Brent Nyitray
Fairlington Blade
Let the mutherfuker burn!
jnc4p
Kevin S. Willis
Michigoose
lmsinca
markinaustin
Arcanaut
novahockey
quarterback
ScottC
yellojktVital Statistics:
| Last | Change | Percent | |
| S&P Futures | 1646.2 | -8.4 | -0.51% |
| Eurostoxx Index | 2794.0 | -41.9 | -1.48% |
| Oil (WTI) | 94.43 | -0.6 | -0.61% |
| LIBOR | 0.276 | 0.003 | 1.10% |
| US Dollar Index (DXY) | 83.58 | -0.516 | -0.61% |
| 10 Year Govt Bond Yield | 2.14% | -0.03% | |
| Current Coupon Ginnie Mae TBA | 101.7 | 0.3 | |
| Current Coupon Fannie Mae TBA | 100.6 | 0.3 | |
| RPX Composite Real Estate Index | 200.2 | 0.0 | |
| BankRate 30 Year Fixed Rate Mortgage | 3.88 |
Bond market volatility is the theme of the day (yet again). The 10-year bond yield jumped to 2.23% this morning in late Asian hours. No real news drove the decline, just the general fear that the Fed will start paring back QE sometime this fall.
Lender Processing Services reported that home prices are up 1.4% month-over-month and 7.6% year over year. It does appear that the rally is becoming more broad, as states other than the usual suspects are showing the biggest gains. This time around, Georgia leads the way as Atlanta prices increased 2.6% MOM. Arizona was actually in the bottom 10, indicating that perhaps the big professional-driven rally off the bottom has been played out.
CoreLogic reported that foreclosures are down 16% YOY and 1% MOM. 52,000 foreclosures were completed in April 2013. In states like Arizona and California, the year-over-year decline is over 50%. The shadow inventory of homes in some state of foreclosure is 1.1 million, compared to 1.5 million a year ago. The judicial states of FL, IL, NJ, NY, and CT still have some work to do, but the rest of the states have largely completed their foreclosures.
The sell-off in bonds has created a massive jump in mortgage rates. Now, as the mortgage REITs hedge their books, we are approaching another wave of selling in TBAs as MBS investors hedge their convexity and REITs de-lever. This is going to push mortgage rates even higher. If rates stay here, we should be best-exing into a 3.5% coupon pretty soon.
Filed under: Morning Report |
All Things in Moderation 
This should be good:
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JNC – “In regard to potential prosecution of the press for the disclosure of material — this is not something I’ve ever been involved in, heard of, or would think would be wise policy,” Holder said during the hearing.”
Read the recent Volokh columns on this. What Holder is saying is that press will not be prosecuted for disclosure by him, and they should not be. The law protects the press unless they are active co-conspirators, as in “I’ll pay you to give me a scoop with leaked classified material.” I don’t read Holder as saying he would never prosecute the press for violating a federal criminal statute.
Parsing, in criminal law, is mandatory!
FWIW, I don’t like Holder, if you did not recall that. But any AG/US Atty would say truthfully “we won’t prosecute for [merely] publishing leaks” [iow, unless the leak was illegally procured].
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Yes, but doesn’t that contradict the plain language of the warrant which was about investigating the reporter as a co-conspirator?
It’s the “not something I’ve ever … heard of” piece that doesn’t pass the BS test.
This is the Volokh piece you are referencing, correct?
http://www.volokh.com/2013/05/28/notice-for-e-mail-warrants-and-the-james-rosen-case/
I don’t see the issue of the accuracy of Holder’s Congressional testimony covered in the piece at all.
Edit I found this one also but it doesn’t address Holder’s testimony either.
http://www.volokh.com/2013/05/23/labeling-reporters-criminals-or-just-complying-with-the-privacy-protection-act/
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JNC, the second article is the more relevant one. I don’t know what question Holder actually addressed – but if he was addressing a question about prosecuting journalists for [merely] publishing leaks he was consistent with the privacy protection act. If that search warrant was signed by him without probable cause then he was outside the law on the warrant and lying to the panel. But if they did have pc to believe Rosen was a conspirator the warrant was good and Holder’s testimony was truthful.
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Comey for FBI:
Considering the impression BHO is trying to deliver that he cares about civil liberties and the limits of executive power, this seems on one level a symbolic move, intended to cause us to look over there while the sleight of hand is over here.
Perhaps more germane, Comey is a R and will be hard for Senate Rs to block. He was a good US Atty in NY and I think also VA, so I think he is qualified.
Mueller has been a good FBI chief, maybe the best. Lisa Monaco had worked for Mueller before being counterterrorism head for BHO, but I’ll bet BHO thinks Monaco would not get a free ride from the Senate Rs.
She is more attuned to the FBI, however. Also, this ignores police chiefs of distinction, like Kelly in NYC.
So we have an acceptable choice on the merits, a partisan abyss avoided, and political window dressing.
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JNC there are now two articles at Volokh directly on Holder’s testimony.
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jnc:
Stockman currently on CNBC talking with Santelli. Probably find a transcript somewhere later, if you miss it.
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Another interesting piece I ran across on Volokh today:
“Positive Rights, the Constitution, and Conservatives and Moderate Libertarians
Eugene Volokh • May 7, 2013 4:21 pm”
http://www.volokh.com/2013/05/07/positive-rights-the-constitution-and-conservatives-and-moderate-libertarians/
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The market took a pretty big hit today and I heard it was high volume. Is it time?
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Tweet of the day:
“@ChampionCapua: Somebody from @AP needs to call @woodhouseb on @JamesRosenFNC cell so we can read what they talked about in an IG report later.”
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So we have an acceptable choice on the merits, a partisan abyss avoided, and political window dressing.
Are you complaining because he’s not being partisan enough? Obama’s been “schooled” by Republicans and so this is what and who we get. Political window dressing is the most we can expect and when, or if, the Republicans win the WH this will be the new normal. That’s my prediction.
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Trifecta. Not complaining about the appointment. Don’t want anyone to think BHO actually cares about limiting executive power because he made a decent appointment.
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Don’t want anyone to think BHO actually cares about limiting executive power
I think it’s been pretty well established he doesn’t care. If that’s what you were referring to as window dressing, I get it now.
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In case that wasn’t clear Mark, I thought you were referring to picking a candidate that was acceptable without a fight whether the candidate was the best choice for the job or not. Obama has proven he’s not willing to fight for who he really thinks is the best man/woman for the job.
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Thanks. Mark, I’m actually more enthusiastic than you are about the Comey nomination. I think he has integrity and I only wish he was being nominated for AG to replace Holder instead.
On the other hand, as the FBI director is for 10 years it’s probably better to have as nonpartisan or bipartisan a figure there as possible.
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