Morning Report – Mortgage Credit beginning to ease up 11/13/13

Vital Statistics:

Last Change Percent
S&P Futures 1755.5 -9.6 -0.54%
Eurostoxx Index 3006.0 -28.7 -0.95%
Oil (WTI) 93.31 0.3 0.29%
LIBOR 0.241 0.001 0.56%
US Dollar Index (DXY) 81.15 -0.041 -0.05%
10 Year Govt Bond Yield 2.73% -0.04%
Current Coupon Ginnie Mae TBA 105.2 0.2
Current Coupon Fannie Mae TBA 104.2 0.3
RPX Composite Real Estate Index 200.7 -0.2
BankRate 30 Year Fixed Rate Mortgage 4.51
Markets are lower after Atlanta Fed President Dennis Lockhart said a paring of U.S. bond purchases could very well take place next month. Bonds and MBS are up; however.
Mortgage Applications fell 1.8% last week, with purchases down .5% and refis down 2.3%. We had a huge move in rates last week, but it took place on Friday. This week’s numbers will probably be horrendous.
Mortgage Credit Availability increased slightly in October, according to the Mortgage Bankers Association. On one hand, some lenders increased lowered their FICO floor, but others restricted cash-out refis. The net effect was a slight increase in credit availability. FWIW, given the end of the refi boom, it looks like bankers realize they have to go our further on the credit curve. Redwood Trust announced on its conference call that it is diversifying away from strictly high quality jumbos and will look at the non-QM space.
Tri-Pointe Homes reported better than expected sales and earnings, and took up full year guidance. They are buying Weyerhaeuser’s home building unit as well. We are starting to see more M&A in the homebuilding space.
Transunion reported that the national average for 60 day delinquencies is 4.09%. The worst states are the judicial states, while the best are the northern mountain / midwest states. They have a cool interactive map where you can see DQ rates by state.

49 Responses

  1. Drip Drip Drip

    “Obama in Bind Trying to Keep Health Law Vow
    Published: November 12, 2013”


  2. I know some of you are against the PPACA, and that’s your right. But, I was sure hoping to get an insurance plan via the PPACA once SS approves my disability. Looks like I’m still out in the cold. Please forgive my long, frustrated comment… but Scott, please read, I need your help.

    Even though I received a call from SS 6 weeks ago stating they were really trying to get this done for me since they learned an artery is being compromised in my neck, which resulted in my falling multiple times with the last fall resulting in the crushing of my left foot… I received my 2nd denial letter yesterday. Here’s how they stated my denial:
    While your cervical stenosis is severe it does not appear that it will prevent you from performing the same computer programming job you have reported you did for years.
    And now we are beginning the Judicial process which I’ve been told can take 4-6 months. We just sold Rogers truck in order to use the small profit after payoff to help us get by this month. We have nothing left to sell and those family and friends who have helped us have run out of funds to help us further.

    Now while I can use my keyboard to post a comment here and there, there are times when I can’t use my keyboard for days and days at a time. And when I do, it takes me a lot longer and it is not pain free, like today… my neck, shoulders and arms hurt like hell.

    So… since I am sure all of you use a computer as your main tool for your job, please tell me if you think you could continue your job if you suddenly found yourself in a physical condition which REQUIRES you to not move your neck. I can tell you from 30+ years of experience using a computer as my main tool for my job, there is absolutely no way.

    And it’s like they didn’t even look at the physical problems I’ve been experiencing for the last 2 years due to my cervical stenosis, which are in my medical records:
    1) Compromised artery causes me to momentarily black out which has resulted in my falling 4 times and crushing my left foot in the last fall. This also forced me to give up driving. I haven’t driven for a year now.
    2) Prior to the crushing of my left foot (due to pinched artery and falling), I could not stand or walk for more than 15 minutes without leaking rectally due to damaged nerves (doctor confirmed) which control the muscles at/near the opening of my rectum… even happens sometimes when just sitting.
    3) Prior to crushing my left foot, I was unable to stand in place or walk for any distance at all due to great pain caused by a previous left foot injury which dislocated a bone on the bottom of foot and could not be corrected. Now the crushing of same foot seals the deal on my left foot with permanent life-long pain much like diabetic foot nerve pain… and the meds don’t make it go away, just reduces the intensity to livable…. walking with it now is a “gimpy” slow walk and I experience extreme pain if my foot is not elevated.
    3) Arms randomly flail uncontrollably due to pinched nerves… forced me to give up driving. This is the only one my hubby pokes fun at… he says I look like I’m having an epileptic fit, except I’m not lying on the floor.
    4) Constant random switching from being very cold to very hot with profuse sweating, physically, actual body temperatures change… due to pinched nerve which monitors/controls body temperatures.
    5) Constant pain in entire spinal column (degenerative arthritis and stenosis), neck, shoulders, arms and hands.

    Bottom line, I can’t walk, I can’t type for any length of time and I can’t drive, I can’t even take a shower without hubby’s help…..I can’t work. And yes, I just typed a lot, but be certain, it was not without pain and most likely will not be doing much more typing for the day. My neck is killing me right now.

    With all that said, and yes, feel free to consider it as one of my “frustration” posts, since SS has denied me again, unless some very generous benefactor out there would like to help out, I have no choice but to continue this wait and suffer and risk paralysis of extremities, internal organs and even death if that artery gets severed, until at the very least early 2015.

    So SCOTT…. you have mentioned several times about people like me not needing health insurance, but a benefactor instead…. well…. and it may be my fault as I assume when someone pushes for something, like your pushing that people like me need a benefactor…. then you must surely have inside info on such…. so please Scott….. point me in the direction to locate such a benefactor…. I’m being serious… I am truly quite concerned (afraid) that if I don’t get the proper medical attention I will either already be beyond help (paralyzed) or dead by the time I have any other option.

    And remember, I didn’t ask for this. I was born with it but didn’t know until I started suffering from it decades later. And I was always responsible and made sure I had health insurance..until… job was sent overseas… and due to my pre-existing conditions, have been unable to get insurance since. I don’t want to be paralyzed. I don’t want to die. I can’t keep spending all my energy on focusing on not moving my head/neck… I’m so tired of being a statue. This is no way for anyone to live. Scott, if you can help me find a benefactor, I will be forever in your debt.


    • Geanie, my best shot at temporary help: your denomination’s charity.

      My second suggestion: Apply for and get PPACA and scrape together the premium for one month and have surgery in January.

      My third suggestion: is there a community clinic where you are? Have you checked for alternative treatments for stenosis [I am sure you have but I must ask]?


      • Mark, thank you for your response.

        For your first suggestion… I do not have a denomination… I gave it up for work a long time ago… never had much of a life outside of work for decades being on call 24x7x365, of which I was always working… including holidays, weddings and even funerals.

        For your second suggestion: I did apply for the PPACA and with only my hubbys monthly check, I only qualify for Medicaid… which since OK did not accept the Medicaid expansion, with only $1637/mo for our family of 2, we have $530/mo too much for Medicaid. Once SS approves me, with my additional (by SS estimates) $2054/mo combined with my hubbys $1637, I will qualify for PPACA… but not at this time.

        For your third suggestion: I have checked community clinics, again, they operate the same as Medicaid… we have too much income.. and yes, I have checked into alternative treatments, but, there is a consensus that surgery is my only option.. remember, my stenosis is due to my being born with my spinal column (the bony vertebare) being smaller (cylindrically) than normal to house my spinal column… my only recourse is this very expensive open door laminoplasty… comes with a base price tag of about $200k… with the number of vertebrae I have that need to be enlarged in my neck, we’re looking at a possible $250k…. and once recovered, I will need the same thing done to my lower back… but I’m not worried about it for now… it’s not that bad and I have no problem using a wheelchair instead of such a surgery… but there is no wheelchair option for my neck.

        Bottom line is I absolutely need this surgery and I have yet to find anyone who is willing to do it for free…. and believe me, there is no way for us to finance such a surgery. I’ve been trying for almost a year to find a way to get this done all the while I only keep getting worse.


        • anyway, I’m done for the day, can’t stand the pain to type anymore. I’ll check my emails at some point for any other comments/suggestions. Thanks all for your considerations, thoughts, suggestions, etc. and have a good one.


        • You can overestimate your salary for next year and qualify for unsubsidized PPACA as there is NO PENALTY for overestimating your salary. NONE. And if in fact you later qualify for SSD, you will not have overestimated at all. Try that route again. Estimate your salary as if you are receiving SSD. It is not a lie and it may well turn out to be accurate, as an estimate.


        • Also: have your advocate write your congresscritter, or do it yourself. Can’t hurt.

          If you do not have a lawyer, legal aid might be able to provide some advocacy help for you but that is hit or miss.


        • Mark,

          I already attempted to re-apply. First, I can’t edit/make changes to my initial application due to “change date” restrictions (and I’m sure that’s another date that will get pushed out). I then tried to create a new application, there’s a feature for that, but it’s for choosing insurance in a different state; I assume for those who need multi-state coverage. Sooo, I did do the only other option; I downloaded an appeals form, filled it out, and sent it via usps. I explained my situation of waiting for SSDI and provided my “future” income and asked to be allowed to purchase insurance, particularly that even once my disability is approved I still won’t be eligible for Medicare until early 2015.


    • Geanie:

      Sorry it has taken so long to get back. I was away almost all of last week. Unfortunately I don’t have any particularly good help/advice to offer. But I would definitely second what nova said.

      Also, I believe that most states maintain some kind of high risk insurance pool, a fund which insurance companies are required to pay into in order to help cover the medical costs of people who are un-insurable due to pre-existing conditions. I don’t know how they work, and it may be just for emergency treatment, so perhaps not applicable to you, but it may be something worth looking into.


      • Geanie, I have one more idea for you. It may sound far fetched, but I know it has worked for others.

        Get the surgery you need overseas.

        A client of mine was diagnosed with cancer of the jaw at MD Anderson in Houston, where the surgical procedure would have cost @$300K. He had the procedure done in Mumbai for $11K. He is back in TX, cancer free, but will need plastic surgery, which he will get in Austin.

        I don’t know if the web has a single repository of what surgery at what quality and cost is available, and where.

        But it is worth a look.


        • Mark….thanks for your response…. as I explained to Scott about our finances, perhaps if I win the lottery (of course not buying any tickets), I could afford to travel overseas. I’m certain that if I could, the “open door laminoplasty” would be MUCH less than here, with a base price of $200k here.

          I did contact my congresscritter, Bridenstein…. I am emailing back a signed copy of their release of privacy form today so his office can attempt to get my judicial review expedited. For now, that’s really all I can hope for.

          But for now, the way things have gone for me the last 3 years and now knowing I still will have no income for who knows how long…. it finally hit me what a sad holiday season this is going to be…for the first time ever, I have had to tell my kids and my 3 grandchildren that we simply cannot afford gifts for anyone this year… this has really brought me down even more than my disabilities… and it really doesn’t help knowing this is true for bday gifts as well…all 3 grandbabies were born in Dec… along with my hubby and my daughter…. I just want to go straight from right now to January 2nd and tell SSA to go “straight to hell”…. deny someone even after stating they know their disability is severe…assholes!.


      • Scott….thanks for your response. Since our only income is $1637/mo and has been since January… and we’ve gone through the savings we were able to maintain even though my hours for the first half of 2012 were 24/wk and the second half were 16/wk…. there’s no way I can afford a high risk insurance policy. Was hoping you knew how I could locate a benefactor since that is what you’ve been saying… oh well.


  3. Scott posted yesterday that he’d be scarce through Sunday. I know he’ll respond though.


  4. I think that Mark’s recommendation on the PPACA is probably the best one for the short term.

    I also have a friend who does SSDI work and I’ll see if she has any recommendations for your case. Based on what’s she’s told me in the past, the key will be to have medical records from the falls themselves which should document how and why you are unable to work.

    Lastly, if possible I’d check with your doctors and any nurses you interact with on a regular basis about the possibility of any indigent or pro bono care options that they know about. They may well be aware of some options that are out there.


  5. Uhhh…

    @asymmetricinfo: Chao says they’re still building the systems that transmit payments to insurers, as if this is a defense.


  6. Any Catholic church would be willing to help, regardless of your religious beliefs or lack thereof.


  7. It’s as if they haver never worked with the government before.

    Senior White House officials claim they just never anticipated the magnitude of the problems that would unfold — there was concern, yes, but not an impending sense of doom.

    Why do these people think this excuse helps them?

    I love this line.

    hey met more frequently in the weeks before the launch, and Obama pressed for unvarnished assessments, but the White House didn’t receive signals that a website fiasco was looming, aides said.

    This is either an admission that he keeps people around that lie to his face or that he keeps people around who are terrified of telling him the truth. Is there any other interpretation?

    This article is nothing but devastating about how badly this administration functions.


  8. “Obama in Bind Trying to Keep Health Law Vow”

    FWIW, I was on the Hill all morning. back tomorrow for more meeting. there’s blood in the water. what’s TBD is if the Rs will offer a spot on the lifeboat … and what they’ll want in return. Give is another week or so, and Dems will start an outright revolt.


  9. there’s blood in the water. what’s TBD is if the Rs will offer a spot on the lifeboat

    As if there is any escape from this thing. Democrats own this, lock stock and barrel…


  10. Nova- I read that the Congressional Democrats had set a Friday deadline before they would start to support Upton’s bill.

    Ezra had a good piece on how it’s becoming a perfect storm against the administration

    Troll – this is for you:

    “The first federal government shutdown in 17 years wreaked havoc over the GOP brand last month, sinking Republican approval and boosting Democrats ahead of the 2014 mid-term elections.

    A new Quinnipiac University survey released Wednesday showed Democratic momentum all but reversed amid the embarrassing fiasco that has been the Obamacare rollout, with both parties now tied on the generic ballot at 39 percent.”

    One can only wonder how far ahead the Republicans would be if they had waited on forcing the government shutdown confrontation.


  11. From Ezra’s piece linked above:

    “It’s an underplayed dynamic of the current political storm that many congressional Democrats feel Obama broke a promise he made to them, as well.”

    This is a tacit admission that those Congressional Democrats aren’t qualified to vote on complex legislation if they actually believed that promise could be kept.


  12. “. Democrats own this, lock stock and barrel…”

    yep. but that means they are desperate. or becoming desperate.


  13. ” deadline before they would start to support Upton’s bill.”

    the WH is dispatching people to counteract that.


  14. And insult is added to injury:

    “Cheney: ‘I’m Inclined To Agree With Bill Clinton’ On Obamacare Promises”


  15. One can only wonder how far ahead the Republicans would be if they had waited on forcing the government shutdown confrontation.

    Come on, it’s November. Shutdown was NEVER going to have ANY electoral consequence. Freaks like me would have been pissed without it, so if anything it actually would have been worse for R’s if there hadn’t been one.

    What tangible benefit could have been gained by not having a shutdown? Seriously?


  16. BTW, what do House D’s owe Obama?


  17. “What tangible benefit could have been gained by not having a shutdown? Seriously?”

    If they had waited 30 days to have the fight, they might have won.


  18. Do you really beleive that?


  19. what JNC said


  20. “Do you really beleive that?”

    it’s possible. It was easy to stand fast in the face of “GOP obstructionism” a month ago. Now?

    The D talking point is basically “it’s not as bad as you think.” uh, okay. a month ago that was unthinkable.


  21. These kinda self-inflicted accidents happen all te time. Haven’t we all found ourselves in a padlocked bag in a bathtub at least once?


  22. someone just asked “are you sure you want to go to Charlie Palmers tonight.””


  23. geanie — who is your member of congress?


    • Nova, I’ll have to look. I can do that. I know all the names, just can’t remember who holds what office.. I WILL be calling them ASAP.


  24. hot off the presses:

    As of November 2, 106,185 individuals have selected plans from the Marketplace, and another 975,407 have made it through the process by applying and receiving an eligibility determination, but have not yet selected a plan. An additional 396,261 have been determined or assessed eligible for Medicaid or the Children’s Health Insurance Program (CHIP).


  25. Mark,

    I have an attorney, have had since the beginning. They are attempting to obtain approval for expediting the Judicial review which is where we are now. And like you said, even this attempt is hit and miss. I’ll wait and see how that goes first, but, if expediting is a no go, I will then most certainly contact my congresscritter, although with how OK handles health care, again, it’s just as much a hit and miss as SSA.


    Thank you so very much for even considering checking with your friend. I appreciate any help from anyone. Last year at this time I never thought I would be in this kind of situation.

    My falls have been documented by both my PPhys and my Orthro Specialist and the ER physicians. When SS called me about my foot, in addition to discussing how and why, I specifically informed her of my 2 upcoming appointments, the MRI of my foot and the followup with PPhys to go over the MRI results. She wanted my latest records. Evidently, since in their letter to me, they mentioned everything except my foot, she did not wait until after those appts to obtain new records… which is precisely what I asked her to do. So, of course, I was denied again. And since it took them 6 weeks to make their decision after our phone call, which was already 3 months after we filed my appeal, my attorney was hoping the time lost can be used to help persuade expedition.

    As far as charitable help… I do know the hospital I have always used my entire life will work with me on the hospital bill… I know they will write the entire bill off to charity. And I would love to accept it. The problem is, most people forget all about the other charges that are not part of the hospital bill. There will be a new MRI I am sure ($2.5k) , I also already know there will be some kind of treatment process to reduce the inflammation prior to surgery, possibly another round of cortizone shots since the inflammation is so bad ($17k) and of course, the related Dr appts. Then there’s the surgeon, the Anesthesiologist, Labs and a plethera of others. One can only imagine the kind of bills I would still be left with Since I have 5 vertebrae in my neck that need this surgery, the surgery will last several hours and the base price of $200k is just for one vertebrae. And believe me, I have asked my PPhys and my Orthro Specialist both to please tell me how to get this surgery paid for. I only get sympathetic looks back even though my Orthro Spec sternly repeats over and over how important it is for me to have this surgery. If they weren’t 2 of the best in their fields, I’d look for different docs.

    I do so appreciate everyone’s thoughts and I sincerely apologize for only having posted my troubles for the most part lately. I appreciate you all allowing me a forum for venting my anger and frustration, but it’s so much easier than venting to my family members for if I do that, I end up in tears.. not so much in a forum and ATiM is the only forum I actually belong to. I look forward to the day I will be on here fiercely debating with Scott 😀 and McWing and others.


  26. “if expediting is a no go, I will then most certainly contact my congresscritter, although with how OK handles health care, again, it’s just as much a hit and miss as SSA.”

    I recommend you advise them of the situation sooner rather than later.
    the district office likely handles casework. I can get all those numbers .. and probably a name … if you’d like


  27. OH CRAP!! Hubby just brought me letter from attorney with request form for me to sign for the Judicial review, and in their letter they state the “current wait time for hearings is approximately one year”…. OH HOLY CRAP!!! Yea, I guess I’ll be calling my congresscritter asap morning. I’m sure my attorney will be requesting the judicial review be expedited, but am sure that can only happen once this form has been received by SS. I’m still gonna see if a call will help. I must let all this go for now before I become a blubbering idiot. Cya sometime later.


  28. and Nova,

    Sure, if there are any numbers and/or names I’d appreciate them.

    And WOW, all the helpful, thoughtful responses. While we all have so many different opinions on so many subjects, it’s wonderful to see all put aside just for me and my personal troubles. You are ALL great people. Now I seriously have to go, neck is worse and I’m just a tad dizzy… and yea, I know, stress could be it.


  29. Happy to do what I can. One thing about this forum is you have access to people who are actually pretty well informed on these issues and in some cases have useful connections for these sorts of situations.

    Edit: I hate to bring this up, but have you consulted with a bankruptcy attorney as well? If not, you may wish to if you have exhausted all of your other financial resources.


  30. Violating the rule on no bank posts while Scott is out. I’ll just put up the links with no extra commentary.


  31. unbelievable. charlie palmers has been scratched. and we’re going out for seafood. it’s practically a vegetable.


  32. “And now we are beginning the Judicial process which I’ve been told can take 4-6 months.”

    Geanie, to be clear you have exhausted the regular reconsideration of your SSDI claim and are now going to the judicial appeal portion? I.e. are you going before an administrative law judge or have you done that already and are now going to Federal Court?


  33. “The denial letter from SS, second denial, instructed next step is to go before a judicial review, so not Federal.”

    Ok, and that’s the year wait right? I’ll probably talk to my friend about it this weekend and I want to make sure I have the facts straight.


    • right… although my attorney told me that since recently 2 new SS judges were added, it’s about 6 months now…and I did contact my congressman.. I’m hoping that helps.


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