Mortgage and Finance

Mortgage News Daily

Posted To: MBS Commentary

With a few more days between us and last Wednesday's epic bond market snowball, bigger media outlets have begun pondering said epicness. That's not necessarily a bad thing as it will give us a chance to review what we already know. Tue 10/14 : Discussed the set-up and how stocks were doing something "different," as well as bond markets being "tuned in." HERE . Wed 10/15 : Recapped the stock/bond dynamic and briefly mentioned Europe, currency trading, Ebola, and Fed expectations potentially shifting. HERE . Thu 10/16 : Commentary title included "Blame Game." Enough said. HERE . Fri 10/17 : Discussed the huge uptick in bond traders betting on higher rates as of Tuesday (in data released on Friday) as greasing the skids for the "snowball buying"...(read more)

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10/20/2014 5:29:02 AM

Posted To: MBS Commentary

Most days with modest gains in MBS would see similarly modest improvements in rate sheets. While there were a handful of positive reprices in the afternoon, they were working against very conservative morning pricing, leaving rates slightly higher day-over-day. In that light, the mild weakness in rate sheets it reflected fairly well by the mild weakness in Treasuries. 10yr yields caught their footing after European equities markets closed and drifted sideways just under 2.20. This is right in line with Tuesday afternoon's levels which seemed pretty stellar at the time, but are a bit anticlimactic after a foray into the 1's on Wednesday. As noted in the morning commentary , we usually have to wait a few more days before seeing which direction bond markets will head after this sort of...(read more)

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10/17/2014 3:34:19 PM

Posted To: Mortgage Rate Watch

Mortgage rates moved slightly higher today, continuing a pull back from the best levels in 16 months on Wednesday. That said, apart from the first 3 business days of this week, today's rates would also qualify as th16-month lows. The weakness pushed the most the average top tier quote closer to 4.0% today, but 3.875% and even 3.75% remain viable options for borrowers who aren't opposed to paying a bit more upfront in exchange for a lower rate. Keep in mind, there is nothing deceptive , sinister , or even ill-advised about paying so-called "points" in certain circumstances. It's always easy to determine whether or not it makes sense for you by simply asking your lender for 2 options--one with points and one without--and seeing how long it would take to recoup the upfront cost associated with...(read more)

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10/17/2014 1:58:00 PM

Posted To: MND NewsWire

One has to hope that foreclosure data reported on Thursday by RealtyTrac is a sign that states are wrapping up the foreclosure crisis that has been ongoing since 2008, not that it signals further trouble in the housing sector. The company's U.S. Foreclosure Market Report for both September and the third quarter of 2014 indicate that both defaults and scheduled auctions increased in the third quarter driving overall foreclosure activity to its first quarterly increase in three years. The increase was small ; overall foreclosure filings including default notices, scheduled auctions, and completed foreclosures or bank repossessions increased 0.42 percent form the second quarter to a total of 317,171 and were down 16 percent from the same quarter in 2013. However the increases were at the front...(read more)

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10/17/2014 12:06:02 PM

Posted To: MND NewsWire

Over the last year or so mortgage servicers have transferred a number of large mortgage portfolios to other servicers. Beyond the selling of mortgage servicing rights (MSR), many of the transfers have been from large traditional servicers to "specialty servicers" most of whom are supposedly better equipped for handling delinquent mortgages. These increased transfers were prompted in part by servicing rules promulgated by the Consumer Financial Protection Agency (CFPB) which went into effect in January 2014. The high volume of these transfers has led to concern and increased scrutiny on the part of regulators regarding potential risks to consumers. This regulatory attention and lack of clarity attending it was problematic for servicers, many of which are non-depository institutions which have...(read more)

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10/17/2014 12:03:33 PM

Posted To: MND NewsWire

The Department of Housing and Urban Development has released the first wave of data from the 2013 American Housing Survey (AHS) . It is a massive treasure trove of virtually everything virtually anyone might want to know about the nation's housing. The Survey is conducted biennially and, as in past years, provides current national-level information on a wide range of housing subjects. A very wide range. Survey participants were asked questions about their homes and the ways they live in it, ranging from the units size along various parameters, to the type of plumbing, heating, and other systems employed; amenities, the occupant's opinion of the home's condition, from what type of housing the occupant migrated, if the size of the household had grown or shrunk, and characteristics that indicate...(read more)

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10/17/2014 12:03:07 PM

Posted To: MND NewsWire

Increases in construction permits, starts, and completions for multifamily housing stand out from an otherwise lackluster batch of construction data issued on Friday by the U.S. Census Bureau and the Department of Housing and Urban Development. Overall tallies of permits were relatively flat compared to August data. Housing starts and completions were higher than in the previous month but both were driven by the multi-family sector. Permits for construction of privately owned residences were issued in September at a seasonally adjusted annual rate of 1,018,000, 1.5 percent above the revised (from 998,000) August rate of 1,003,000 units. The August rate was 2.5 percent higher than a year earlier. Single-family construction permits were issued at a rate of 624,000, down 0.5 percent from August...(read more)

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10/17/2014 11:36:35 AM

Posted To: MBS Commentary

Today has been the calmest day of the week so far, which isn't saying too much considering the previous 3 days were the most volatile of the year. 10yr yields drifted as low as 2.12 overnight and were then jolted higher to 2.21 after comments from European Central Bank governor Coeure around 4am. This lets us know that markets are indeed freaked out about "global growth concerns"--the catchphrase of the week. Reason being, the Coeure comments were about asset purchases happening soon. Normally that would be positive for bond markets. The fact it was negative suggests that "global growth concerns" had been hitting stocks and that the money had been finding its way into bond markets. The promise of impending liquidity would ease those concerns and unwind some of that "flight...(read more)

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10/17/2014 11:21:47 AM

Posted To: Pipeline Press

Zillow most recently published research indicating that a recession negatively affects the housing industry due to a decrease in employment opportunities and earning potential for young adults. Zillow analyzed the homeownership rate for college graduates who graduated between 1976 and 2013 using statistics from the U.S. Census Bureau's March Current Population Survey. The data shows that the homeownership rate quickly increased during the first few years after college and slowed 10 years after graduation, leveling off after 15 years. During the short-lived recession from July 1990 to March 1991, the homeownership rate for the graduating class of 1992 was greater and increased more rapidly than the homeownership rate among the class of 1990. The good news is that the generation who graduated...(read more)

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10/17/2014 9:31:11 AM

Posted To: MBS Commentary

It's tempting to draw conclusions based on what seem like clear signals in markets. Clearly stocks and bonds have been in tune with each other and stocks were clearly doing something different to start the week (clear enough that it was the topic of the morning commentary ) Clearly, Wednesday's rally was immense and stood a great chance to flush out a majority of short positions (folks betting on higher rates who were forced to capitulate during the snowball buying spree). Clearly, we've been losing ground since then, and clearly stocks have been gaining ground at the same pace. So the big, crazy move is clearly over and we're heading back in the other direction, right? Not necessarily. The frustrating and wonderful thing about financial markets is that there are no absolutes...(read more)

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10/17/2014 5:36:02 AM

Reuters Business News

Reuters: Business News

FRANKFURT (Reuters) - German software maker SAP cut its 2014 operating profit forecast on Monday as customers shifted faster than expected to products delivered over the Internet, delaying when those orders can be booked as sales.

10/20/2014 6:15:57 AM

(Reuters) - Canada's Valeant Pharmaceuticals International Inc , embroiled in a bitter fight to take over Botox maker Allergan Inc , posted a better-than-expected quarterly profit, driven by demand for its skin, neuro and eye drugs.

10/20/2014 6:12:23 AM

NEW YORK (Reuters) - U.S. stock index futures were lower on Monday, on the heels of a fourth week of losses for the benchmark S&P 500, as quarterly results from IBM disappointed.

10/20/2014 6:10:18 AM

(Reuters) - EBay Inc said venture capitalist Marc Andreessen would quit its board, after the online retailer announced last month that it was spinning off its electronic payment unit, PayPal.

10/20/2014 6:09:18 AM

(Reuters) - International Business Machines Corp reported a 4 percent drop in quarterly revenue as client activity slowed in September, sending its shares down sharply in premarket trade.

10/20/2014 5:55:19 AM

BERLIN (Reuters) - Shares in German sportswear firm Adidas AG jumped on Monday after the Wall Street Journal reported that an investor group that includes Jynwel Capital and funds affiliated with the Abu Dhabi government planned a $2.2 billion bid to buy Reebok.

10/20/2014 5:46:19 AM

LONDON (Reuters) - Global stocks climbed on Monday, moving further away from eight-month lows hit last week, as strong U.S. data and encouraging third-quarter earnings eased concerns about the pace of global economic recovery.

10/20/2014 5:23:46 AM

LONDON (Reuters) - When Europe announced its latest health check of top banks early last year it promised a "comprehensive assessment" of how well prepared they were to withstand another financial crisis.

10/20/2014 5:12:35 AM

(Reuters) - IBM Corp said it would hive off its loss-making semiconductor unit to contract-chipmaker Globalfoundries Inc to focus on cloud computing, mobile and big data analytics.

10/20/2014 5:08:30 AM

BOSTON (Reuters) - The recent volatility in financial markets reinforces the need for the Federal Reserve to be patient with its policy stimulus and to clearly tie an eventual interest-rate rise to improving economic conditions, a top Fed policymaker told Reuters.

10/20/2014 3:14:30 AM
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