Brent Nyitray
Fairlington Blade
Let the mutherfuker burn!
jnc4p
Kevin S. Willis
Michigoose
lmsinca
markinaustin
Memetrics
novahockey
quarterback
ScottC
yellojktVital Statistics:
| Last | Change | |
| S&P futures | 4,439 | -1.2 |
| Oil (WTI) | 69.04 | -0.65 |
| 10 year government bond yield | 1.37% | |
| 30 year fixed rate mortgage | 3.09% |
Stocks are flat after the Producer Price Index came in higher than expected. Bonds and MBS are flat as well.
Prices at the wholesale level increased 1% MOM and 7.8% YOY. Ex-food and energy, prices rose 1% MOM and 6.2% YOY. Autos accounted for about 20% of the increase, while travel-related services also added a bit. I sound like a broken record here, but keep in mind that the year-over-year comparisons have a lot of noise in them due to the lockdowns of a year ago. We are still a ways away from putting Whip Inflation Now bumper stickers on the backs of our cars.
The COVID-related supply bottlenecks are reversing and returning to normal. Freight shipping volume is back to pre-pandemic levels, however costs are way higher than before. Shipping costs are 44% higher than a year ago, and 23% higher than two years ago. That said, they are falling on a MOM basis.
Despite an extremely tight labor market, initial jobless claims remain elevated, coming in at 375k last week. Initial Jobless Claims remain a puzzle, as they are much higher than the Great Recession. Take a look at the chart below, which compares the Great Recession with COVID. It is astounding that COVID claims remain so persistently high when it seems every store has a “help wanted” sign in front.
Mortgage Credit increased slightly in July, according to the MBA. “Even as the economic recovery is underway, overall credit supply has remained close to its lowest levels since 2014,” Kan said. “Some borrowers are still in pandemic-related forbearance status, and servicers continue to work through possible resolutions for these borrowers.”
Fannie Mae introduced a new initiative to help first time homebuyers get access to a loan. It will now allow a borrower’s rental payment history to be included in cases where a limited credit history is insufficient to get an approval out of DU.
“Many renters believe they will never be able to buy their own home because of insufficient credit. We can responsibly expand mortgage eligibility by including positive rent payment history in underwriting risk assessments,” said Hugh R. Frater, Chief Executive Officer, Fannie Mae. “We believe this will be the first time any large-scale automated mortgage underwriting system will leverage electronic bank statement data to consider positive rent payment history. It is but one important step in correcting the housing inequities of the past, creating a more inclusive mortgage credit evaluation process going forward, and encouraging the housing system to develop new ways of safely assessing and determining mortgage eligibility in order to fairly serve all potential homeowners. We look forward to working with our industry partners to do what we can together to address this and other barriers to homeownership.”
Filed under: Economy, Morning Report |
All Things in Moderation 
“It will now allow a borrower’s rental payment history to be included in cases where a limited credit history is insufficient to get an approval out of DU.”
That sounds uncharacteristically intelligent for the government.
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What is a DU?
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Desktop Underwriter. It is Fannie Mae’s AI that approves or declines applications
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Ok, thank you.
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This will be ugly:
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Worth noting:
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Seems like Rumble has some legs.
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of course the left will demand that Amazon etc not host it.
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Weaponization of immigration & asylum. You almost have to admire it.
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Worth a read:
My understanding was that “imputation” (aka making shit up), had been ruled unconstitutional for reapportionment purposes, but they could still do it just for money allocation.
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Always assume bad faith with the left.
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Mark:
Just curious if you were aware of this story:
https://www.dailymail.co.uk/news/article-9881213/Unearthed-video-shows-naked-Hunter-Biden-claiming-Russian-drug-dealers-stole-laptop.html
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Saw George’s reference to it.
I will assume HB is a drug addled slimeball until a better definition for him is provided, but that was my assumption without this allegation.
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Mark:
Saw George’s reference to it.
So only here…no mention of it in any of the news sources you use to inform yourself? If the person in that video was named Donald Trump Jr instead of Hunter Biden, do you think you would have heard about it from somewhere outside of ATiM?
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This will be a breeze to enforce.
https://thepostmillennial.com/biden-administration-may-consider-vaccine-passports-for-interstate-travel?utm_campaign=64469
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Will have to appropriate a few trillion for checkpoints on all states. Easy peasy.
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The media sucks. But that’s not news.
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KW:
The media sucks. But that’s not news.
In the context of Trump coverage, it is very much news. The pee tape, the Russia Collusion hoax, the claim by members of the intelligence community during the election that the NY Post story about Hunter’s laptop was Russian disinformation in order to get the story silenced all make this video legitimate news.
I also think the blatant hypocrisy and double standards practiced by the corporate media is always newsworthy.
Beyond that, though, I personally find it fascinating that NeverTrumpers who were all-in on the Russia Collusion hoax and the notion that Trump was “compromised” by Russian dirt on him are completely blase and unconcerned when the drug-addled son of the current president (who himself has a questionably functioning brain) admits in a compromising video stored on his own laptop that he thinks the Russians might have stolen his laptop.
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Yep.
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