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 | 1686.8 | 4.3 | 0.26% |
| Eurostoxx Index | 2760.1 | 18.3 | 0.67% |
| Oil (WTI) | 103.9 | -0.6 | -0.60% |
| LIBOR | 0.265 | -0.001 | -0.38% |
| US Dollar Index (DXY) | 81.66 | 0.000 | 0.00% |
| 10 Year Govt Bond Yield | 2.58% | -0.02% | |
| Current Coupon Ginnie Mae TBA | 104.3 | -0.1 | |
| Current Coupon Fannie Mae TBA | 103.9 | 0.1 | |
| RPX Composite Real Estate Index | 200.7 | -0.2 | |
| BankRate 30 Year Fixed Rate Mortgage | 4.36 |
Markets are higher this morning on no real news. Bonds and MBS are up
The S&P / Case-Shiller home price index rose 1.05% month over month and 12.2% year over year in May. The usual suspects (Phoenix, Lost Wages, and San Francisco) showed 20%+ gains while the Midwest and East Coast showed low / mid single digit increases. New York brought up the rear with a 3.3% increase. This has been borne out by the homebuilders, where the ones with a heavy West Coast focus have outperformed the ones that are East Coast / diversified.
Mortgage REIT American Capital Agency (AGNC) reported second quarter earnings last night. Book value got hit by 12%, but the interesting data point is the state of their TBA portfolio. The To-Be-Announced (or TBA) market is what sets mortgage rates. Over the second quarter, their TBA portfolio fell from 27.5 billion to 14.5 billion. That is a lot of paper they just dumped. They consider themselves to be positioned where they want to be at this point from a duration hedging standpoint. The key takeaway – we’ll have to see what Annaly (NLY) has to say, but so far, it appears that a substantial chunk of the selling in the TBA market is done. That is good news for mortgage rates, and I wouldn’t fall out of my chair with shock to see lower mortgage rates in the context of a stable 10-year.
Completed foreclosures were 55,000 in June, down 20% year over year and up 2.5% from May, according to CoreLogic. Approximately 1 million homes in the U.S. were in some stage of the foreclosure process, compared to 1.4 million a year ago. This represents 2.5% of all homes with a mortgage. The states with the most work left to do are Florida (8.6%), New Jersey (6%), New York (4.8%), Connecticut (4.2%) and Maine (4.1%).
Filed under: Morning Report |
All Things in Moderation 
It begins. Eminent domain for underwater mortgages.
http://reason.com/blog/2013/07/30/cities-prepare-to-use-eminent-domain-for
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SIFMA (who handles the forward market for mortgage backed securities) has already said that any locality that pursues eminent domain would become ineligible for TBA trading, essentially cutting them off from the new origination market.
You should have heard the whining from the California politicians when they announced that.
I went to a legal presentation on this, basically the municipality will have a difficult road and will have to run the table to pull it off.
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A thousand times YES!
But for many conservatives with Tea Party roots, waging the fight to scrap Obamacare — or to achieve other legislative ends — is just as important to winning and would demonstrate to voters their willingness to fight a high-stakes battle even if the odds are long and their own party leaders are questioning the political consequences of such a confrontation.
http://m.washingtonexaminer.com/gop-admits-public-may-not-back-their-threat-to-shut-down-the-government/article/2533633
“There will be no shutdown because [Senate Majority Leader Harry] Reid will find six votes and [House Speaker John] Boehner will capitulate. But fighting is the only thing that gives us a shot at 2014,” said one congressional aide who works for a supporter of the defund-or-shutdown strategy. “The base already knows we’re not going to win. What will disappoint them is if we don’t fight.”
Exactly.
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“essentially cutting them off from the new origination market.”
the frightening thing is that should be obvious to everyone .. including the California pols. that they had to be told that is just stunning to me.
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George:
But for many conservatives with Tea Party roots, waging the fight to scrap Obamacare
Why do you hate Americans so much?
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Why do you hate Americans so much?
Is this a serious question?
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Love this question to Weiner and his response.
Q. There is no one you are sexting now?
A. You can quibble about beginnings, middles and ends but what we’re talking about is over a year ago.
Is this a definitive no?
http://m.nydailynews.com/1.1412236
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Michigoose, on July 30, 2013 at 10:48 am said: Edit Comment
George:
But for many conservatives with Tea Party roots, waging the fight to scrap Obamacare
Why do you hate Americans so much?
Because.
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McWing: Heh.
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Weiner needs to go full crazy heel. like start sexting during his next presser. “you hate me, because you want to be me, but you’re not worthy” or something like that.
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This is why every candidate should be primaried every election.
@jbendery: here we go RT @ChadPergram: KY GOP Senate hopeful Bevin challenges McConnell to sign pledge to defund health care law.
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Is this a serious question?
I’m beginning to think you have a serious irony deficiency.
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yello:
I’m beginning to think you have a serious irony deficiency.
Maybe. But I confess I still don’t see any incongruity anywhere. I just see a complete non-sequitur. Please do edify me.
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Please do edify me.
Usually conservative accuse liberals of hating America for voicing complaints about established polices. Because Troll was being so worked up over the need to repeal Obamacare, it was funny to turn the tables and accuse him of being anti-American.
If it doesn’t seem funny now, it’s because humor never survives dissection.
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yello:
Usually conservative accuse liberals of hating America for voicing complaints about established polices.
Ah, now I get the problem. It is not a lack of a sense of irony, but rather that shopworn liberal canards do not define my frame of reference.
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shopworn liberal canards do not define my frame of reference.
Sure. We’ll go with that. I’ll even assume you’re trying to be funny. LOL.
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yello:
I’ll even assume you’re trying to be funny.
Nope. If I was trying to be funny, I would have said something like “Well, then, isn’t this ironic. And this. And this. And this too!”
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“Well, then, isn’t this ironic. And this. And this. And this too!” (Psst, you got Matthews in there twice)
Close, but no cigar. The tone and the non-sequitor-ness is important. It has to be in the form of “Why do you hate America/freedom/democracy?” to be ironic.
Urban Dictionary’s example is better. I would suggest you try the Encyclopedia Dramatica article but that website is pretty hard-core to people unfamiliar with the darker corners of the internet.
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yello:
(Psst, you got Matthews in there twice)
The first was supposed to be Gore talking about how Bush’s policies were un-American.
It has to be in the form of “Why do you hate America/freedom/democracy?” to be ironic.
Now it is you who seems to be missing the irony.
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Primarying an incumbent worked so well in Delaware it should be done all the time.
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Uh, I’m wondering myself. Color me incapable of irony.
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Yello, O’Donnell and Angle kept everyone else in line. That was more important than electing Lincoln Chaffee III.
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That’s a pretty skinny silver lining but I’ll let you have it.
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Perhaps, but nothing can really happen, nothing that I am interested in anyway, w/out 67 rock solid votes. That’s essentially impossible. What that leaves is negative pressure. I think R’s like the Maine sisters aren’t particularly good if your goal is to differentiate your message, as in not wanting to be the caretaker of the welfare state. So, in that sense, having a majority only allows you to decide who gets to chair a committee. I could give a shit. I wanted to stop Obama, in that sense it worked.
Thin yes, in the context that a small majority is somehow beneficial. I don’t think that.
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The R base is willing to lose. the D base willingly gets in the car and STFU when told.
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Oh, please.
Your lack of a sense of humor comes shining through sometimes.
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I will also note that McWing came back with the perfect answer.
Geez!!!
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McWing didn’t get it either.
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“Usually conservative accuse liberals of hating America for voicing complaints about established polices.”
Actually the only time I heard the right saying this was during the Iraq war when the left was openly rooting for bad news in order to be able to say “I told you so” and to slay the hated George W Bush dragon.
And it was Clinton who most recently employed the partisan use of “patriotism” in order to goad people into accepting tax hikes.
Look on the WaPo comment boards without partisan blinders. The left is the one playing the traitor / terrorist / patriotic card constantly. Do you see QB calling people unpatriotic? Me? NoVa? How about ruk, cao, reagan, skinsem, and the rest of the left wing peanut gallery.
Irony deficiency indeed.
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Brent:
Look on the WaPo comment boards without partisan blinders.
I’m guessing that is a bar too high.
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Another Republican War on Women victim.
http://tpmdc.talkingpointsmemo.com/2013/07/top-weiner-aide-trashes-intern.php?m=1
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McWing:
Another Republican War on Women victim.
If it wasn’t for my deficiency, I might find some irony in that.
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McWing:
Got news for you. There’s a HUGE difference between enacting laws against women (cf, Texas and North Carolina last week) and just being stupid when it comes to women. I’m pretty sure all of you could be stupid if you wanted to, but very few of you would be able to legislate against us.
THAT is the difference between warring on women and just being an idiot.
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…just being stupid when it comes to women.
The name of Weiner’s communication director, who the article quotes as calling the intern a “a fame hungry “bitch” who “sucked” at her job”, a “fucking slutbag,” a “twat,” and a “cunt”? Barbara Morgan! The irony is palpable! Well, I mean, I imagine it is, to those who aren’t irony deficient.
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A (D) behind your name is sort of like the EZ Pass of caddish behavior
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I ask again, which is worse, Madame Speaker Pelosi not knowing about Filthy Filner, or knowing and doing nothing about it?
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as far as slutbags go, she is pretty hot…
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When does Obsma call her to soothe her?
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Now you guys are doing a fine job of being stupid about women.
Please proceed.
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And this
as far as slutbags go, she is pretty hot
is just reprehensible.
I can’t believe any of you said what you said tonight.
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as far as slutbags go, she is pretty hot…
While we are being frat boys about it, who would you do, Olivia Nuzzi or Sydney Leathers?
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I’ll take Leather Tuscadero. http://www.google.com/imgres?imgurl=http://4.bp.blogspot.com/_ZtoGqHR5tuo/TDzZvLKt77I/AAAAAAAAB74/FUS6LYccjfs/s400/1_suzi_quatro_sqa0011.jpg&imgrefurl=http://unconscious-and-irrational.blogspot.com/2010/07/leather-baby-wild-one-suzi-quatro.html&h=514&w=800&sz=53&tbnid=JLTxZXPHmzA8JM:&tbnh=91&tbnw=142&zoom=1&usg=__lqt_5eUOgnCcLcXuKdzGK5y7zrs=&docid=CvVkaYQss55YLM&sa=X&ei=BQf5UYCwNbKw4AP9zICgAQ&sqi=2&ved=0CJwBEP4dMA0
weighed heavily on my pre-teen mind back in the day,…
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I ask again, which is worse, Madame Speaker Pelosi not knowing about Filthy Filner, or knowing and doing nothing about it?
I assume that by your constant harping on this that you are trying to draw the obvious parallel to Mark Foley and Dennis Hastert.
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And goose, what is so reprehensible about that? I am surprised you are cool with his campaign manager calling her every 4 letter word in the book, but an offhand remark that she is hot sets you off.
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Brent:
And goose, what is so reprehensible about that?
I, too, am trying to figure out what I said that is so unbelievable or over the top. Is it offensive to point out that the person being “stupid when it comes to women” was herself a woman? Baffling, if so.
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I’ll take Leather Tuscadero.
While not quite as burning a question as Betty/Veronica, Ginger/MaryAnn or Wilma/Betty, the Pinky Tuscadero or Leather Tuscadaro debate is unending.
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I am surprised you are cool with his campaign manager calling her every 4 letter word in the book
And where did you get the impression that michi is cool with that? The remarks of communications director Barbara Morgan just seem to reinforce that Weiner’s staff is just as competent and classy as he is.
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Though shall not attempt to corrupt the prevailing political narrative.
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