Archive for August, 2011

Time To Sell When Last Bond Bear Turns Bullish?

Following Bill Gross admitting he was wrong betting that Treasuries would sell, this is a good Marketwatch piece questioning whether his mea culpa means it’s time to sell bonds. If that theory is true, rates would rise. But read Gross’ comments from yesterday which confirm that rates could actually drop before you decide.

Watch how it’s done boy. It looks easy.

Back in May I said I’d comment on the new Beastie Boys album once I had a chance to process it. Not all long-term pros make handiwork of the impossible, so I like to study each person’s craft before commenting or committing. That goes for my music and my business partners. I’ll focus my Beastie […]

Loan Limits To Drop Below $417,000 For 2012?

[Critical Loan Limit Update on 11/18/2011] Congress (80% of which has no background in business or economics according to TheHill.com) is on vacation, putting any talk of extending loan limits on hold, so high-balance conforming loan limits will be cut from $729,750 to $625,500 on October 1. Details here. But there is a rumor about […]

Fundamentals 8/31: Jobs, Manufacturing, Loan Apps

Mortgage Applications (week ending 8/26) -Purchase Index Week/Week: +0.9% -Refinance Index Week/Week: -12.2% -Composite Index Week/Week: -9.6% -The increase in the purchase index is good news for the huisng sector which is in serious need of good news. The refi index is rate sensitive and next week will probably show an increase for this week. […]

Mortgage Banker View: BofA Cuts Off Mortgage Bankers

The WSJ reported last night that Bank of America is exiting their correspondent mortgage lending business which buys loans from mortgage banks. WSJ and Inside Mortgage Finance said BofA had 24.3% market share in correspondent lending, second to Wells Fargo, and BofA’s correspondent channel made up 47% ($27.4b) of the bank’s 1Q2011 mortgage originations. So […]

Bill Gross’ case for long-term slow growth (VIDEO)

Interesting Bill Gross interview on CNBC today, following the release of his September investment outlook. In full video below he admits he was wrong on Treasury demand waning, and his long-term-slow-growth theme is best captured in this excerpt: Free market capitalism depends on a balanced market between labor and capital. And clearly we’re reaching a […]

Case Shiller Confirms Importance Of LOCAL Home Price Analysis

Case Shiller’s June report showed home prices across 20 major U.S. metro areas were up 1.1% since May, the third straight monthly ’20-City’ gain after seven months of decline. But prices are down 4.5% since last June, and prices are down drastically from 2006 highs and now at 2003 levels (charts below). Here’s the most […]

How Wall Street Tracks MBS Down To Loan Level

Part of the Dodd Frank regulation package was the Nationwide Mortgage Licensing System and Registry (NMLS), which requires mortgage loan agents to pass exams, background checks, complete annual continuing education, and disclose basically everything about themselves in the same way securities and other financial professionals do. Same goes for mortgage firms. This was effective last […]

Latest on Bank of America MBS Settlement

Remember that proposed $8.5 billion Bank of America settlement with investors back in June? “Not so fast,” said the FDIC. The settlement still requires a judge’s approval, and the FDIC filed an objection in federal court in Manhattan as an investor rather than as a regulator of the Bank of America. It said it owns […]

Fundamentals 8/30: Home Prices Flat, Consumers Nervous

Consumer Confidence -Consumer Confidence fell from 59.5 to 44.5 in August -This is a survey measurement of predisposition to spend -WSJ used the words “plummeted” and “plunge” -This is lowest Consumer Confidence since April 2009 -It’s in-line with the Consumer Metrics measurement of increased online discretionary spending in early July which flattened at the end […]

 
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