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October 1, 2014

  • Posted To: Pipeline Press

    When I was young, my parents taught me that my income was my own business, and talking about wages and bonuses with others never did anyone any good. But per the Small Business Administration, that has all changed, at least for anyone dealing with the Federal Government. "On September 17, the Office of Federal Contract Compliance Programs (OFCCP) of the Department of Labor released...
  • Posted To: MND NewsWire

    Last week was another down week for mortgage applications according to the Mortgage Bankers Association (MBA). Its Weekly Mortgage Applications Survey data for the week ended September 26 showed a 0.2 percent decrease in applications as reflected in its seasonally adjusted Market Composite Index. Compared with the previous week the decline in the unadjusted index was twice as large. MBA's Refinance Index was down...
  • Posted To: MBS Commentary

    Today is the first day of a new month and new quarter, and Octobers have historically been active for bond markets. That leaves us to wonder whether the activity will push back against the mostly negative September. There are excellent cases to be made for avoiding any major push higher in rates until the struggling masses below the line of accelerating net worth can afford to buy anything or...

September 30, 2014

  • Posted To: MBS Commentary

    Month/Quarter-end trading dynamics made for a volatile day in the context of the recent range. It wasn't so much that the moves were big, just that they seemingly came out of left field and ran their course quite quickly. There were two distinct examples of such movement. The first came at the 9:30am stock market open with yields and stock prices dropping aggressively until 10am. From there,...
  • Posted To: MND NewsWire

    The Consumer Financial Protection Bureau (CFPB) filed a Consent Order on Tuesday against Lighthouse Title, a title insurer based in Holland, Michigan. The order was, the Bureau said, sending "a clear and simple message" that it intends to pursue legal action against financial institutions that pay in any manner for referrals. The administrative proceeding carried a civil money penalty of $200,000. The Bureau said...
  • Posted To: Mortgage Rate Watch

    Mortgage rates were slightly higher today leaving September as one of only 3 months this year with noticeable upward movement. Things could have been worse had it not been for the steady improvements seen during the second half of the month. Today was an exception to that recent trend, but it's tempered by the fact that yesterday's gains were the best of the month. The only downside is that the...
  • 12:32pm

    Posted To: MND NewsWire

    The Consumer Financial Protection Bureau (CFPB) came down hard on Michigan-based Flagstar Bank both legally and verbally as it issued the first enforcement action under its new mortgage servicing rules which went into effect in January 2014. The action claims that Flagstar had "failed borrowers" at every step in the foreclosure process by illegally blocking those borrowers' attempts to save their homes. "Because...
  • 11:38am

    Posted To: MBS Commentary

    The relevance of month/quarter-end trading considerations isn't limited to the US Treasury market. Month-end for German bond markets (the largest in Europe, and the Eurozone benchmark) saw a strong rally beginning at 6:15am Eastern time. Treasuries gleaned some benefit, but not enough to get them back into positive territory by the open. This resulted in markedly weaker levels for 10yr yields...
  • 10:00am

    Posted To: Pipeline Press

    How did we arrive at the end of the 3 rd quarter so quickly? It has been filled with legal news about the financial services sector right up to the very end. Former Federal Reserve Chairman Ben Bernanke and ex-Treasury secretaries Henry Paulson and Timothy Geithner have been called to testify at the U.S. Federal Court of Claims in a lawsuit brought by Maurice "Hank" Greenberg's...
  • Posted To: MND NewsWire

    There was what the S&P/Case-Shiller Home Price Indices called "a significant slowdown in price increases in July S&P Dow Jones Indices said today. Nineteen of the 20 cities in the survey saw a lower year-over-year gain in July than they had registered in the previous month and only three cities still showed increases in the double digits. The S&P/Case-Shiller U.S. National Home Price Index, which...

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