Dead Deals Mortgage News

Mortgage Rates Rise Ahead of Treasury Auction. Fail to Recover Afterward

3/10/2010 3:48 PM

Much like Monday, yesterday was a data-less day in the marketplace, leaving me at a loss for words and new guidance. Mortgage-backed securities prices did managed to move higher following a very strong 3 year Treasury debt auction, unfortunately MBS price appreciations were not str...Read More

MBS AFTERNOON: Mortgages Playing Follow the Leader with Benchmarks

3/10/2010 2:23 PM

Posted To: MBS Commentary

Heading into the 5pm "what a slow day in the mortgage market" marking period... The FN 4.0 is -0-03 at 98-01 yielding 4.189% and the FN 4.5 is flat on the day at 101 the rock yielding 4.39%. The secondary market current coupon is 4.33%. The CC yield is 61bps over the 10yr...Read More

FICO: Americans More Likely to Default on Mortgages than Credit Cards

3/10/2010 1:26 PM

Posted To: MND NewsWire

American consumers are now defaulting on their mortgages in even greater numbers than they are walking away from credit card debt. According to FICO's® Score Trends Service, this is a phenomenon that is historically unique. FICO said the mortgage default risk for consumers with high FICO sc...Read More

MBS LUNCH: 10 Year Treasury Auction Results and Reactions

3/10/2010 12:08 PM

Posted To: MBS Commentary

10 year auction has impressive demand, but at higher rates. 3.45 Bid To Cover, but 3.735 % high yield with 70.94% of the bids at high yield MBS and Treasuries both slightly better on the announcement 4.5's are now down only 2 ticks on the day at 100-29 and 10yr yields are back ...Read More

Loan Demand Stagnates. Only One Bright Spot in the Production Slowdown

3/10/2010 11:09 AM

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 5, 2010. The survey covers over 50 percent of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a l...Read More

MBS MORNING: Losing Ground As Benchmarks Back Up

3/10/2010 11:05 AM

Posted To: MBS Commentary

4.5 MBS down 6 ticks to 100-26 10yr Tsy about 5bps higher at 3.743 (vs. 5pm yesterday) Wholesale Trade Improves from -.8% to -.2%, but misses expectation of +.2%, no one cares Pre-Auction Concession + range dynamics weigh on 10's, MBS follow The movements in bonds this AM tells...Read More

Underwriters: Loan Quality Still in Need of Improvement; Interesting FICO Score Data; Will the Fed sell their MBS Holdings?

3/10/2010 10:22 AM

Posted To: Pipeline Press

At the last company Christmas party, loan agents lined up on one side of the room and the underwriters on the other side. The loan agents throw fire cracker at the underwriters...and the underwriters lit them and threw them back. A long-time underwriter wrote to me a...Read More

MBS OPEN: Rates Ticking Higher Just Because They Can

3/10/2010 7:40 AM

Posted To: MBS Commentary

Good Morning. I've had some great coaches in my lifetime...none better than my high school/juniors hockey skipper. Many of the messages he bestowed upon me have carried over from the locker room into my professional life. One of my favorites is the K.I.S.S principle. KEEP IT SI...Read More

The Day Ahead: Inventories, Budget Statement, Treasury Auction

3/10/2010 7:22 AM

Posted To: MND NewsWire

Investors this morning await the first real data to be released this week. But wholesale trade inventories isn’t a major market mover, nor is the afternoon’s budget statement, so it could be a quiet day if investors prefer to postpone trading until retail sales figures hit the headlines...Read More

Explaining The MBS Settlement Process

3/9/2010 3:51 PM

Posted To: MBS Commentary

10yr Notes progressively improved into the PM , ending 5 ticks better on the day with a yield of 3.70. MBS fought off much of the AM weakness in tsy's, and rallied just as well into the PM, reaching 101-15 at 4pm. But then we ended 4 ticks down on the day at 101-01! WHAT?!?!? S...Read More