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Mortgage and Finance


Mortgage News Daily

Posted To: Pipeline Press

What's this? Fifty five thousand residents in one mile-high building? Doesn't Tokyo have earthquakes? Let's hope not everyone wants hot water at the same time! Everyone makes mistakes, right? The issue is admitting them. The CFPB who caught some folks' attention yesterday with this announcement: "Today we published a notice in the Federal Register to correct a typo regarding tolerances for property taxes and certain other property-related costs that was found in the "Supplementary Information" to the TILA-RESPA Integrated Disclosure rule. Learn more at: https://federalregister.gov/a/2016-02630 ." Turning to banking news, the Financial Stability Board (FSB) is based in Basel and its global regulators quietly set the tone for the biggest banks in the world. It has been toiling away on new guidelines...(read more)

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2/11/2016 8:39:17 AM

Posted To: MBS Commentary

Stocks and bond yields ignited a fiery romance in 2016, not letting each other out of sight for almost the entire month of January. That is to say, not only were stocks and bond yields moving in the same direction at the same time, but they were also matching each others' intensity almost perfectly. The month-end trading environment as well as the surprise rate cut from the Bank of Japan led to a bit of disconnection between stocks and bond yields. After all, easy central bank policies benefit both sides of the market (which would cause stocks to rise as rates fell). Indeed, stocks managed to at least hold their ground into the start of February even though bond yields continued to fall. Then at the beginning of this week, we saw a new player enter the love quadrangle. Whereas oil prices...(read more)

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2/11/2016 6:34:05 AM

Posted To: Mortgage Rate Watch

Mortgage rates barely budged today, but did manage to gain just a bit of ground. That means another 1-year low, technically, although many lenders are quoting the exact some conventional 30yr fixed rates as yesterday. The range is currently between 3.5% and 3.625% with most lenders still at the higher boundary. Investors were anxious to hear how Fed Chair Yellen would convey the Fed's current gameplan in light of recent market movements. Specifically, markets are forecasting no rate hikes in 2016 while Fed speakers have generally indicated there would be more like 4 hikes. Yellen did a good job of not getting too specific on that topic, only saying that the Fed wouldn't rush to change its stance based on one crazy month of market volatility, but would, of course, consider a balance of data...(read more)

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2/10/2016 4:28:00 PM

Posted To: MBS Commentary

To be fair to Fed Chair Yellen, it was too much to ask of her to concoct some secret combination of words that would magically help stem the tide of recent panic. Still, markets had leveled-off in the sort of sideways approach pattern often seen in advance of 'big news.' But to reiterate, there really wasn't any news. Yellen didn't say anything too surprising. In fact, she didn't have a chance to say much at all, considering these House FSOC testimonies do more to provide a stage to political grandstanding than to an honest discussion about the economy and monetary policy. The early tenor of the day was dictated by Europe . Considering that European bank stocks were part of the reason for movement earlier in the week, a big bounce in Europe helped stock futures overnight...(read more)

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2/10/2016 4:17:56 PM

Posted To: MND NewsWire

The Department of Housing and Urban Development (HUD) said on Tuesday that its proposed budget for Fiscal 2017 will include $48.9 billion in gross discretionary funding and $11.3 billion in new mandatory spending over the next 10 years. HUD said its budget is focused on helping Americans secure and maintain affordable housing, ending homelessness, and making communities more resilient from natural disasters. Most of the mandatory $11.3 billion spending is dedicated to a 10-year multi-faceted program to reduce homelessness among youth and families. This is an extension of what HUD calls the "first-ever federal strategic plan to prevent and end homelessness" that was launched six years ago under the title Opening Doors. Since then HUD says, family homelessness has been reduced by 19 percent nationwide...(read more)

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2/10/2016 2:18:02 PM

Posted To: MND NewsWire

Average mortgage rates declined during the week ended February 5, in at least one case to the lowest level in nearly three years. In response there was a surge of mortgage applications reported by the Mortgage Bankers Association (MBA), principally from applications for refinancing. According to results of the MBA Weekly Mortgage Applications Survey, Mortgage Applications as measured by its Market Composite Index, increased by 9.3 percent on a seasonally adjusted basis compared to the week ended January 29. The index rose 12 percent unadjusted. The Refinance Index jumped 16 percent while the share of all applications that were for refinancing was up to 61.2 percent from 59.2 percent the previous week. The Purchase Index eked out a seasonally adjusted 0.2 percent gain from the previous week...(read more)

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2/10/2016 8:57:38 AM

Posted To: MBS Commentary

Who has the mic? Who's wielding the pen? Whose opinion are you digesting as you build your sense of what "they" think is going to happen? If you're familiar with the adage about history being written by the victor , then you're already pretty close to picking up what I'm putting down. The widely circulated variety of financial and economic discourse (CNBC, Bloomberg, The Fed, and the economists and analysts that support them) takes place almost entirely in one hemisphere of the socio-economic universe. Face it, if you have time to care about what a bunch of people are saying on the internet and TV about money, you have enough of it to care about. The bar for entry into my special imaginary realm of ignorance is shockingly low. Let's use the most recently reported...(read more)

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2/10/2016 6:34:02 AM

Posted To: MBS Commentary

Stock prices and bond yields closed at their lowest levels in more than a year yesterday. Today was largely spent consolidating that move. With Chinese markets still closed for the Lunar New Year holiday, Asian markets found little resistance in getting caught up with yesterday's trading. That led bond yields even lower at the start of the overnight session with 10yr yields bottoming out at 1.682. The tone shifted when European markets opened, but not because of any fundamental revelations about the economic or monetary situation. Stocks and bond yields moved back up, with 10yr Treasuries briefly as high as 1.767. They would ultimately make it back into the green, but clearly without aspirations for another big rally. In fact, any bond market aspirations looked wholly tied to equities markets...(read more)

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2/9/2016 3:57:32 PM

Posted To: Mortgage Rate Watch

Mortgage rates kept moving lower today as global financial markets remain in distress. This time around, the improvement wasn't as much about the bond market gains as it was about lenders getting caught up with yesterday's gains. As we discussed yesterday, when it comes to adjusting rate sheets to match trading levels in financial markets (which is the core of mortgage rate pricing), lenders have a hard time keeping up with major volatility. As such, rates were able to improve today even though stocks and bonds were mostly sideways. The other thing to consider is the implication of being sideways at current levels. Bond yields and stock prices fell to the lowest level of the year yesterday and then didn't even try to bounce higher today. There are complicated words to describe what this means...(read more)

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2/9/2016 3:13:00 PM

Posted To: MND NewsWire

The number of properties in the process of foreclosure nationwide dropped by nearly a quarter from the end of 2014 to the end of this past year. CoreLogic said today that homes in that category, usually referred to as the foreclosure inventory, declined from 568,000 in December 2014 to 433,000 at the same point in 2015. Those numbers represented 1.5 percent of mortgaged homes at the earlier date compared to 1.1 percent at the recent point, a difference of 23.8 percent. Completed foreclosures were also down substantially, falling by 22.6 percent over the 12 month period. There were 41,000 homes taken by lenders in December 2014 and 32,000 a year later. The December 2015 number is down 72.8 percent from the peak month for foreclosures, September 2010, when there were 117,722. Since the rate of...(read more)

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2/9/2016 9:52:48 AM

Reuters Business News


Reuters: Business News

NEW YORK (Reuters) - Global stock markets are on their shakiest footing in years.

2/11/2016 12:28:47 PM

(Reuters) - Investors dumped U.S. stocks across the board on Thursday, pushing the S&P 500 and the Dow Jones industrial average down more than 10 percent for the year, on fears over the health of the global economy.









2/11/2016 12:23:05 PM

(Reuters) - Boeing Co shares plunged 11 percent on Thursday, hit by a report that regulators are probing the company's accounting and by mounting concerns about its slowing sales and production.

2/11/2016 12:16:27 PM

LONDON (Reuters) - Gold surged more than 4 percent on Thursday to its highest in a year as fears about financial uncertainty, a lower dollar and U.S. Treasury yields persuaded investors to seek refuge in the precious metal.









2/11/2016 12:07:39 PM

NEW YORK (Reuters) - Restaurant stocks have sat like dry toast for the last six months, but investors are now starting to nibble back into the sector.

2/11/2016 11:29:49 AM

WASHINGTON (Reuters) - Morgan Stanley will pay about $3.2 billion to settle charges that it misled investors in residential mortgage-backed securities that later soured during the financial crisis, federal and state officials said Thursday.









2/11/2016 11:12:58 AM

WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen returned to Capitol Hill with a brave face on Thursday amid a worsening meltdown on global stock markets and growing skepticism the U.S. central bank can carry out its long-planned pivot to "normal" monetary policy.









2/11/2016 10:52:33 AM

(Reuters) - Twitter Inc reported its first quarter with no growth in users since it went public, stoking fresh concerns on how long it will take for the company to reverse the trend.









2/11/2016 10:50:36 AM

BRUSSELS (Reuters) - U.S. Treasury Secretary Jack Lew called on the European Union to reconsider tax probes targeting U.S. companies on Thursday, arguing that such moves represented disturbing precedents.

2/11/2016 10:38:47 AM

WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits fell more than expected last week, suggesting the labor market remains on solid footing despite slowing economic growth and a stock market rout.   









2/11/2016 10:25:11 AM