Last Thursday, while on a tour of the Chicago Mercantile Exchange, my son and I met and chatted with CNBC futures reporter Rick Santelli. I told him that I was there to speak at a Fannie Mae regional meeting, he launched into a dissertation about how better off the mortgage industry would be if the
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When I was writing my 2011 rate outlook last month, I asked some former colleagues—CFA types much smarter than me—for their views on what a possible municipal bond implosion might mean for mortgage backed securities (MBS). I asked because consumer mortgage rates are tied to MBS, and I was testing a theory on whether MBS
When I was writing my 2011 rate outlook last month, I asked some former colleagues—CFA types much smarter than me—for their views on what a possible municipal bond implosion might mean for mortgage backed securities (MBS). I asked because consumer mortgage rates are tied to MBS, and I was testing a theory on whether MBS
Today and every Thursday, Freddie Mac releases results of a survey showing what rates are on single family home loans up to $417,000. And the overwhelming majority of mainstream media reports on the topic today talk about how rates have risen along with Treasuries. WRONG. Mortgage rates referenced in the Freddie Mac survey aren’t tied
A new year. Typically the time for a media technique as old as media: recapping last year or predicting this year. But instead of doing that today, below I’m re-posting The Day Journalism Died, a piece I wrote in 2006. It’s not about financial media, but it reminded me what consumer financial media is and
Three months ago, I wrote an Open Letter to Dylan Ratigan with my case as to why he should stick with financial media after his departure from CNBC. At the time I laid out two options that seemed most probable for him: So as you evaluate new options, I am sure there are many but
Dear Dylan: I read about your fiery departure from CNBC, and that’s the only way I would have heard about it because I stopped watching CNBC around January 2008. CNBC had been a critical part of my all-day regimen for 13 years, but I stopped watching because CNBC turned into your typical shouting-match cable news
CNBC’s Jane Wells posted an entertaining parable sent to her explaining how the stock market works: Once upon a time in a village, a man appeared and announced to the villagers that he would buy monkeys for $10 each. The villagers seeing that there were many monkeys around, went out to the forest and started
There’s a reason Larry Kudlow is a star on CNBC: he sparks debate by taking hard lines on market issues, or really any issues. Like last year during an entertainment industry riff when he declared that all rap music is misogyny and violence “up and down the line.” This example helps explain the problem with
Berkshire Hathaway CEO and market oracle Warren Buffett Told CNBC today that U.S. inflation is “exploding” … such a statement from a credible source makes a great headline. Will it surpass the Fed decision (see our previous story from today on Fed rate decision and discussion of inflation) in it’s market influence? Hasn’t so far,
The S&P Case Shiller April 2008 report of existing home sales showed record 15.3% price declines averaged across 20 major cities (see table below), with all 20 cities declining. Home prices are now down 17.8% from 2006 and close to 2004 levels. Though it wasn’t in today’s Case Shiller report, CNBC’s Diana Olick highlighted some
Former Fed Chairman Alan Greenspan has been out in full force this week defending his monetary policies amidst growing criticism that his decision to keep the Fed Funds Rate at 1% from July 1, 2003 through June 30, 2004. He wrote a rebuttal to critics in the Financial Times, and then did an interview with
On Tuesday, March 11, CNBC Mad Money host Jim Cramer said that Bear Stearns was fine. On Sunday, March 16, JP Morgan Chase announced a bid to take over Bear Stearns for $2 per share with the Federal Reserve as a backup to help with liquidity on bad Bear Stearns debt. This week, Fox Business
In a rare piece on the relationship between mortgage bonds, treasuries and Fed rates, CNBC finally alludes to the fact that mortgage rates don’t drop on Fed cuts. They even dared to say that mortgages bounced up a following some Fed cuts since September. Correction: Mortgage rates have risen after the last five Fed cuts.
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