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 | 4,564 | 27.2 |
| Oil (WTI) | 67.82 | 1.58 |
| 10 year government bond yield | 1.38% | |
| 30 year fixed rate mortgage | 3.30% |
Stocks are higher this morning on hopes that the Omicron variant of COVID will be more mild than other strains. Bonds and MBS are down.
The upcoming week will be relatively data-light, as is typical following the jobs report. The biggest numbers will include the Consumer Price index on Friday, and job openings on Wednesday. There is no Fed-speak as we are in the quiet period ahead of the December FOMC meeting next week.
While the Fed isn’t expected to do anything with interest rates next week, the Street thinks the central bank might double the pace of tapering. This would explain some of the widening in MBS spreads.
The number of mortgage loans in forbearance fell below 1 million last week, according to data from Black Knight. Forbearance plans are down 18% from a month ago.
Mortgage origination hit 3.59 million units in the third quarter, according to data from ATTOM. This is up 3% from the same quarter last year, but is down 8% from the second quarter. In 2021, we saw quarter-over-quarter declines in Q2 and Q3, which is rare given that this is the seasonally strong period. That said, Q1 of 2021 was an exceptionally good quarter and the good times couldn’t necessarily last.
“The overflow stack of work that was hitting lenders for several years shrank again in the third quarter across the U.S. amid a few emerging trends,” said Todd Teta, chief product officer at ATTOM. “It looks more and more like homeowner’s voracious appetites for refinance deals has eased notably, while purchase lending also dipped. It’s still too early to say if the trends point to major shifts in lending patterns or the broader housing market boom. But the drop-off is significant, especially for home buying, which could suggest an impending housing market slowdown. We will be watching the lending trends extra closely in the coming months.”
I would also add that this report looks only at units, and not dollar volume. If you look at dollar value, the drop was only 6% since home prices (and average loan sizes) are rising.
Filed under: Economy, Morning Report |
All Things in Moderation 
This should turn out well:
“Democrats fall flat with ‘Latinx’ language
“Why are we using a word that is preferred by only 2 percent, but offends as many as 40 percent of those voters we want to win?” said one pollster.”
https://www.politico.com/news/2021/12/06/hispanic-voters-latinx-term-523776
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Hispanic voters have started shifting right for myriad reasons, he said, chiefly because of more aggressive engagement from Republicans who have “weaponized culture war issues at the margins with Hispanic voters.”
Republicans weaponized culture war issues?
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Objecting to left-leaning political agendas in any way is “weaponizing”. Noticing the results of progressive policies is “weaponizing” culture.
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There is no bottom:
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And most of the replies are woke people criticizing Greenwald for making fun of the article.
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How fucking dare they!
https://www.axios.com/conservative-social-media-crypto-publishing-internet-56a77cbd-89c6-480a-a8a4-6092b7eea481.html
Have Republicans no shame!?!?!
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It was a one in a million shot, doc.
https://sylg1.wordpress.com/2021/12/04/rectum-i-hardly-know-im/
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I believe him. I can’t count how many times a beer has whacked me in the mouth out of nowhere.
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The Left won’t be happy until it can force conservatives to watch CNN Clockwork-Orange style.
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Lol
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I live the “what they see” as if it isn’t objectively obvious, and as if members of the media didn’t basically announce they had to become or obviously partisan and ideological and abandon so-called objectivity in the era of Trump.
Also I love the dig at billionaires, when a lot of what they mention is stuff largely built from the ground up that eventually secured investment money but was and is mostly audience-funded. As if Twitter and CNN never got funding from wealthy people and as if there aren’t billionaires involved in bankrolling the left’s March through the institutions.
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This is funny
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Brent….on the back of your comment the other day mentioning that you were reading Woke Inc., I bought it on Audible and have been listening to it. It really is an eye-opener. The biggest surprise to me so far has been the way that the DOJ and the Judiciary craft plea agreements with corporations to make payments to private political action groups in lieu of fines owed to the government. That was pretty astonishing to me. Actually pretty clever, in an evil genius sort of way. I wonder who pioneered that particular racket.
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Leftism is like Ron Perlman or Carl Icahn. It never uses its own money to advance the cause.
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The more I read about the DOJ and the FBI, the more disillusioned I become with it.
https://thefederalist.com/2021/12/07/gops-fortenberry-targeted-in-yet-another-questionable-and-politicized-case-from-troubled-department-of-justice/
The lesson: Always assume the worst with regard to the FBI’s motives, and never talk to them about anything, ever, without an attorney present.
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