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 | 1657.2 | 3.7 | 0.22% |
| Eurostoxx Index | 2788.8 | -14.6 | -0.52% |
| Oil (WTI) | 110.1 | -0.4 | -0.40% |
| LIBOR | 0.256 | -0.001 | -0.20% |
| US Dollar Index (DXY) | 81.99 | -0.160 | -0.19% |
| 10 Year Govt Bond Yield | 2.88% | -0.05% | |
| Current Coupon Ginnie Mae TBA | 103 | 3.1 | |
| Current Coupon Fannie Mae TBA | 102.8 | 0.3 | |
| RPX Composite Real Estate Index | 200.7 | -0.2 | |
| BankRate 30 Year Fixed Rate Mortgage | 4.6 |
Slow news day. Markets are higher this morning on no real news. Bonds and MBS are up.
Now that the jobs report is out of the way, the markets will fret about the upcoming FOMC meeting for the next week and a half. The consensus seems to be that the Fed will make at least a symbolic reduction in asset purchases, and it will probably be Treasuries not MBS.
Are K-deals the future of residential loan securitization? Would future securitizations involve subordinate and mezzanine tranches? Essentially, a pool of mortgages would be cut up into a senior guaranteed tranche, which would resemble what we already have now, with Ginnie or GSE MBS. There would be a two additional tranches – a subordinate tranche which would bear the first losses on the pool, and then a mezzanine tranche which would bear losses after the sub piece is wiped out.
Filed under: Morning Report |
All Things in Moderation 
Now the Germans are trolling this guy.
http://www.theguardian.com/world/2013/sep/08/syria-chemical-weapons-not-assad-bild
Insty was right re the Carter years.
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I’m curious what HRC will say today. If you parse her words, she’s a Clinton after all, all she supports so far sinObama going to Congress.
Will she go all in? If so, I expect a stampede of candidates to jump into the race on her left. But, we’ve seen that before haven’t we? Why beleive them now?
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WaPo first in a three part series on small amounts of delinquent property taxes that DC is selling to investors who have a right to a lien on the property.
Basically its – nominal amount of late tax – DC sells debt to investor — investor adds legal fees and interests – homeowner with no mortgage is foreclosed on and loses all the equity.
http://www.washingtonpost.com/sf/investigative/2013/09/08/left-with-nothing/?hpid=z2
It’s evil what DC government is doing here.
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nova;
…but he also was stripped of the equity because tax lien purchasers are entitled to everything, trumping even mortgage companies.
This seems to be the crux of the problem. What kind of law is that?
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Sounds like a backdoor Kelo.
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i wouldn’t be surprised that it was some sort of gentrification effort. the article had a map of where these are occurring.
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One that prioritizes tax claims over other debt. That’s been law for decades. The issue is that the city shouldn’t be able to sell the ability to be treated like the government in a collection action to a private party.
This is part of a pattern of government and private interest entanglement that also includes the expanded abuse of eminent domain, i.e Kelo vs New London.
Edit: Korked on Kelo.
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jnc:
One that prioritizes tax claims over other debt. That’s been law for decades.
I wasn’t questioning the prioritization of creditors. I was questioning the policy that the owner is stripped of all equity regardless of the amount of the debt owed. That just makes no sense to me at all.
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