Monthly Archives: June 2010

Posted To: MBS Commentary

This week, the Federal Reserve Bank of New York Open Market Trading Desk (the Desk) began conducting a limited amount of agency mortgage-backed security (MBS) " coupon swap operations " in order to facilitate the timely settlement of agency MBS trades. A coupon swap is a transaction conducted at market prices that involves the sale of one agency MBS with the simultaneous agreement to purchase a different agency MBS. Coupon swaps allow the Federal Reserve to sell agency MBS coupons that are not readily available for settlement in the market and simultaneously purchase a different agency MBS coupon that is more readily available for settlement. The Federal Reserve uses coupon swaps as a tool to address temporary imbalances in market supply and demand. The New York Fed transacts agency…(read more)

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epic fail photos – Sneaky Camera Shot WIN

3D – Rendering and Modelling – Graphics – Bryce – Arts Continue reading →

Posted To: MND NewsWire

FHA Commissioner David Stevens wrote to the industry today . He discussed RESPA Reform and provided and update on the implementation of the SAFE ACT. Below are his comments…. The Office of Housing’s latest efforts have a common thread: the continued need to strengthen protections for consumers in the home buying process. We are working to make the housing market stronger, sustainable, and safer. Two examples of our efforts to accomplish this goal are the recent reform of HUD’s Real Estate Settlement Procedures Act (RESPA) regulations which make mortgages more transparent and understandable, and the development of Safe Mortgage Licensing Act (SAFE) regulations which better protects consumers. Transparency is important for consumer protection. Fair dealings require open, clear information…(read more)

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Posted To: Mortgage Rate Watch

The relentless mortgage rate rally continued yesterday. Lenders were seen offering the most aggressive loan pricing of our lifetime, again, as stocks extended their losing streak and risk-averse investors piled funds into government guaranteed U.S. Treasuries. High demand for risk free has bonds led mortgage-backed security prices to record prices, allowing lenders to price mortgage rates at the lowest rates reported since the formation of the secondary mortgage market. Out early this morning was the Mortgage Bankers Association's Weekly Applications Survey. The MBA loan applications survey covers over 50% of all US residential mortgage apps taken by mortgage bankers, commercial banks, and thrifts. Survey data gives economists a sample of consumer demand for mortgage loans. In a low mortgage…(read more)

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epic fail photos – Sushi Sign Fail

Sushi – Asian – Home – Cooking – Japanese Continue reading →