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Backstop Needed for Mortgages; JP Morgan Could See More Losses on Home Equity Loans; News from GMAC, ING, Central Pacific, Union Bank

Posted To: Pipeline Press

I am very excited, because last night I received news that I had won $5 million in the Netherlands lotto! Unfortunately I will receive $5 for a million years… Seriously, not a day goes by that I don't receive some e-mail like, "Wherein your email address emerged as one of the online winning emails in the 1st category and therefore attracted a cash award of EUR1,500,000.00 (One Million Five Hundred Thousand Euros) and a Compaq laptop." AND a laptop!? Life doesn't get any better. How did mortgage rates and prices do yesterday? Not too bad, all things considered. Traders reported selling from money managers and originators and "lighter than usual" buying from the Fed at the start of the day, but then that reversed itself as the day progressed. There are no large Treasury…(read more)

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