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The mortgage mess is not over but it's partly over --ZT
(2008-01-18 23:57:28)
Todiscoverjusthowmuchmorepainisaheadforthe
subprimeindustry(andallthoseCDOholders)let\'sturn
totheQuarterlyDataReport.
AccordingtotheQDR,sincethefirstquarterof2005
mortgagebankersofallstripes(insureddepositoriesamongthem)
havefunded$1.645trillioninsubprimeloans.
Mostoftheseloans,presumably,havebeensecuritized.
Todate,WallStreetfirmsandbankshavewrittendown
thevalueof...[阅读全文]
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Realtors Seek Loan-Limit Hike With Stimulus -- ZT
(2008-01-18 23:48:22)
RaisingtheFannieMaeandFreddieMacloanlimitto
$625,000aspartofastimuluspackagecouldhelp140,000
to210,000familiesescapeforeclosure,increasehomesales,
andboosteconomicactivityby$42billion,accordingto
theNationalAssociationofRealtors.
CongressandtheBushadministrationaretryingtoput
togethera$100-150billionstimuluspackagethatfeatures
mainlytaxrebatesforconsumersandacceleratedw...[阅读全文]
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Mortgage Rate may see a short term bottom
(2008-01-05 00:16:12)
ThebigsellofofthestocksFriday(256pointsdropinDJIA)
barelysparkedaquarterjumpinT-bonds.Thattellsusthat
thefleeinghordesmayhavealreadyfled,andthereisnobody
lefttodoanyfleeing(bondspricesralliedthewholeweek).
Thenaturalpendularresponsetosuchavacuumistoswing
backtheotherway,andthatcanbringthesharpselloffin
bondpricesinthefuture.
Justmypersonalopinion.
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MBA Reverses Course on Loan Limits -- ZT
(2008-01-04 23:27:01)
TheMortgageBankersAssociationhaschangedcourseandis
nowbackingstand-alonelegislationthatwouldallow
FannieMaeandFreddieMaetopurchasejumboloansofupto
$625,000nationwideonatemporarybasis.
InalettertotheGSEs\'regulator,theMBAcontends
thatliquidityproblemsinthejumbomarkethaveled
tohigherinterestratesonloansabovetheconforming
loanslimit($417,000)andfewerfinancingoptions
fo...[阅读全文]
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California Returning to 'Slow Growth'? --ZT
(2008-01-04 23:23:51)
Thetermslowgrowthwasthebaneofthehomebuilding
businessforyears,butnowbuildersintheGoldenState,
whereamodestrecoveryisexpectedtobeginsometime
aroundmidyear,welcometheidea.
AlanNevin,chiefeconomistoftheCaliforniaBuilding
IndustryAssociation,isprojectingaslightincrease
innew-homesalesin2008.Hebaseshisforecaston
continuedpopulationgrowth,acontinuedreductionin
inventory,a...[阅读全文]
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CA Foreclosures Surge, With No Peak in Sight
(2007-11-16 16:04:17)
Californiaforeclosuresalessurgedby40%inOctober
(andby568%fromthelevelrecordedayearearlier)
andtheyareunlikelytopeakuntillatenextyear,
accordingtoForeclosureRadar,DiscoveryBay,Calif.
Thecompanyreportedthat12,336Californiaforeclosures
(withatotalloanvalueof$5.0billion)weresoldat
auctioninOctober,comparedwith8,118(withatotal
valueof$3.6billion)inSeptember.Weseenosign
o...[阅读全文]
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Bernanke: Let GSEs Securitize $1M Loans
(2007-11-09 16:03:04)
FederalReserveChairmanBenS.BernankesaidThursday
thatFannieMaeandFreddieMacshouldbeallowedto
securitizeloansofupto$1millionasawaytoalleviate
themortgagecreditcrunch.
Currently,FannieandFreddiecannotpurchaseorsecuritize
loanslargerthan$417,000--theirloanlimitcap.
TheFedchairmansaidthegovernmentcouldactasa
guarantortoaidFannieandFreddieinsecuritizingjumbos.
Supposethat...[阅读全文]
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Mortgage Industry Updates.
(2007-11-07 13:50:44)
Yes,theFedcuttherateagainonOct31.
Hereisthebriefsummaryforthisindustry:
1)Theratecutwilleventuallylowerfortheshort
termARMrates,especially3/1ARMand5/1ARM.
ButhowlowerthoseARMratescangodependson
thelender\'sfinancialperformanceandoverall
economy.
2)ConformingLoanLimit:
Theoverallconformingloanlimitwillnotgo
lower(willbeannouncedlaterNovorBeginningDec).
Though...[阅读全文]
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No Fed Rate cut in the near future?
(2007-10-31 13:23:23)
Today\'sFOMCadjournmentbroughtustheexpectedquarter
pointratecutthatwasexpectedbymany,butthe
post-meetingstatementcreatedconcernaboutinflation.
TheFedreferencedtheweakhousingmarketasa
contributingfactortothechangeinshort-terminterest
rates,butalsoindicatedthatinflationremainsan
issue,particularlywiththehighenergyandoil
priceswearecurrentlyseeing.
Themoveandcommentsle...[阅读全文]
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Conforming Loan Limits Updates
(2007-10-09 11:09:28)
Congressisconsideringlegislationtoraisetheloanlimits
forFannieMae,FreddieMac,andtheFederalHousingAdministration,
whichcouldgivethegovernment-sponsoredenterprisesandtheFHA
alargeshareofthejumbomortgagemarket,accordingto
bankingexpertKarenShawPetrou.Atopthisistalkfrom
TreasurythattheGSEscouldalsogobeyondtheircurrentcharter
torelyonself-insuranceforhigh-riskmortgages,
shet...[阅读全文]
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