Usually I don’t repeat foreclosure numbers, for a variety of reasons. But the latest numbers were so bad I had to say something: the number of notices of default jumps 25.9% from the second quarter. An estimated 71,275 notices of default were filed against California properties during the three months that ended Sept. 30, with [...]
Posts Tagged ‘Ally’
Rates Down. Mortgage Insurance Stats.
As debt ceiling legislation passes the House and heads to the Senate, the market’s attention turns to the fact that our economy is languishing, and thus rates are moving down. Yesterday the ISM manufacturing index, which is closely monitored for a gauge of manufacturing activity, plunged to 50.9 in July from 55.3 in June – [...]
Mood At Mortgage Bankers Association Secondary Marketing Conference
Just attended the MBA’s Secondary Marketing conference. The mood was decidedly upbeat. It seemed well attended with the usual array of investors such as Fannie, Freddie, Wells, Bank of America, Chase, CitiMortgage, PHH, SunTrust, and so forth, along with the usual cadre of vendors. There was definitely a hint that: (a) firms are still grappling [...]
The Purpose Of Treasury Auctions, Bank & Mortgage Earnings Roundup, Jobless Claims Up
Jobless Claims Up This morning’s weekly Jobless Claims showed an increase to 457,000, slightly higher than expected, and the 4-week moving average is up 2k to 456k. Non-farm productivity came in at +1.9%. Unit Labor Costs were -.1% after adjusting for productivity. After this news and the Fed announcement yesterday (see below), stocks and mortgage [...]
Existing Home Sales Up 10%, Treasury Auctions & Rates, Big Banks Hire 17k,
In her new book, “Going Rogue,” Sarah Palin says she doesn’t like vegetarians. Palin says all vegetarians should go back to Vegetaria, where they came from. Unlike Conan O’Brien, from whom that line came, many investor bulletins are not concise. And I may have seen more releases from top investors of greater length, but I [...]
Jobless Claims 10mo Low, What Are Fed Funds?, FHA Reserves Below 2% Min, Condo Guidelines,
Yesterday was a special day. In the late afternoon I visited Costco, which some people feel simultaneously represents everything that is both bad and good about the retail channel. The change in time over the weekend had made it so the setting sun shone through the front entrance, illuminating the Samsung 46 inch plasma, the [...]
Rise of Community Lenders, GMAC Rebrands As Ally, Will Rates Rise 1% in 2010?
My boss told me that I should take an “anger management” class in 2010. I told her that I was already angry enough with management. How much money are mortgage bankers, including management, making? According to the MBAA, average profit per loan is up nicely versus the first quarter moving to over $1,300 on each [...]
