s v 10s moved down to 167 from 170.8 just before the Fed buying. In the process, 10yr yields have held support nicely under 1.95, and it seems that MBS appreciate the stable environment. Fannie 3.5's have marched calmly to better and better prices all morning, now up 4 ticks at 103-27. Volume has been quite light and volatility quite low for MBS. The swings in Treasuries have been a bit choppier by comparison, but this is the expectation surrounding these Fed market ops, and as long as the next pivot point on either side of the prevailing range remains unbroken, the volatility...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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