Guaranty Mortgage

Posted To: MBS CommentaryIt's that time again folks… Another year of fun in the MBS market draws to a close and we are left with but a few trading sessions between now and 2010, and even those sessions can't promise any meaningful participation or movement. We don't want to tell you to tune out for the rest of the year, but–well actually we DO WANT to tell you that, but instead we'll tell you that you can tune out as long as the market is doing what it's doing this week. And what's it doing this week? Trading in volatile swings amidst ever-decreasing volume. The net effect is this: there's no way for us or anyone to know what the real story is in bonds this week. There's not enough participation to constitute a quorum among price movers. And so it is that the same VWAP chart we discussed…(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

GMAC Gets $4 Billion More from Government
GMAC Financial Services announced that it received a $3.79 billion capital infusion from the U.S. Department of the Treasury. The transaction was structured with $2.54 billion in trust preferred securities and $1.25 of mandatorily convertible preferred securities. A $15 billion government package was announced by GMAC in May, while the company obtained $5.0 billion in capital investments under Troubled Asset Relief Program a year ago.

MORTGAGE JOB POSTING: GSE Loan File Auditors Needed
Posted To: Voice of HousingAs we've discussed several times in the recent past , the GSE's are actively investigating non performing loan files for breaches of representations and enforcing warranties. What has traditionally been viewed by originators and lenders as a low frequency, moderate severity event ("a cost of doing business") - loan buyback requests are now multi-billion dollar contingent liabilities that command substantial financial and operational resources. Consider that the GSEs alone have roughly $400 billion of non performing loans in aggregate and that equates to roughly 3.5 million files that are in the queue to be reviewed. If you assume that 50% of those files will be contested by the defending originator - theoretically, you are looking at well over 5 million files that will need…(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

A successful MHA refi
A note, sent yesterday, from a reader named Matthew.

2 Wells Fargo Units Face Lawsuits
The mayor’s office in Shelby County, Tenn., announced that a lawsuit was filed against Wells Fargo. The company is accused of causing increased foreclosures through predatory lending to minorities. An activated U.S. Marine has filed a lawsuit against Wells Fargo Home Mortgage, FOX news reported. Wells allegedly violated the Soldiers and Sailors Civil Relief Act.

S&P/Case-Shiller: Home Prices Lose Seasonal Support. Momentum Moderating
Posted To: MND NewsWireStandard and Poor's released the Case Shiller Home Price Index this morning. The S&P/Case-Shiller Home Price Indices are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided. Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length single family homes sales data. The indices have a base value of 100 in January 2000; thus, for example, a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the subject market. In last month's release, U.S. home prices, as measured by the 20 city index rose by 0.3% on a month over month basis, less than the 0.8% gain the market was anticipating. The 10-city…(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

If you buy leasehold make sure that there are sufficient years left on the agreement because otherwise re-selling can become difficult. Of course, the financial times are rather uncertain at the moment. Mortgages for first time buyers Then consider whether you want to buy freehold or leasehold. Next up you need to start looking at properties. If you decide to opt for the interest only mortgage - which could work out with you having lower monthly payments - you will still have to pay the lump sum of the mortgage off at the [...]
Jacksonville Beach FL Real Estate

Information is deemed reliable but not guaranteed.

Any family would surely love to have a home which they can transform into a happy nest of a home later on. Getting the Best Home Mortgage funding You get to live in a home which you are paying for monthly and sooner or later. Since mortgage is a type of debt that is secured by the home itself upon your failure to complete your payment, [...] Third, as the mortgage is paid over time, you get to increase the financially important gap between the initial price value of the realestate and the appreciating market value.
Scarsdale Real Estate

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Torrance movies

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With that basic understanding of what a commercial mortgage is, now you are empowered with a viable option for financing the investment realestate you are interested in purchasing. Commercial Mortgage Refresher Course Commercial Mortgage A commercial mortgage may be a new term to you, but chances are you are already quite familiar with the fundamentals that make up a commercial mortgage. In fact, many banks and financial service institutions offer a variety of options acquiring the funds necessary to make an investment. Adam Smith is an informational author for [...]
Homes in Torrance

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Posted To: MBS CommentaryI hope your holiday went smoothly and all anxieties have been erased. The ride in was extra quiet this morning. No DC traffic to yell at, no parked police cars to stop and stare at , no sun glare to slow the pace of nervous nelly. Just open roads and re-run radio shows. Most people must be enjoying a few extra days away from work (lucky mutter mutter). I detached myself from the marketplace for the most part over the past few days. I say for the most part because although many market participants have "out of office" replies hanging from electronic mailboxes, the year isn't quite over yet. There is still some last minute business to address in this holiday shortened week ahead : $44,000,000,000 2 yr TSY notes go off today at 1pm, $42,000,000,000 5 yr TSY notes will be auctioned…(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

The Day Ahead: Rally Continues Ahead of Home Price Index
Posted To: MND NewsWireThe holiday rally is extending as equities look to continue climbing for a seventh consecutive day. One hours before the open, S&P 500 futures are up 3.25 points to 1,126.25. Commodities are mixed with copper hitting a 15-month high $7,250 a metric ton at 10:25 a.m. on the London Metal Exchange as miners went on strike in England. Meantime, WTI Crude oil is down 9 cents to $78.68 per barrel and Gold is $2.53 lower to $1104.77 per ounce. Tuesday is one of the busier days of this holiday shortened week. The nation’s key measure of home prices is released half an hour before the session begins, and an hour later markets will see if consumer confidence is beginning to rise as the New Year gets underway. Key Releases Today: 9:00 Economists anticipate that home prices rose for the…(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

A successful MHA refi
A note, sent yesterday, from a reader named Matthew.

MBS MORNING: Marginal Improvements After Housing Data
Posted To: MBS CommentaryThe S&P/Case-Shiller Home Price Index has been released. The 20 city home price index was +0.00% in October. Worse than estimates of +0.2%.On a year over year basis the 20 city index is down 7.3%. The 10 city home price index was also unchanged in October. On a year over year basis the 10 city index is 6.4% lower. The west coast carried the load while home prices on the east coast were a drag. This is the first time since April that the S&P/Case-Shiller HPI has not shown a month over month gain, likely a function of fading summertime seasonal support. Plus the data was slightly worse than expected on a month to month basis. Year over year home price declines were expected. While the overall theme provided by econ data is still supportive of a slow recovery in the housing market….the…(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

S&P/Case-Shiller: Home Prices Lose Seasonal Support. Momentum Moderating
Posted To: MND NewsWireStandard and Poor's released the Case Shiller Home Price Index this morning. The S&P/Case-Shiller Home Price Indices are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided. Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length single family homes sales data. The indices have a base value of 100 in January 2000; thus, for example, a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the subject market. In last month's release, U.S. home prices, as measured by the 20 city index rose by 0.3% on a month over month basis, less than the 0.8% gain the market was anticipating. The 10-city…(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

GSEs Gain Federal Support; MGIC Sued by BoA; Buffet to Buy ResCap? News from Chase, Wells, BofA, UBOC
Posted To: Pipeline PressMI rescission issues plaguing your company? MGIC, and their shareholders, received coal in its stocking after the news came out that it was being sued by Bank of America's mortgage unit in a dispute over claims . The suit alleges that MGIC "denied and continues to deny" valid mortgage insurance claims submitted by Bank of America's Countrywide unit. Bank of America says MGIC denied claims based on "unreasonable interpretations" of its policies. The suit seeks "declaratory relief" for interpretation of the policies. Regardless of whether or not it is good or bad for our industry, or the debate about the timing of the announcement, on Christmas Eve the U.S. Treasury agreed to provide Fannie Mae and Freddie Mac with as much capital as they need over the next…(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Posted To: MBS CommentaryHeeeeeeeading into 5 pm "going out" marks…..there is not much I can tell you to stem the frustration of being in the float boat. That of course assumes you are out to sea (without a sail). For those of you who have locked up and are pending a CTC….I hope our commentary is colorful enough to draw your attention from last minute holiday preparations (or clean up if you've had eight crazy nights already). Sorry, got a little distracted there…like I was saying: Yawn. The 0.75% coupon bearing 2 yr TSY note is -0-02 at 99-22 yielding 0.905%. The 3.375% coupon bearing 10 yr TSY note is -0-17 at 96-30 yielding 3.746%. The yield spread between the 2yr TSY note and 10yr TSY note…which is slightly firmer than the 286bp record that was set earlier today). Here are 10s…see what I…(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

MBS CLOSE: Please Ignore The Charts On Your Way Out
Posted To: MBS CommentaryIt's that time again folks… Another year of fun in the MBS market draws to a close and we are left with but a few trading sessions between now and 2010, and even those sessions can't promise any meaningful participation or movement. We don't want to tell you to tune out for the rest of the year, but–well actually we DO WANT to tell you that, but instead we'll tell you that you can tune out as long as the market is doing what it's doing this week. And what's it doing this week? Trading in volatile swings amidst ever-decreasing volume. The net effect is this: there's no way for us or anyone to know what the real story is in bonds this week. There's not enough participation to constitute a quorum among price movers. And so it is that the same VWAP chart we discussed…(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

MBS MORNING: Happy Holidays. Rates Unchanged
Posted To: MBS CommentaryGood Morning.The market is flat. The 3.375 coupon bearing 10yr TSY note is -0-02 at 96-26 yielding 3.762%. The FN 4.0 is -0-02 at 96-28 yielding 4.297% and the FN 4.5 is -0-01 at 100 the buck yielding 4.509%. The secondary market current coupon is 4.505% Copy and Paste is a great tool. I copied and pasted this from Monday's MBS OPEN: From a loan pricing standpoint. I recall this time of year as being one of my favorite for determining rate sheet rebate. I viewed it as so… Most borrowers have already locked in and many have actually already closed. Who wants to deal with a loan closing at this time of year? My main goal was to limit the amount of work I had to do over the next 10 days. I made sure all my positions were square, I double checked pricing, hounded post closing to get my files…(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Wells Fargo & Co. announced that it redeemed $25 billion of series D preferred stock issued under the Troubled Asset Relief Program. Wells first announced its intention to exit TARP last week. Funding for the transaction came from excess capital and a public offering.

Watch for ‘cash for clunkers’ scams
Don’t give out personal data to a middleman, and make sure a dealer isn’t sneaking in unwanted fees.

Residential delinquency of at least 90 days climbed 18 basis points in November, Freddie Mac reported. It was another all-time high for late payments. Compared to a year earlier, the delinquency rate was 220 BPS higher.

A successful MHA refi
A note, sent yesterday, from a reader named Matthew.

BoA Servicing Unit Deteriorating, Downgraded
Wilshire Credit Corp.’s servicer quality ratings for first lien subprime mortgages was downgraded by Moody’s Investors Service, a news release said. Wilshire is a subsidiary of Bank of America Corp. Moody’s cited a deterioration in call center metrics, management turnover and staffing concerns in its decision to cut the servicer’s rating.

Foreclosures? Let ‘em rent
In response to my blog post from last week, “Theodicy and mortgages,” Michael Hilmen writes about artificially high home prices.

Want a vacation? Deals are everywhere
The recession has produced phenomenal travel opportunities. Here’s how to find them.

Wrong-headed regulators
I have an article up today — “Want to refinance? Know the details” — in which I describe the Home Affordable Refinance program as confusing.

Rate trends and firecrackers
A reader named Cindy asks: “Are mortgage rates predicted to go down next week? What things should I be considering before going ahead?”

Posted To: MBS CommentaryFirst off, if you use a Blackberry and have not been receiving email or have found it difficult to surf the web…don't yank the battery yet, you are not alone. RIM has confirmed another outage, the second one in less than a week! READ MORE Now, this implies if you are a devoted MND Mobile reader or have not been back to a computer since yesterday afternoon, that you may have missed the big news I sent your way last night. The FHA has delayed the implementation of HVCC guidelines . HERE is the story. If you have been unable to locate the "official" notification, you are not alone, many others have emailed asking what/who was my source of this information. I responded back to all inquiries with the same response: I GET ENCRYPTED MESSAGES FROM THE FHA WHENEVER MAJOR NEWS IS ABOUT…(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

MBS MORNING: Happy Holidays. Rates Unchanged
Posted To: MBS CommentaryGood Morning.The market is flat. The 3.375 coupon bearing 10yr TSY note is -0-02 at 96-26 yielding 3.762%. The FN 4.0 is -0-02 at 96-28 yielding 4.297% and the FN 4.5 is -0-01 at 100 the buck yielding 4.509%. The secondary market current coupon is 4.505% Copy and Paste is a great tool. I copied and pasted this from Monday's MBS OPEN: From a loan pricing standpoint. I recall this time of year as being one of my favorite for determining rate sheet rebate. I viewed it as so… Most borrowers have already locked in and many have actually already closed. Who wants to deal with a loan closing at this time of year? My main goal was to limit the amount of work I had to do over the next 10 days. I made sure all my positions were square, I double checked pricing, hounded post closing to get my files…(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.