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 | 1677.3 | 1.7 | 0.10% |
| Eurostoxx Index | 2685.2 | 3.3 | 0.12% |
| Oil (WTI) | 106.7 | 0.3 | 0.23% |
| LIBOR | 0.266 | 0.000 | 0.00% |
| US Dollar Index (DXY) | 82.87 | 0.160 | 0.19% |
| 10 Year Govt Bond Yield | 2.49% | 0.00% | |
| Current Coupon Ginnie Mae TBA | 104.6 | 4.8 | |
| Current Coupon Fannie Mae TBA | 104 | 0.3 | |
| RPX Composite Real Estate Index | 201.1 | -0.5 | |
| BankRate 30 Year Fixed Rate Mortgage | 4.35 |
Markets are flattish ahead of Day 2 of Ben Bernanke’s testimony. Initial Jobless Claims dropped back to 334k after spiking to 358k the weak before. Bonds and MBS are flat. In earnings, Intel and Ebay missed, while Morgan Stanley beat.
The Bernank goes in front of the Senate this morning at 10:30. Most of the newsworthy tidbits should have been released yesterday, but be aware – rates could get volatile.
The Senate Banking Committee is expected to vote on Mel Watt to head FHFA. If he gets nominated, expect the government to start forgiving principal on underwater conforming loans and probably HARP 3.0. Watt is an affordable housing guy who will push for loan forgiveness and easier access to credit for low-income borrowers. Maybe the refi boom will have one last gasp.
Most of Bernanke’s testimony was old news, but there were some new revelations. The biggest one is that the Fed intends to roll over maturing MBS into new MBS even after QE ends. There was a fear that the Fed would sell their holdings. So that should put downward pressure on mortgage rates. Second, Bernanke said that as long as inflation is below their target rate, the Fed Funds rate is going nowhere. Finally, he mentioned de-leveraging as one of the main reasons why rates shot up so much. There has been a suspicion in the market that the carry trade was the real target.
Filed under: Morning Report |
All Things in Moderation 
“If he gets nominated, expect the government to start forgiving principal on underwater”
Presumably you mean if he gets confirmed.
LikeLike
yes, confirmed
LikeLike
Michi – regarding the choice between McAuliffe and Cuccinelli, Charles Pierce reminds me of a similar choice in Louisiana:
“This is a race over which I’m not turning handsprings, and I’m thinking about rewriting the old anti-David Duke bumper sticker from Louisiana — “Elect The Bagman. It’s Important.””
http://www.esquire.com/blogs/politics/virginia-bob-mcdonnell-scandal-071813
LikeLike
Obama’s most important decision.
http://mypetjawa.mu.nu/archives/216532.php
LikeLike
jnc: Charlie Pierce is great, isn’t he?!?
LikeLike
OK, all, here’s where I need your karmic thoughts/good wishes/prayers/whatever. Not only did I find a house I like on Tuesday, but the owner approved both Daisy and Quark before I put my application in. . . now I’m just waiting to hear (as a currently self-employed person with a very short track record it’s a bit problematic as you can imagine). But overnight I got my third client this month for a manuscript to edit and prep for submission, so I think I’m starting to get the word out.
Then, as I was sitting at BWI waiting on my flight this afternoon I got an e-mail from a friend at NIH; he had been contacted by a colleague at the FDA looking for someone with expertise in X, Y and Z, and i happen to be one of about 30 people in the country with that specific skill set (science can get really esoteric at times)–so Stephen sent them my CV and now the FDA is looking at me. I may get to become a gubmint moocher again!
Keep those positive thoughts rolling. . .
LikeLike
Good luck, Michi.
LikeLike
Pretty interesting article from a few years ago that could be the basis for Holder’s “honest” discussion about race in America, although I doubt this is what he had in mind.
http://www.city-journal.org/2008/18_2_criminal_justice_system.html
LikeLike
Good luck Michi.
LikeLike
good luck!
LikeLike