When it comes to powerful women, how does the FDIC’s Sheila Bair—our nation’s top bank regulator—stack up against Lady Gaga or Katie Couric? When it comes to powerful banks, how do they rank for first quarter production? The big four banks originated a combined $186 billion in home loans, down 33% from $281 billion home
JP Morgan Chase
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
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
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
In all of the post-bubble analysis of what went wrong lots of blame is placed on credit default swaps (CDS), which are fairly new, having not existed before 1994. Inauspiciously enough, CDS stemmed from a disaster. On March 24, 1989 the Exxon Valdez, an oil tanker headed to Long Beach, CA hit a reef in
Mortgage rates are a bit worse today after a report showed China was a net seller of U.S. Treasury securities in November—this causes nervousness in all bonds including mortgage bonds, which sold this morning, pushing rates higher. We also got a flat read on manufacturing data from New York today, and here’s the market preview
Mortgage rates are a bit worse today after a report showed China was a net seller of U.S. Treasury securities in November—this causes nervousness in all bonds including mortgage bonds, which sold this morning, pushing rates higher. We also got a flat read on manufacturing data from New York today, and here’s the market preview
After a better rate day yesterday due mostly to a well-received 30yr bond auction, rates are even today after consumer inflation, retail sales, consumer confidence, and bank earnings figures. Following yesterday’s slightly hotter than expected business inflation report, today’s consumer inflation report confirms a relatively flat inflation environment—which helps keeps rates low. December’s consumer inflation
I should have listened to my mom and become a lawyer. As WaMu was collapsing in 2008, the FDIC brokered a good deal whereby they seized WaMu then JP Morgan Chase bought it for $1.9b. But the speedy two-day deal now leaves a giant question: who should cover billions in WaMu legal liabilities? Chase says
Election Summary Stocks and bonds both rallied yesterday. MBS prices were better by .5 in price on the lower coupons, and .375 in the slightly higher ones on $1.7 billion in origination. The yield on the 10-yr closed at 2.59%. The election results came in after the US markets closed, but were pretty much as
MBS Reactions To BofA & GMAC Resuming Foreclosures Bank of America and GMAC are the home foreclosure processes that were frozen by documentation concerns. The WSJ reported that “Bank of America Corp. reopened 100,000 foreclosure actions, declaring that it had found no significant problems in its procedures for seizing homes. GMAC Mortgage, a lender and
Top Loan Servicers Who sends your mortgage statement? Bank of America is #1 with $2.1 trillion (20% of the market). Wells is #2 with $1.8 trillion (17% of the market). Chase has $1.4 trillion for about 13% of the market, Citi has about $700 billion for a 6% market share, and GMAC/Ally has about $300
What Delaying Foreclosures Does To Mortgage Bonds/Rates Delaying the foreclosures leads to an entirely new set of problems. Having a buildup of properties hitting markets around the country at the same time will not be good. Delaying the process raises the chance for “deeper losses to bondholders as taxes and insurance payments are fronted” according
What Delaying Foreclosures Does To Mortgage Bonds/Rates Delaying the foreclosures leads to an entirely new set of problems. Having a buildup of properties hitting markets around the country at the same time will not be good. Delaying the process raises the chance for “deeper losses to bondholders as taxes and insurance payments are fronted” according
Finreg Summary For Lenders The Financial Reform Bill passed the Senate, and will no doubt be signed by President Obama. It is 2,300 pages. From my limited view, there are hundreds of thousands of questions for regulators and investors to answer in the next several months (at least), and most large mortgage companies are doing
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