MBS MID-DAY: Choppy Price Action

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Posted To: MBS Commentary

MBSonMND : MBS MID-DAY Open MBSonMND Dashboard FNMA 3.5 94-32 : +0-13 FNMA 4.0 99-06 : +0-10 FNMA 4.5 102-11 : +0-06 FNMA 5.0 105-03 : +0-03 GNMA 3.5 95-31 : +0-12 GNMA 4.0 100-20 : +0-09 GNMA 4.5 103-21 : +0-06 GNMA 5.0 106-16 : +0-04 FHLMC 3.5 94-27 : +0-14 FHLMC 4.0 99-02 : +0-10 FHLMC 4.5 102-09 : +0-07 FHLMC 5.0 104-31 : +0-03 Pricing as of 11:00 AM EST Morning Market Updates A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBSonMND Dashboard . 10:25AM : Goldman Looks to Sell Mortgage-Servicing Unit (WSJ) - Goldman Sachs Group Inc. has decided to sell its Litton Loan Servicing LP unit after the mortgage-servicing operation failed to deliver as much business as the securities firm hoped when it bought Litton in 2007. A spokesman for the New York company said...(read more)

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Source: www.mortgagenewsdaily.com

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Mortgage Rates: Still Stuck But Lender Credits Likely

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Posted To: Mortgage Rate Watch

Home loan borrowing costs improved again today, but Best Execution mortgage rates were unchanged. Nervous tensions surrounding the potential economic impact of the earthquake in Japan sent a shock-wave through global markets. U.S. stocks suffered and as is often the case during equity sell-offs, bond markets benefited, including those that directly influence mortgage rates. If that sounds familiar, it's because we wrote it yesterday! And it still applies... Although the "flight-to-safety" was much more pronounced today, the net effect was only a modest reduction in consumer borrowing costs. Best execution mortgage rates are still stuck. A flight to safety happens when investors are nervous about owning risky assets like stocks, but do not want to miss out on earning a return on their funds...(read more)

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Source: www.mortgagenewsdaily.com

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MBS RECAP: 3/14/2011

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Posted To: MBS Commentary

MBSonMND : MBS RECAP Open MBSonMND Dashboard FNMA 3.5 94-16 : +0-14 FNMA 4.0 98-21 : +0-07 FNMA 4.5 102-02 : +0-07 FNMA 5.0 104-31 : +0-09 GNMA 3.5 95-12 : +0-10 GNMA 4.0 100-04 : +0-07 GNMA 4.5 103-11 : +0-05 GNMA 5.0 106-09 : +0-06 FHLMC 3.5 94-07 : +0-09 FHLMC 4.0 98-16 : +0-07 FHLMC 4.5 101-31 : +0-06 FHLMC 5.0 104-27 : +0-07 Pricing as of 4:00 PM EST Afternoon Market Updates A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBSonMND Dashboard . 4:00PM : Former TBW President Pleads Guilty to Fraud Raymond E. Bowman, the former president of Taylor, Bean & Whitaker Mortgage Corp., pleaded guilty to two charges over his role in what U.S. prosecutors said was a $1.9 billion fraud scheme. Bowman, 45, who lives in Atlanta, entered his plea today in federal court...(read more)

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Mortgage Rates: Stable Before Fed Meeting

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Home loan borrowing costs improved slightly today, though Best-Execution rates remained the same. Nervous tensions surrounding the potential economic impact of the earthquake in Japan sent a shock-wave through global markets today. U.S. stocks suffered and as is often the case during equity sell-offs, bond markets benefitted, including those that directly influence mortgage rates. CURRENT MARKET : The "Best Execution" conventional 30 year fixed mortgage rate is still 4.875%. For those looking to permanently buy down their rate to 4.75%, this quote carries higher closing costs. The upfront cost of permanently buying down your rate to 4.75% is not worth it to many applicants, we would generally only advise the permanent floatdown if you plan to keep your new mortgage outstanding for longer than...(read more)

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Source: www.mortgagenewsdaily.com

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FHA Commissioner David Stevens Resigns; Foreclosure Sale Horror Story; Another Originator Compensation Lawsuit; Credit Suisse Settles

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Posted To: Pipeline Press

Later today it will be Friday night, which means mortgage originators everywhere will have time to contemplate LO comp changes and come up with creative ways to open a few "tall cool ones": GladHe'sNotMyDentist "Old soldiers never die...they just...fade away." So said General Douglas MacArthur. What would he say about old mortgage executives that never die... they just form new companies! When was the last time you saw C-BASS and Thornburg mentioned in the same article? S tartUps In a story that first broke on Mortgage News Daily's MBSonMND live chat yesterday morning, Dave Stevens has resigned from his position as FHA commissioner . Stevens is expected to end his stint as FHA commissioner by the end of April and return to "the private sector." He was nominated about two years ago and sworn...(read more)

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MBS MID-DAY: Reprices for Worse Possible

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Posted To: MBS Commentary

MBSonMND : MBS MID-DAY Open MBSonMND Dashboard FNMA 3.5 94-08 : -0-09 FNMA 4.0 98-17 : -0-08 FNMA 4.5 101-31 : -0-05 FNMA 5.0 104-28 : -0-03 GNMA 3.5 95-09 : -0-05 GNMA 4.0 100-01 : -0-06 GNMA 4.5 103-10 : -0-04 GNMA 5.0 106-08 : -0-03 FHLMC 3.5 94-03 : -0-09 FHLMC 4.0 98-13 : -0-08 FHLMC 4.5 101-28 : -0-05 FHLMC 5.0 104-23 : -0-02 Pricing as of 10:59 AM EST Morning Market Updates A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBSonMND Dashboard . 10:47AM : ALERT: MBS Prices Falling. Reprices for Worse Possible Production coupon MBS prices are currently falling from session highs. The FNCL 4.5 is now 7/32 from its best level of the day. Lenders who released rate sheets early may recall and reissue for the worse. Others will simply delay. The end result should...(read more)

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Principal Reduction Debate: Focused Attention Needed

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Posted To: MND NewsWire

Three Federal Reserve economists are out to debunk the theory that reducing principal balances on mortgage loans is a no-cost cure for the housing crisis. The three, Kris Gerardi, Federal Reserve Bank of Atlanta, Chris Foote, and Paul Willen, Federal Reserve Bank of Boston, recently published their paper, The Seductive but Flawed Logic of Principal Reduction , in the Atlanta Fed banks' Real Estate Research Blog. The idea that a reduction program would cure housing ills has been kicking around since the crisis began and there are now rumors that the administration and states' attorneys general may soon announce a settlement agreement that will require lenders to write down principal balances on troubled loans by as much as $25 billion. Policy wonks, the article says, will probably greet this...(read more)

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