AHHHHHHH ALERT ALERT!!! MBS PRICES ARE TANKING!!!! HAHAHAHAAHA...sorry but I've been trying to squeeze that in for a long time now. The currently crappy rate environment seemed like the perfect time to remind you how mortgages trade. Too soon? Today is Class A Notification Day in t...Read More
Mortgage rates had a bad day yesterday. Consumer borrowing costs started moving higher early in the session and never looked back. We had no relevant data on the calendar today and the marketplace was generally quiet as many investors and decision makers took time off for religious...Read More
Not too many years ago I was consulting companies that were plagued with early purchase defaults and repurchase demands from investors. It was during the tail end of the subprime and Alt-A era that mortgage bankers were starting to see a dramatic increase in demands from invest...Read More
Pricing got whacked today! Rebate is 41.6bps worse in the last 48 hours. Week over week isn't any better. Reductions are robust across the coupon stack. Note rates below 4.25%, those used to fill 3.50 MBS coupon buckets, are the biggest losers. 4.25% is still on the board, but it'l...Read More
The Treasury Inspector General for Tax Administration (TIGTA) has completed a study of IRS management of the evolving series of tax credits that were offered to homebuyers over that last two years and found that the IRS needs to "improve its capabilities to identify taxpayers who must repay tax cre...Read More
Today is Friday, the day of the week that smaller "on the bubble" banks dread most. What happens to the delinquent loans that the FDIC and its partner banks assume? They are sold - the most recent example being the sale of a 40% equity interest in a limited liability...Read More
Interest rates are on the rise again as equity futures inch higher ahead of a light day of economic data. President Obama’s mid-morning press conference on the economy may attract greater market attention than the only scheduled economic data release on the calendar, Wholesal...Read More
Mortgage rates didn't have a chance today. Borrowing costs started moving higher early in the session and never looked back. As the day progressed, agency MBS prices fell further and lenders were forced to reprice for the worse. Par 30-year fixed 4.25% quotes are still on the board...Read More
MBS prices are officially 8 ticks below lender loan pricing marks. REPRICES FOR THE WORSE HAVE BEEN REPORTED The earlier you received your rate sheet...the more likely you are to see a reprice for the worse in your inbox....(Read More
The Mortgage Bankers Association (MBA) has weighed in on the proposed framework for conservatorship and receivership operations for Fannie Mae, Freddie Mac, and the Federal Home Loan Banks set forward by the Federal Housing Finance Agency (FHFA). In a letter to FHFA General Counsel Alfred M. Pollar...Read More
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