The Foreclosure Blog

Posted To: MND NewsWire

The Treasury Department released data Thursday on activity in its Making Home Affordable (HAMP) program during the month of November. As expected from earlier comments made by Treasury officials, borrowers continued to enter the program under trial modifications, but the rate of permanent modifications remains well below expectations. Cumulative figures for the [...]

Posted To: MBS Commentary

The title of tonight's close couldn't be a better combination of truth and deception. On the true side, the 4.5 just over 101-20 was indeed at higher levels late in the say compared to the 101-20 where it opened the day. And it was indeed in the last minute of the chart [...]

Posted To: MND NewsWire

The Federal Reserve today reported on their weekly purchases of agency mortgage-backed securities (MBS). In the five trading days between December 3 and December 9, the Federal Reserve purchased a total of $27.25 billion agency MBS. In those five days the Federal Reserve sold $11.25 billion agency MBS, most of which were [...]

Posted To: MND NewsWire

In what could be viewed as another indication that things are getting better, the Federal Reserve reported today that net household worth rose 5 percent during the third quarter of 2009. The Fed's quarterly Flow of Funds Report said that the net worth of U.S. households rose $2.7 trillion during the quarter [...]

Posted To: Mortgage Rate Watch

Mortgage rates ticked higher following a weak 10yr note auction yesterday, and then again this morning ahead of the 30 year bond auction. The Department of Labor released the weekly jobless claims numbers this morning. This data totals the number of Americans that filed for first time unemployment benefits in the [...]

Posted To: MBS Commentary

Remember Max Headroom? Now there's a blast from the past. But whether you remember Max or not, his cousin Max Hedge-room made an appearance today and is the reason we can call the widely-panned 30yr bond auction the best event of the day for fixed income. Oh my! This will require some [...]

Posted To: MND NewsWire

The voice of mortgage originators and housing professionals was broadcast loud and clear by Federal Reserve Governor Elizabeth Duke today. Speaking at the Mortgage Foreclosure Policy Conference in Chicago today, Duke's prepared speech, Envisioning a Future for Housing Finance , called attention to overtightened mortgage underwriting standards and pointed out the effects [...]

Posted To: Voice of Housing

This week in New York two of my partners, Joe Murin and Brian Montgomery, gave a presentation to a room full of hedge fund managers, private equity portfolio managers and other financial services professionals at a luncheon hosted by Sunrise Securities Corp . The topic: The Role of the Private Equity [...]

Posted To: MBS Commentary

The Treasury just announced the results of the $13 billion, 29 year-11 month bond auction. Today's auction was a reopening. "Reopening" means the Treasury is simply adding securities to an already outstanding issuance. This explains why the maturity is only 29 years and 11 months. HERE ARE THE RESULTS: YIELDS High 4.520 [...]

Posted To: MBS Commentary

Heading into the 1pm bond auction, TSY yields in the long end of the curve continue to rise. The 10yr TSY note is -0-14 at 99-02 yielding 3.485%. The long bond is -0-19 at 98-23 yielding 4.453%. "Rate sheet influential" MBS prices continue to bounce around intraday lows. The FN 4.0 is [...]