Barclays co-head of interest rate strategy Michael Pond says the 10yr note will rise to 2.70 or 2.75 by year-end, which he says is fair value if economic data supports no recession—Bloomberg video below. He made two passing remarks about rates not rising this much if bond prices “get another bump from Europe” but was
Barclays
Some believe that DTC (Direct to Consumer) lending will eventually pass retail channels. For now, the MBA says internet-lending still accounts for less than 10% of mortgage lending. Until this number changes, here’s National Mortgage News’ list of the top traditional retail lenders: Wells Fargo, Chase, Bank of America, PHH Mortgage, CitiMortgage, Quicken Loans, U.S.
Some believe that DTC (Direct to Consumer) lending will eventually pass retail channels. For now, the MBA says internet-lending still accounts for less than 10% of mortgage lending. Until this number changes, here’s National Mortgage News’ list of the top traditional retail lenders: Wells Fargo, Chase, Bank of America, PHH Mortgage, CitiMortgage, Quicken Loans, U.S.
WHY PEOPLE MOVE Among those who moved between 2009 and 2010, Census said almost 44% of them (16.4m) did so for housing-related reasons, such as the desire to live in a new or better home or apartment. Thirty percent moved for family reasons (including marital status), and 16% for employment. In 2010, 37.5m people 1
Below are two notable items on this slow news day, as well as a primer on how mortgage banks lock loans and hedge risk. (1) The bankruptcy trustee for Thornburg Mortgage sued Goldman, Barclays and other big banks for a combined $2.2 billion, blaming them for its bankruptcy. Meanwhile, former Thornburg CEO Larry Goldstone is
Recently the Fed’s H.8 report showed that small banks are providing a stronger demand for Fannie and Freddie (or “agency”) mortgage backed securities (MBS) than larger banks. Year-to-date, large domestic bank holdings of agency MBS have declined by $10 billion but agency MBS holdings of small domestic banks have increased by $19 billion. In addition,
Strategic Defaults Today A recent Barclays report (via HousingWire) said: “Most popular studies overestimate the level of strategic mortgage defaults. We think that the strongest cases of active strategic defaults are less than 1% of total defaults. These borrowers are clearly capable of making mortgage payments, always remain current on all non-mortgage debts and actively
Strategic Defaults Today A recent Barclays report (via HousingWire) said: “Most popular studies overestimate the level of strategic mortgage defaults. We think that the strongest cases of active strategic defaults are less than 1% of total defaults. These borrowers are clearly capable of making mortgage payments, always remain current on all non-mortgage debts and actively
78 Failed Banks In 2010 Five more banks disappeared Friday, bringing the total to 78. Bank of Florida Corp.’s three lenders were closed by regulators today who sold about $1.2 billion in deposits to EverBank Financial. Out west, City National (Los Angeles) enveloped Sun West Bank (Las Vegas), and in Sacramento Granite Community Bank became
This CNBC report from the World Economic Forum in Davos this week has some comments worth calling out from Bank of America CEO Brian Moynihan and Barclays President Bob Diamond. Highlights from each below: BRIAN MOYNIHAN, BofA CEO “Bank of America is not too big. Big by definition is not the question, it’s a question
Missed this Saturday Night Live skit until now. It’s short and sweet.
The big news yesterday, were the minutes from the mid-December Fed meeting (with the usual 3 week lag). You can see The Basis Point’s full summary here. In short, The Federal Open Market Committee (FOMC) still sees a modest recovery this year, e.g., one that will bring only a “slow improvement” in the nation’s severe
From the Wall Street Journal: BlackRock Inc. reached an agreement to buy Barclays Global Investors from Barclays PLC for $13.5 billion, creating a money-management titan roughly twice the size of its closest competitor. The firm, renamed BlackRock Global Investors, will have more than $2.7 trillion in assets under management. The deal makes BlackRock, already a
What’s the difference between an A.I.G. executive and a drunken sailor? A drunken sailor spends his own money. Will Smaller Mortgage Companies Rise Up? Is now the time for mid-sized mortgage companies to be spending some money and starting a servicing portfolio? Perhaps. When I first got into this business in the mid-80’s, the company
GM wants $17 billion more. One trader from Cantor Fitz mentioned that, “GM seems like a pension plan that occasionally makes a car somebody occasionally buys.” Citi Loan Changes First things first. Yesterday I mentioned that “CitiMortgage now requires the following minimum FICO scores on all FHA and VA loans, including FHA Streamline and VA
With lots of time on my hands, I decided to start a mink farm. Of course, I could never kill one of them, but letting them lose in the neighborhood – one per week – appeals to me. The first steps include acquiring knowledge of the mink, including life cycle, breeding cycles, vaccinations, and nutritional
Load More