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October 21, 2014

  • Posted To: MND NewsWire

    Financial regulators on Tuesday finally released the final rule defining Qualified Residential Mortgages (QRM). The definition is intended to determine which loans are exempt from the risk retention requirements of the Dodd Frank Wall Street Reform and Consumer Protection Act. As expected, the final QRM is aligned with the definition of Qualified Mortgages (QM) which defines how lenders determine if a borrower...
  • 11:10am

    Posted To: MBS Commentary

    This morning's day ahead commentary asked "will bonds continue to defy stocks?" The answer appears to be an emphatic " yes !" The S&P is up well over 20 points from opening levels and right around 30 points from yesterday's close, yet Treasuries are very nearly unchanged . Not only that, but they've been improving over the past 2 hours while stocks have seen...
  • 10:44am

    Posted To: MND NewsWire

    Existing home sales, which ended four straight months of gains with a 1.8 percent decline in August, bounced back in September the National Association of Realtors® (NAR) said today. Sales increased 2.4 percent to a seasonally adjusted annual rate of 5.17 million homes, the highest pace of the year , from the August rate of 5.05 million. Despite the recovery, sales in September are still 1.7 percent lower...
  • Posted To: Pipeline Press

    I was dealt a serious setback yesterday here at the MBA conference, being held in the immense Four Seasons, Mandalay, Delano, conference center complex. While among the slot machines (the two that stand out are "Pirate's Booty" and "Gorilla's Mist") I ran out of breadcrumbs that I was using to sprinkle along my path so that I could find my way back to my room. I did, however, see...
  • Posted To: MBS Commentary

    Will bond markets be able to hold their ground if equities make more meaningful gains today? I don't know but they did yesterday, and it was the best such performance since mid September. In fact S&P futures were up over 20 points by 5pm Treasuries had managed to make meager gains over the same time frame. This is a promising divergence because it suggests we might not be wholly dependent...

October 20, 2014

  • Posted To: MND NewsWire

    David Stevens, President of the Mortgage Bankers Association (MBA), told an audience attending the association's s annual convention in Las Vegas that the rules for Qualified Residential Mortgages will be, as rumored, released on Wednesday. This rule, which was sent back to the drawing board two years ago after housing stakeholders complained it would shut down mortgage lending will, in this iteration, he said be...
  • Posted To: MBS Commentary

    Treasuries and MBS didn't end up making much progress today. Fannie 3.5s are only 2 ticks higher than they were at the close on Friday and 10yr yields aren't even 1bp lower. But bond markets were still arguably successful . Reason being: stocks advanced by nearly 20 points in the S&P. Why is this significant? Because equities have been the primary guidance giver for bond markets...
  • Posted To: MND NewsWire

    Federal Housing Finance Agency (FHFA) Director Melvin L. Watt focused his remarks to attendees at the Mortgage Bankers Association annual conference on the issue of representation and warranties. He acknowledged that fears of being forced to repurchase large numbers of loans after they have been sold to one of the two government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac has created unease among...
  • Posted To: Mortgage Rate Watch

    Mortgage rates returned to levels best characterized as "under 4 percent" today after drifting higher on Friday. Last Wednesday was the first foray into the "high 3's" in more than 16 months. Not every scenario will be seeing those high 3's today, but for top tier borrowers, 3.875% is slightly more prevalent today when it comes to conforming 30yr fixed rate quotes. 4.0% is a close runner-up, but...
  • Posted To: MND NewsWire

    Earlier this year the Mortgage Bankers Association (MBA) began releasing its Mortgage Credit Availability Index , a measure of how "loose" or "tight" mortgage credit is when compared to the previous month or year. In an article on CoreLogic's Insights blog, titled "Goldilocks and the Three Credit Bears," senior economist Mark Fleming describes his company's similar index. The Housing Credit Index (HCI) measures...

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