Here’s a snapshot of next week. See WeeklyBasis report for what it all means, and click image for details.
April 2011
Late start today after being overserved at the sake bar last night. Enjoy (what’s left of) your Friday, and here are some links for afternoon perusing…. -Top Marginal Tax Rates 1916-2010 (VisualizingEconomics) -This Month In Real Estate History (TheRealDeal) -Fed Officials Present Diverging Views of Inflation (RealTimeEconomics) -Does Private Mortgage Insurance Have Place In New
Bank of America reported net income of $2.0 billion, less than expected, compared with $3.2 billion in the same quarter a year ago. BofA lost $2.39 billion in its residential mortgage unit, compared with a $2.07 billion loss in the same quarter a year earlier. Mortgage revenue dropped and expenses increased. BofA’s “representations and warranties
Here’s a list of some interesting things that happened on ‘tax day’ over the years. Thanks to Katelande for curating and sending! 1738: Bottle opener invented 1850: City of San Francisco incorporated 1912: Titanic sinks at 2:27 AM off Newfoundland as band plays on 1941: 1st helicopter flight of 1 hour duration, Stratford, Connecticut 1952:
The S&P 500 is down slightly, hovering around 1312, and bonds are also down slightly today after higher jobless claims, less-than-expected business inflation, and a favorable Treasury bond auction. All three factors would normally suggest a bond rally that would drive rates down, but after a strong two-day rally Tuesday and Wednesday, today’s jittery downside
Awhile back I wrote that if Barry Ritholtz was a rapper, he’d be Gift of Gab from Blackalicious. His retort was that he’s all 3 Beastie Boys. I can dig that: the dude’s “got more stories than JD’s got Salinger.” So kicking off today with an inflation story originated on his blog—context for today’s PPI
Banks foreclosing on borrowers too hastily were told by the FDIC yesterday what they may be facing. The gist of the FDIC’s enforcement order is excerpted below. Over time, it looks like all servicers will need to conform to these standards. But in the near term, the risk is that this framework is one more
Obama is presenting his fiscal policy in a speech now. Below is the full text, and here’s a notable excerpt about the composition of our budget: “Around two-thirds of our budget is spent on Medicare, Medicaid, Social Security, and national security. Programs like unemployment insurance, student loans, veterans’ benefits, and tax credits for working families
After a big bond rally yesterday that helped rates by about .125%, mortgage bond markets are flat today as decent March retail sales and a not-so-good $21b 10yr Treasury note auction are canceling each other out. Stocks are down slightly with S&P -2.5 and Dow -16.7. [UPDATE: Good rate news: FNMA 30yr 4% coupon rallies
Yesterday I mentioned FHA mortgage insurance increases coming this Monday, and had the following explanation of private mortgage insurance, which was then clarified (also below) by an account rep from a big mortgage insurance provider. “Usually MI covers mortgage payments for periods of between 12 months and 5 years, though terms between three and five
Today I’m kicking off a new daily link-fest called Originations. When it comes to lending operations, all banks are measured in originations, so I’m re-purposing the word to make this a place where you can originate your market reading day. And since The Reformed Broker Josh Brown shared his deep blogging insights when he visited
Today I’m kicking off a new daily link-fest called Originations. When it comes to lending operations, all banks are measured in originations, so I’m re-purposing the word to make this a place where you can originate your market reading day. And since The Reformed Broker Josh Brown shared his deep blogging insights when he visited
Always stoic Mark Crumpton’s not looking so good as he reports on the writers suing AOL/HuffingtonPost for a piece of the $315m AOL acquisition. (Either that or my stream froze up at the least flattering moment imaginable! Sorry Mark, just playing around … your sangfroid makes you one of the best broadcasters in the business).
Stocks are down today (S&P 500 -12) and bonds are up (FNMA 30yr 4% coupon +53 basis points), which will push rates down if if the bond rally holds. Stocks were stuck in a flat trading range for the past week then today broke lower, so bonds are benefitting. Part of the flight to safer
Monday April 18 is the day mortgage insurance (MI) increases for FHA loans, a move that may drive more home loan borrowers with less than 20% equity into private mortgage insurance products which may end up being cheaper. Consumers need to talk to their mortgage advisors to explore which option—FHA or private mortgage insurance—is most
It’s been more than eight years since I was at a global bank and navigating a big machine was second nature. I’m a bit rusty as my current boutique bank grows so, for reference, here are the core personality types we all encounter. When lots of smart people work together, it’s impossible for everyone to
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