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This Past Week In The Mortgage Market
Mortgage lender Countrywide Home Loans agreed to pay $108 million to settle an FTC case. The larger issue not covered by the press is that now that Countrywide is part of Bank of America, their mortgage originators are not subject to the misguided state licensing requirements that mortgage bankers and brokers must do. I guess [...]
Continue reading...Countrywide Financial and Congress-Perfect Together
20. June 2010
The Sacrificial Lamb of the Mortgage Malaise — Angelo Mozilo by C.M. "Corky" Watts, CMB I noticed a short article this week in the Wall Street Journal that reported on the $108 million settlement between Countrywide Financial and the Federal Trade Commission (FTC). The settlement stems from accusations that two Countrywide mortgage servicing [...]
Continue reading...Homebuilder Confidence Falls
20. June 2010
Homebuilder Confidence Falls. Same Problems Persist After Tax Credit Expiration by Adam Quinones The National Association of Home Builders released the monthly Housing Market Index today. Derived from a monthly survey that NAHB has been conducting for more than 20 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales [...]
Continue reading...Refinance Demand Declines
12. June 2010
Refinance Demand Declines As Pool Of Qualified Borrowers Shrinks by Adam Quinones The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending June 4, 2010. The Mortgage Bankers Association application survey covers over 50% of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The [...]
Continue reading...Home Repossessions Rising
12. June 2010
by Adam Quinones According to Realty Trac’s U.S. Foreclosure Market ReportTM for May, a total of 322,920 properties nationwide were the subject of a foreclosure filing during the month compared to 333,837 in April. This is one in every 400 U.S. housing units. The new figure represents a 3 percent decrease in foreclosure filings vs. April [...]
Continue reading...Mortgage Reform Update
12. June 2010
Checking In On Mortgage Reform Legislation; Mark-To-Market Loan Hedging Concerns; FTC & Countrywide; Subprime The Talk Of The Town? by Rob Chrisman The Senate voted recently to toughen standards for home loans. Under these new standards, lenders would have to verify that borrowers can repay the loan. Let’s just hope China doesn’t adopt this policy. As the time [...]
Continue reading...The Plight of The Mortgage Originator
6. June 2010
Originators Operating In New World Must Evolve With Environment by C.M. "Corky" Watts, CMB “Everybody says it, and what everybody says must be true” -James Fenimore Cooper (American Novelist 1789 – 1851) James Cooper’s most famous literary works were his novels, "Leatherstocking Tales" and "The Last of the Mohicans". Cooper was one of the [...]
Continue reading...Mortgage Backed Securities Update
6. June 2010
MBS End Week Near Record High Prices. Euro Back In Focus After NFP by Adam Quinones FN4.5: +0-20 at 102-22! GN4.5: +0-20 at 103-09! Secondary Market Current Coupon: 4.029% CC Yield Spreads:+82.1/10yTSY. +70.9/10yIRS. 3m10y Vols Higher UST10YR: -16.2bps at 3.208%.+1-12 at 102-15. 2s are least best performer. -9.1bps at 0.73% S&P CLOSE: -3.44% at 1064.88. HIGH: 1102.79 [...]
Continue reading...What is The Future Of The Housing Market?
31. May 2010
Housing: The Good, The Bad And The Ugly by Adam Quinones Standard and Poors released the Case-Shiller Home Price Indices through March 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 [...]
Continue reading...This Past Week In The Mortgage Market
31. May 2010
What will happen to the housing market is anyone’s guess, sales spiked with the April 30 deadline of the homebuyer tax credit, interest rates remain low, some areas have rising prices…but bank repossessions are on track to surpass a million homes in 2010, more than a quarter of borrowers are “underwater”, and other homeowners are [...]
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27. June 2010
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