Mortgage and Finance

Mortgage News Daily

Posted To: MND NewsWire

A ruling last week from the National Labor Relations Board (NLRB) has sent many companies who rely on contract labor into a bit of a panic . While there is one school of thought that says the ruling may impact homebuilding, it is not clear that it would affect that traditional subcontractor relationship. The ruling, the first of two that will probably come from the board, concerns Browning-Ferris Industries, a Milpitas, California recycling company. Browning-Ferris uses contract workers from a temporary staffing agency called Leadpoint. The Teamsters Union tried to organize Leadpoint's employees but wanted the ability to also negotiate with Browning Ferris. Its rational was that collective borrowing would be more effective if it also included the larger company which actually has control over...(read more)

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8/31/2015 3:22:41 PM

Posted To: MBS Commentary

Treasuries went out the 'in' door for the month of August, with today's 3pm levels matching the opening levels from August 3rd (1st trading day of the month). MBS briefly traded near their August 3rd levels, but ended in noticeably weaker shape (MBS have been slowly but steadily underperforming Treasuries since QE3). By the end of the day, most lenders had repriced at least once. Data was inconsequential this morning, as was most everything else for bond markets apart from month-end tradeflows. That was a benefit at first, but a significant detractor by the end of the European session, and then again at the end of the domestic session. Those were the time frames (11am-noon, and 2-3pm) where we saw the big pushes of selling pressure. Why selling on month-end, you ask? After all,...(read more)

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8/31/2015 3:21:00 PM

Posted To: Mortgage Rate Watch

Mortgage rates moved moderately higher today as bond traders adjusted their holdings for the end of the month. Mortgage rates are dictated by trading levels of mortgage-backed securities (which in turn, tend to move in step with US Treasuries, generally speaking). Many traders are tasked with making certain trades by the end of the month. Sometimes that has a noticeable effect on how rates move, and today was one of those days. Unfortunately, it wasn't in a friendly direction. The day began with promise, however. In fact, many lenders were in better shape this morning vs Friday afternoon. But the market volatility began to take its toll as the PM hours approached, and virtually all lenders recalled initial rate sheets and moved higher. In some cases, that will merely mean higher closing costs...(read more)

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8/31/2015 2:18:00 PM

Posted To: MBS Commentary

The day started off well for domestic bond markets as weakness in Asia translated to some safe-haven demand for US Treasuries. At the start of the domestic session, month-end buying was evident. That means that certain traders were compelled to buy bonds in order to balance their portfolios for the end of the month. Heading into the end of the European session, German Bunds sold-off aggressively, moving from .72 to .80 in just over an hour. By comparison, the 2.14 to 2.18 losses in US 10's seem mild . MBS are yet another degree removed from the European influence and have fared even better. Fannie 3.5s remain an eighth of a point higher on the day. There's a bit more potential volatility this afternoon as the 3pm and 5pm time frames are hubs for month-end trading activity. MBS Pricing...(read more)

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8/31/2015 11:35:53 AM

Posted To: Pipeline Press

Darned if I know how we're at the end of August already, with kids are heading back to school and the NFL all over sports programs. One thing that August had was a ruling in the federal bankruptcy court in the Royal Bank of Canada versus Thornburg Mortgage case: RBC Capital Markets LLC has to pony up $45 million in damages for undervaluing assets it seized from Thornburg. And tongues are wagging about the settlement between the SEC and two units of Citigroup : no one at the bank was held accountable for behavior that caused investors to lose an estimated $2 billion! If no one at the SEC has the figure out "who done it", maybe the CFPB will step in. (More on the CFPB below). The Consumer Finance Protection Bureau has plenty of critics - more with its enforcement methodology than its purpose...(read more)

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8/31/2015 7:20:02 AM

Posted To: MBS Commentary

Amid last week's glut of Fed speeches surrounding the Jackson Hole symposium, Fed Vice Chair Fischer specifically called out "the next two weeks of data" as having a bearing on the Fed's potential September rate hike. Incidentally, the first of those two weeks contains some of the most traditionally important data, including both ISM reports, ADP Employment, and the big daddy: NFP on Friday . Whether or not these reports ultimately sway the Fed's decision remains to be seen, but after Fischer's comments, markets are more on-guard for that than they otherwise might be. Somewhat conveniently, the week begins with one of the less consequential reports in the form of Chicago PMI. Note that "less consequential" is only a term that applies to this report on a relative...(read more)

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8/31/2015 6:51:36 AM

Posted To: MBS Commentary

I was writing reprice alerts and chatting with the MBS Live community during the time that I'd normally be writing the Mid-Day commentary. By the time I wrote it, everything interesting that was going to happen today had already happened! (This happens from time to time.) As such, your best bet for a recap of the entire day is to get the details from the Mid-Day commentary ( HERE ). For those who don't click links, here's another run-down: Fed speakers were the most prevalent market movers today as the Jackson Hole symposium continued (a big party in the mountains where people who make important decisions about the global economy get together and talk about the global economy. It's long been seen as a venue for Fed officials to be a bit more candid than they otherwise would...(read more)

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8/28/2015 2:44:36 PM

Posted To: Mortgage Rate Watch

Mortgage rates didn't move much today. Depending on the lender, effective rates were either slightly higher or lower vs yesterday, with the average lender being just microscopically lower in rate. Keep in mind that the improvement would only be detectable in the form of lower closing costs, if at all. In most any case, the actual contract rate would be the same as yesterday. As such the losing streak (of higher rates) over the previous 3 days is now essentially over. This doesn't mean rates can't rise any more from here, just that they'd need to find a new reason to do so, instead of merely cooling off after a big spike lower. Days like today, where lenders move in opposite directions , are not that common. They tend to occur around periods of increased volatility, which we've certainly had...(read more)

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8/28/2015 1:37:00 PM

Posted To: Community Commentary

We've previously explored the "Do's and Don'ts" for homebuyers, and uncovered some vital tips that can help or hinder the home buying process. In today's special edition, we examine hints for Realtors, whose actions during purchases are just as critical. As always, the "Do's" contain very real helpful points to avoid closing delays, while the "Don'ts" offer a good natured look at some real life situations that complicate or delay closings. Do: Make sure to communicate all contract amendments, including seller contributions, to the lender immediately. Don't: Add $5000 in seller paid costs to the terms, then wait until two days before closing to mention it to the lender. Do: Ask the lender about any potential property condition concerns before writing the sales offer. Don't: List 18 defective...(read more)

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8/28/2015 1:23:42 PM

Posted To: MND NewsWire

We have been reading for several years now about two trends that appear troubling for the housing industry - a declining rate of homeownership and a stalled out rate of household formation. The latter has recently begun to reverse itself as the huge millennial generation has reached maturity, found jobs, and moved out on their own, but homeownership rates continue to decline, reaching the lowest rate since tracking began. The Mortgage Bankers Association (MBA) has just released a paper forecasting housing demand over the next ten years. The paper, Demographics and the Numbers Behind the Coming Multi-Million increase in Households was written by Lynn M. Fisher Vice President, Research & Economics and Jamie Woodwell Vice President of Commercial/Multifamily Research Their study used data from...(read more)

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8/28/2015 1:21:10 PM

Reuters Business News

Reuters: Business News

(Reuters) - Chipotle Mexican Grill Inc's new GMO-free menu claims have lured diners and boosted the burrito chain's stock price, but it has some consumers crying foul.

8/31/2015 3:19:05 PM

(Reuters) - Wall Street ended lower on Monday and wrapped up its worst month since 2012 after comments from a senior Federal Reserve official heightened fears among investors of a potential U.S. interest hike in September.

8/31/2015 3:03:56 PM

(Reuters) - Apple Inc on Monday teamed up with network gear maker Cisco Systems Inc to improve the performance of its iPad and iPhone devices on Cisco's corporate network.

8/31/2015 2:10:33 PM

DETROIT (Reuters) - Fiat Chrysler Automobiles is offering $100 prepaid debit cards to owners of recalled vehicles to help ensure cars and trucks with potential safety defects get repaired, the company said on Monday.

8/31/2015 2:03:29 PM

NEW YORK (Reuters) - Oil futures soared on Monday for a third consecutive day, rising more than 8 percent, as a downward revision of U.S. crude production data and OPEC's readiness to talk with other producers helped extend the biggest price surge in 25 years.

8/31/2015 1:53:37 PM

BEIJING/LONDON (Reuters) - The head of hedge fund manager Man Group Plc's China business has been taken into custody to help authorities in a probe into recent market volatility, Bloomberg reported on Monday, while separately a local financial reporter confessed on national TV to having spread false information that caused "panic and disorder".

8/31/2015 1:35:12 PM

SHANGHAI (Reuters) - Chinese state media announced a slew of confessions on Monday following investigations into dramatic stock market fluctuations, including from a reporter who said he had spread false information that had caused "panic and disorder".

8/31/2015 1:26:13 PM

FRANKFURT/DETROIT (Reuters) - A group of deep-pocketed China-based internet entrepreneurs and financial investors, including Tencent  and Hillhouse Capital, is backing an effort to create NextEV, a new rival to U.S. electric car maker Tesla Motors Inc .

8/31/2015 1:02:05 PM

SAN FRANCISCO (Reuters) - The waves of cash surfed relentlessly by some of Silicon Valley's largest venture-backed businesses are showing signs of receding amid concern the companies may already be worth more than their likely valuations once they finally go public.

8/31/2015 9:58:54 AM

NEW YORK (Reuters) - Argentina's central bank on Monday won the reversal of a U.S. court ruling that had allowed bondholders to try to hold it responsible for the country's obligations on debt that has been in default since 2002.

8/31/2015 8:50:19 AM
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