Mortgage and Finance

Mortgage News Daily

Posted To: MND NewsWire

Existing home sales in July hit their best pace so far this year the National Association of Realtors® (NAR) said today, reflecting a 2.4 percent increase from June to a seasonally adjusted annual rate of 5.15 million units. June's sales were downgraded slightly to 5.03 million units. The July rate of sales marked the fourth consecutive monthly increase but was still 4.3 percent under the rate last July the month with the highest sales in all of 2013. Lawrence Yun, NAR chief economist, credited the slowly increasing sales momentum to stronger job growth and improving inventory conditions. "The number of houses for sale is higher than a year ago and tamer price increases are giving prospective buyers less hesitation about entering the market," he said. "More people are buying homes compared...(read more)

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8/21/2014 9:46:48 AM

Posted To: MND NewsWire

Total refinances through completed through Freddie Mac and Fannie Mae (the GSEs) in the second quarter topped 344,000. The Federal Housing Finance Agency (FHFA) said that Fannie Mae accounted for 211,825 and Freddie Mac 132,688 of the transactions. Since 2009, the first full year they were in federal conservatorship under FHFA, the two GSEs have refinanced the mortgages of more than 19.5 million homeowners. The percentage of these GSE loans which were refinanced through the Home Affordable Refinance Program (HARP) dropped to 16 percent during the quarter. This marked the first time the HARP share of refinancing had dropped below 20 percent since the first quarter of 2012, about the time HARP guidelines were changed to remove the cap on loan to value ratios. HARP loans had a 21 percent market...(read more)

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8/21/2014 9:44:38 AM

Posted To: MND NewsWire

It seems hard to imagine, but CoreLogic said on Wednesday that once-upon-a time, before the housing crisis, the sale of distressed homes made up only a miniscule 2 percent of the home sale market . Still, much progress has been made and the company said that sales of bank-owned real estate (REO) and short sales made up 11.4 percent of all sales during the month. Even with distressed sales running at more than five times what might be considered "normal" the June figures represent substantial improvement. When those sales were at their peak, in January 2009, they made up nearly one-third (32.5 percent) of the market with REO alone accounting for 28 percent. Nineteen straight months of year-over-year declines in the sales have contributed to the rise in home prices as distressed sales traditionally...(read more)

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8/21/2014 9:31:15 AM

Posted To: Pipeline Press

A credit report is enough to completely steal a person's identity . It is? Does it take a few weeks? No - it takes 3 minutes . And we wonder why LOs and those involved in the loan file must have the utmost integrity... I am sure there are plenty of people at Staples with integrity, but that doesn't help their job situation. Staples Inc. will shut about 140 locations this year, part of a store-closing plan announced earlier, as the world's largest office-supply chain responds to online competition. Bank M&A announcements have slowed down a little with the dog days of summer. In New Mexico (home of Carlsbad Caverns, an awesome geologic formation in which visitors may witness the grandeur of more than 250 million bats) Century Bank ($585mm) will acquire most of the assets and all of the liabilities...(read more)

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8/21/2014 9:28:00 AM

Posted To: MBS Commentary

It's been a pleasantly resilient day for MBS and Treasuries so far. After a completely uneventful overnight session, both opened just slightly weaker. Jobless Claims were stronger than expected, but bond markets improved anyway. Incidentally, German Bunds were just falling under 1.0% again at the same time. The 10am economic data was also better than expected with Existing Home Sales coming in at 5.15 mln vs a 5.02 mln forecast and the Philly Fed Index at 28.0 vs 19.2. This put an immediate crimp in the rally that had been underway, but there has been no major retreat back into weaker levels. In fact, both MBS and Treasuries are still in positive territory and 10yr yields are just .007% off their best levels. What's up with that? As always, there's no ONE reason, and neither can...(read more)

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8/21/2014 9:18:02 AM

Posted To: MBS Commentary

Today's calendar of scheduled events is the busiest of the week with Jobless Claims at 8:30am followed by Philly Fed and Existing Home Sales at 10am. All the reports are important as Jobless Claims covers the week that coincides with the data collection for Nonfarm Payrolls. This doesn't guarantee a big reaction, but increases the chances that it will be slightly bigger than normal. Philly Fed is always a potential market mover and Existing Home Sales is one of the more widely followed housing metrics. In the current case, some traders may be looking for confirmation of recent better-than-expected housing data. Bond markets continue to reserve the right to completely ignore the economic data and continue following technical paths. These paths are both the longer term downtrends in rates...(read more)

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8/21/2014 5:42:57 AM

Posted To: MBS Commentary

Bond markets have a secret. Or rather, we have to pretend like it's a secret in order to turn something very boring into something remotely interesting. But this way, at least if your friends and colleagues attempt to draw any overly-firm connections between market events and trading reactions, you can fire back with this: Bond markets have simply been bouncing back from Friday's strong rally . When you see the 5-day chart of MBS and Treasuries, it's fairly shocking. How silly could we have been to infer any significance in the day to day events when they're now so obviously minor course corrections against this bigger picture? Even the two times that rates gapped away from the central trend have seen a sober and definite return--almost as if they were compelled to get back...(read more)

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8/20/2014 3:19:05 PM

Posted To: Mortgage Rate Watch

Mortgage rates were higher for a third straight day as financial markets continue a measured correction from last Friday's volatility. At that time, headlines concerning Ukraine destroying a Russian armored convoy caused rates to move to their lowest levels in more than 2 months. Since then, it's been a steady march back in the other direction. Of the week's limited scheduled events, most haven't had any objection to a moderate move higher in rates. Today's release of the Minutes from the most recent Fed Meeting was no exception . In general, most analysts felt the details from the Fed meeting were slightly more upbeat than suggested by the Fed's official policy announcement on July 30th. A more optimistic Fed is bad for rates as it implies an earlier potential rate hike and removal of other...(read more)

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8/20/2014 2:36:00 PM

Posted To: MND NewsWire

Realtors responding to a recent survey by the California Association of Realtors® (C.A.R.) reported that investors and investor sales are a shrinking part of their business. Investor transactions made up an average of 32 percent of sales Realtors reported in the survey, conducted in May of this year, down from 39 percent in the 2013 survey. Most respondents reported that they have one to three clients who are investors. Only 20 percent said they were doing business with six or more. The average number of investor clients dropped from 7 in the 2013 survey to 5.2 this year. More than half of respondents reported they had three or fewer investor sales over the previous 12 months. While Realtors reported that the percentage of sellers they represented in investor transactions grew by 7 percentage...(read more)

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8/20/2014 12:35:56 PM

Posted To: MBS Commentary

MBS are outperforming Treasuries today and have been flirting with positive territory heading into the noon hour. Treasuries are still about 1bp higher than yesterday. Bond markets were weaker overnight, led primarily by London this time as the Bank of England's meeting minutes showed 2 votes for a rate hike . Other economic data in Europe and Asia was generally not bond-market-friendly. The domestic session saw MBS and Treasuries start in weaker territory. That said, they both did a good job of holding ground during the first few hours and kept the losses contained in a narrow range. From there, MBS have simply done a better job of bouncing back . This is partly a factor of natural spread dynamics (i.e. Treasuries have benefited more from rallies and been hurt more by sell-offs recently...(read more)

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8/20/2014 10:25:50 AM

Reuters Business News

Reuters: Business News

WASHINGTON/NEW YORK (Reuters) - Bank of America Corp reached a record $16.65 billion settlement with the U.S. government to settle charges that it and companies it bought misled investors into buying troubled mortgage-backed securities, helping the bank close a major chapter tied to the financial crisis.

8/21/2014 1:40:35 PM

PARIS (Reuters) - France's rain-hit wheat crop has delivered the first shock of the 2014/15 season: the EU's top grower and exporter is buying Lithuanian and British milling wheat to mix with its unusually poor-grade crop to meet contracts signed before the harvest.

8/21/2014 1:36:15 PM

BOSTON/NEW YORK (Reuters) - Fraudsters are targeting JPMorgan Chase & Co customers in an email "phishing" campaign that is unusual because it attempts to collect credentials for that bank and also infect PCs with a virus for stealing passwords from other institutions.

8/21/2014 1:29:43 PM

NEW YORK (Reuters) - U.S. stocks rose on Thursday after a flurry of economic data showed an improving economy and as investors awaited the start of a central bankers' meeting in Jackson Hole, Wyoming.

8/21/2014 1:06:31 PM

WASHINGTON (Reuters) - Sprint Corp unveiled a plan on Thursday that gives subscribers access to unlimited data for $60 a month, the industry's cheapest unlimited data offering as the carrier attempts to reverse the decline in its subscriber base.

8/21/2014 12:06:31 PM

NEW YORK (Reuters) - The U.S. judge who barred Argentina from servicing its debt until it settled with investors demanding full payment on their bonds scheduled a new hearing on Thursday, after the country unveiled plans to sidestep his ruling that led it to default for the second time in a dozen years.

8/21/2014 12:02:42 PM

DETROIT (Reuters) - General Motors Co's premium Cadillac group is considering expanding its offices from Detroit to Manhattan, GM said Thursday, as part of an effort to remake the brand's image and broaden its appeal outside North America under new boss Johan de Nysschen.

8/21/2014 11:16:58 AM

(Reuters) - EBay Inc is considering a spinoff of PayPal, its fast-growing payments unit, as soon as next year, tech news website The Information reported, citing sources.

8/21/2014 11:04:19 AM

SEATTLE (Reuters) - U.S. airlines more than doubled their net profit margin in the first half of the year as revenue rose nearly three times faster than costs, trade group Airlines for America said on Thursday.

8/21/2014 10:48:20 AM

LONDON/BEIJING (Reuters) - Business growth in China and across Europe slowed this month, surveys showed on Thursday, providing more evidence that the world economy is stuttering and may need more monetary stimulus to keep it going.

8/21/2014 10:32:11 AM
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