Morning Report – Edward Quince aka the Bernank 10/13/14

Posted on October 13, 2014 by Brent Nyitray

Markets are higher this morning on no real news. Bond and MBS markets are closed today for the Columbus Day Holiday.

No economic data this morning as bonds are closed. This week begins earnings season in earnest and we will hear from the biggest banks this week. Wells and Citi report tomorrow.

Last week, we saw a big rally in the bond markets, however TBAs didn’t really react all that much. This is strange considering the 10 year ended the previous week at 2.43% and went out Friday at 2.28%. The Fannie Mae TBA picked up about 13 ticks and the Ginnie Mae TBAs picked up 4 ticks – an extremely modest reaction, considered the huge jump in bond prices. Note the Bankrate 30 year fixed rate mortgage went up 15 basis points on Friday, which looks like a data error. Anyway, if borrowers are wondering why mortgage rates haven’t reacted all that much to the rally, the answer is that TBAs didn’t really react at all.

More anecdotal evidence that mortgage credit is easing. Includes info on TD and Shellpoint’s non QM loans.

Edward Quince – the pseudonym for the Bernank during the financial crisis. Expect more interesting tidbits out the AIG trial.

Filed under: Morning Report |

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6 Responses

  1. novahockey, on October 13, 2014 at 12:07 pm said:

    I put Dezzie on ignore at the PL. it was oddly freeing.

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  2. Brent Nyitray, on October 13, 2014 at 12:38 pm said:

    I tangle with her occasionally, but can usually stop myself from taking the bait…

    I do take issue with her idea that it is impossible to be pro-choice if you don’t vote d

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  3. novahockey, on October 13, 2014 at 12:47 pm said:

    the only reason i did it was it became apparent she wan’t even reading my posts, but simply responding with a anti-libertarian screed.

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  4. Michigoose, on October 13, 2014 at 7:11 pm said:

    simply responding with a anti-libertarian screed

    Say it isn’t so!!! Hasn’t she hit you with WMP lately?

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  5. jnc4p, on October 14, 2014 at 1:38 am said:

    “simply responding with a anti-libertarian screed.”

    So nothing new

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  6. novahockey, on October 14, 2014 at 12:25 pm said:

    No, nothing new. it just sort of boiled over for me.

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