Posted To: MBS CommentaryGood Morning All. Happy Last Quadruple Witching Day of 2009. More importantly, Happy Friday. Treasuries gave back some gains overnight. Several explanations could be offered but I think the most relevant observation continues to be "selling into strength" aka profit taking followed by fast money day traders "buying on the dips"….this is really just short covering, another form of profit taking. This should continue to occur at pivot points, the hope is that the trade continues to migrate lower in yield/higher in price. The 3.375 coupon bearing 10yr TSY note is currently -0-07 at 98-29 yielding 3.506%. Here's how the market looked overnight into this morning… "Rate sheet influential" MBS coupons are holding up well despite rising benchmark yields (which…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Politics Needs to Catch Up with the Number of Women in the Workplace
Referring to the research conducted by Maria Shriver for “A Woman’s Nation,” David Gregory asks, “When will poltics reflect the change that we’re seeing in this report?” Visit msnbc.com for Breaking News, World News, and News about the Economy…
Congressional Hearing on Covered Bonds: A Promising First Step
Posted To: Voice of HousingBy Mercy Jiménez Co-founder of Covered Bond Investor The much-anticipated Congressional hearing on covered bonds held December 15 appeared to show that even in the current polarized political environment, it is sometimes possible for both sides of the aisle to get behind a good idea. Covered bonds are a form of on-balance sheet financing that is widely used in Europe. Bondholders are protected by dual recourse — both to the issuer and to a “cover pool” of assets. Unlike securitization, with covered bonds any assets in a cover pool that deteriorate over time can be replaced or supplemented with better loans. Members of the House Committee on Financial Services, led by Chairman Barney Frank, took a look at covered bonds as a much-needed possible additional source of funding…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Mortgage Rates End Week on Negative Note
Posted To: Mortgage Rate WatchMortgage rates fell yesterday afternoon as benchmark Treasury yields fell and mortgage backed security prices rallied. MBS price appreciations were quite sizeable, allowing many lenders to reprice for the better, which lowered mortgage rates. While AQ outlined a variety of technical reasons behind the rally in bond markets, the best explanation was weakness in stocks which pushed money into safer government-backed Treasury securities. There were no scheduled economic releases or Fed speakers today. Today was the last Friday trading session of 2009! On a side note, Ben Bernanke was reconfirmed yesterday as Federal Reserve Chairman by a vote of 16 to 7, the vote now goes to the Senate when session resumes in late January. The debate to confirm Bernanke was highly contested. I am curious….do…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Pres. Obama: “Today’s Obama Family Is Not Typical”
President Barack Obama shares how he and his wife Michelle balance work and family responsibilities, and offers some advice to new husbands on how to “negotiate” changing family roles. Visit msnbc.com for Breaking News, World News, and News about…
Fannie Mae Suspends Foreclosure Evictions During Holiday Season
Posted To: MND NewsWireIf rolling 30 day lates have evolved into a Notice of Default and you are counting down the days until you are "served" with a request to vacate the premises, you can breath easy until after the New Year. from Fannie Mae : Fannie Mae (FNM/NYSE) announced today that it is suspending all foreclosure evictions from December 19, 2009 through January 3, 2010. All owner-occupants and tenants living in foreclosed properties the company holds will not be subject to evictions during the holiday time frame. The company will also support the efforts of the servicers it works with that are taking similar actions. "We're taking this step in support of struggling families who have unfortunately found themselves facing foreclosure," said Michael J. Williams, President and Chief Executive…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
MBS LUNCH: Back In Familiar Territory, But Only Just…
Posted To: MBS CommentaryDecember hasn't been very good if you're a bond yield trying to stay low. It's actually marked the most severe incline since the bygone Black Wednesday era. While we've corrected back into friendlier territory over the past two days, bonds gave a similar head-fake on 12/4. At that time, they looked as though they would treat 3.5 in the 10yr tsy as support, only to turn right back around and march higher. So may we be in a similar situation? 2 things to consider in looking for an answer to such a question. First of all, maybe. Second of all, even if we are, would it matter in the context of the low volume expectations over the next two weeks combined with the uncertainty of how the unwinding of year-end-specific trades will affect the curve? answer: probably not. it would have…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Watch The Women’s Conference, Live
From 8 a.m. to 7 p.m. PT, you can see the live Webcast of The Women’s Conference 2009 here. Click here to view the schedule. To find out more about The Women’s Conference, click here. For more from iVillage and Maria…
MBS CLOSE: Post-FOMC Relief Rally Lasts All Day
Posted To: MBS CommentaryTime and again we've encountered and done our best to give sufficient coverage to the concept of pre-data concessionary hedging. This is the phenomenon where rates rise, sometimes past established ranges, by way of positioning themselves for multiple outcomes from a significant piece of economic data or event. The bigger the potential movement tied to that event, the farther away from recent trends rates must go to be prepared to capitalize on weakness. Sure, such events have always stood the chance to push rates in either direction, but in winter 2009, we haven't been operating in a band of technically motivated historical high yields–far from it. If that were the case, you might see the concessionary hedging "fade" the status quo by testing the lowest yield limits in recent…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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