Apple, Intel and broader tech sector earnings have led stocks higher since Tuesday (Dow +29, S&P +5.6), erasing Monday’s losses that came after Standard & Poor’s issued a negative outlook for U.S. debt. Bonds are up slightly today (FNMA 30yr 4% coupon + 9 bps, 10yr Note +12 bps to yield 3.39) and trading quietly
April 2011
Apple, Intel and broader tech sector earnings have led stocks higher since Tuesday (Dow +29, S&P +5.6), erasing Monday’s losses that came after Standard & Poor’s issued a negative outlook for U.S. debt. Bonds are up slightly today (FNMA 30yr 4% coupon + 9 bps, 10yr Note +12 bps to yield 3.39) and trading quietly
If you dare call yourself an entrepreneur, read James Altucher’s piece below to ensure your self-applied title is legit. Today’s links also include a negative outlook on Zillow’s IPO, a great write-up on Fannie’s economic outlook, and a word on home appraisals from FoxBusiness—so it has to be legit. -Fannie Mae Outlook: Economy Hits Air
Jumbo mortgage volume is very dependent on location. So what are borrowers in high cost areas thinking when it comes to obtaining a jumbo loan? Linda Stern of Reuters reminds us that conforming loan limit caps for high cost areas will be reduced from $729,750 to $625,500 effective October 1, and says that some borrowers
Mortgage bonds are up 12 basis points this morning and Treasury bonds are up 19 basis points after weaker than expected Philly Fed data, Gold hitting another record of $1509, and stronger tech earnings. Summary of the day and next week’s rate outlook coming shortly.
Mortgage bonds are up 12 basis points this morning and Treasury bonds are up 19 basis points after weaker than expected Philly Fed data, Gold hitting another record of $1509, and stronger tech earnings. Summary of the day and next week’s rate outlook coming shortly.
Today links include more consumer-focused interpretations of the Fed’s new risk retention rules for mortgage securitization. If you only read one link today, read Kid Dynamite on the topic. -Mansion Linked To ‘The Great Gatsby’ Demolished (Reuters via tip from DB!) -Onion or Reuters: Protecting Borrowers From Lenders (Kid Dynamite) -Leader of Big Mortgage Lender
Lee Farkas, the former chairman of Taylor, Bean and Whitaker Mortgage Corp., was found guilty on all 14 charges stemming from a seven-year, multibillion-dollar fraud scheme that led to the collapse of his firm and Colonial Bank. Even the photo can make you cringe. At this point Mr. Farkas is probably not interested that Cantor
Today is 420, a national stoner holiday. Here in San Francisco, the East end of Golden Gate Park—shown as Sharon Meadow on maps and known as Hippie Hill to locals—will look like a concert as masses gather to puff, listen to the drum circle, and generally bask in stoner-y bliss. And similar gatherings small and
Stocks rebounded a bit today after deep losses yesterday after S&P issued a negative outlook on the U.S.’s ability to meet its debt obligations. Treasury Secretary Tim Geithner tried to steady the ship today, saying “There’s a lot of confidence in the capacity of this economy to grow, to make sure that we can meet
Writing daily market commentary can make one feel like a robot, but I’ll be so bold as to say a computer can’t do it better because market participants have too many differing agendas. That said, a robot writer just bested a sports writer. So to the financial writers linked below: watch your backs. Bleep, blorp.
Occasionally I am asked, “How safe is the mortgage interest tax deduction?” In the past I was much surer of my answer (“Safe – what politician wants to take away even one of the advantages of home ownership?”), but ongoing talk of ending this homeowner tax benefit makes me think twice. Whether eliminating it for
A lot of economists are saying today’s S&P’s negative outlook for U.S. debt is ‘no big deal’ but markets are reacting otherwise. Stocks are down sharply (Dow -212, S&P 500 -21) and bonds are continuing Friday’s big rally (FNMA 30yr 4% coupon +31 basis points, 10yr Note +34 basis points). Our WeeklyBasis report Saturday predicted
Stocks are in a deep Monday funk following S&P’s U.S. “negative” outlook, which raises the question: could the U.S. government qualify for a mortgage? Those links kick off Originations today, and it ends with a continuation of Beastie Boys tribute month. -Text of S&P’s Downgrade of U.S. Ratings Outlook (Marketwatch) -Following S&P’s report, consider this
According to Bureau of Labor Statistics data, mortgage industry jobs are down 50% in the past five years. The industry hit a peak in early 2006 at 505,000 but is now at 248,000. Granted, many who shouldn’t have been in the business have left and there was excess manpower 5 years ago, but the stat
Rates ended last week down .125% after mortgage bonds rallied huge Friday (FNMA 30yr 4% coupon +62 basis points) on tame March consumer inflation (CPI) data. Rates drop when bond prices rise on such a rally, and perception of low inflation encourages bond buying. But that perception is likely to be short-lived because, as discussed
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