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Employment Situation Report: -54K Total Job Losses. Private Sector Adds 67k Positions. Bonds Sell	9/3/2010 6:30 AM
Posted To: MBS Commentary THE EMPLOYMENT SITUATION – AUGUST 2010 – BETTER THAN EXPECTED RTRS-U.S. AUG NONFARM PAYROLLS -54,000 (CONSENSUS -100,000) VS JULY -54,000 (PREV -131,000), JUNE -175,000 (PREV -221,000) RTRS-US AUG PRIVATE SECTOR JOBS +67,000 (CONS +41,000), JULY +107,000 (PREV +71,000); GOVT -121,000, CENSUS JOBS -114,000 RTRS-U.S. AUG JOBLESS RATE 9.6 PCT (CONS 9.6 PCT) VS JULY 9.5 PCT RTRS-U.S. AUG AVERAGE HOURLY EARNINGS ALL PRIVATE WORKERS +0.3 PCT (CONS +0.1 PCT) VS JULY +0.2 PCT, TO $22.66 VS JULY $22.60 RTRS-U.S. AUG YEAR-ON-YEAR AVERAGE HOURLY EARNINGS ALL PRIVATE WORKERS +1.7 PCT RTRS-U.S. AUG AVERAGE WORKWK ALL PRIVATE WORKERS 34.2 HRS (CONS 34.2) VS JULY 34.2 HRS, FACTORY 40.2 VS 40.1, OVERTIME 3.0 VS 2.9 RTRS-U.S. AUG FACTORY JOBS -27,000 (CONS +10,000) VS JULY +34,000 (PREV +36,000...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
The Day Ahead: August Employment Data to Drive Markets	9/3/2010 6:13 AM
Posted To: MBS Commentary Markets are roughly flat Friday morning ahead of the widely anticipated employment report for August, which at 8:30 eastern time is set to show that jobs declined for the third straight month. Ninety minutes before the opening bell, the S&P 500 is down 0.75 to 1,089.00. The 10 year Treasury note is -0-07 at 99-25 yielding 2.65% (+2.5bps) and the October deliver FNCL 4.0 is -0-02 at 102-22. The employment report is anticipated to show that 100,000 jobs were lost last month, though the decline relates to disappearing Census jobs rather than another dip. Still, private payrolls should increase a modest 41,000, according to economists polled by Reuters, and manufacturing jobs should be up by 10,000. “Unfortunately, whatever we see privately probably gets fully offset by other public sector...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Mortgage Rates Move Higher Before Jobs Data	9/2/2010 3:42 PM
Posted To: Mortgage Rate Watch What a boring day in the markets! Stocks added to yesterday's gains and bonds added to their losses. This pushed mortgage rates marginally higher. The best 30 year fixed mortgage rates are still in the 4.125% to 4.375% range for well-qualified consumers, but less lenders are offering rates below 4.25% today. If your lender is still willing to offer a rate below 4.25%, your closing costs are about 25bps higher today (0.25% of your loan amount). AQ's comments from yesterday still apply... We're not panicking over this sell off. There has been no change in our fundamental economic outlook, we see no new reason to be optimistic about a rapid recovery. What we witnessed today was a technical adjustment, an adjustment that could reverse course on Friday morning if the Employment Situation Report...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Pending Home Sales Rebound from Record Low. What Might Boost Buyer Demand?	9/2/2010 2:25 PM
Posted To: MND NewsWire The National Association of Realtors released the Pending Home Sales Index today. NAR's Pending Home Sales Index measures the number of home purchase contracts that were signed in the monthly reporting period. Once "pending" sales contracts are closed, they are considered an existing home sale. Because the Pending Home Sales index tells us how many contracts were signed, it is consider a forward indicator of existing home sales. A signed contract is not counted as an existing home sale until the transaction actually closes. Excerpts from the Release... Following a sharp drop in the months immediately after expiration of the home buyer tax credit, pending home sales have modestly risen. The Pending Home Sales Index, a forward-looking indicator, rose 5.2 percent to 79.4 based on contracts signed...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Fed Hosts Neighborhood Stabilization Summit	9/2/2010 12:07 PM
Posted To: MND NewsWire Community organizers, state and federal government officials, and representatives from banking, research and educations institutions are currently meeting in Washington at a REO and Vacant Properties Summit sponsored by the Federal Reserve Bank. The two day conference is focused on examining the problems associated with vacant and abandoned property and to explore approaches to neighborhood stabilization. Governor Elizabeth Duke, Board of Governors of the Federal Reserve opened the summit on Wednesday. In her remarks she introduced the types of issues that are faced by communities with high rates of foreclosure and REO and highlighted some of the lessons learned in the last few years about neighborhood stabilization strategies. She pointed out that the impact of each foreclosure goes far beyond...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Pre-NFP Outlook Plus Loan Pricing Comparison	9/2/2010 10:42 AM
Posted To: MBS Commentary What a rough morning! It appears my hard drive no longer wants to work. I tried to reach out for help, but no one answered. Then my gf called and reminded me that today is 9.02.10. This explains why Glenn is M.I.A, he's curled up on his couch watching re-runs of 90210! I think his favorite character is Dillon. Enjoy your day off Glenn! Oh well. I'm up and running again...... The day has not been so pleasant for originators either. Loan pricing is 2.9bps worse on average today. That doesn't sound too bad, but take a closer look. The largest rebate reductions were applied to the note rates closest to par. These are the rates most borrowers are hoping to be quoted. There is good news though, you can still lock in a rate below 4.25%! It's just gonna cost more at the closing table. The stock market...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Litany of Investor Bulletins: Mortgage Insurance, Appraisal Photos, Originator IDs, Incomplete GFEs, 203(b)'s, Reserve Requirements, No More ARMs	9/2/2010 9:39 AM
Posted To: Pipeline Press It's good to know the jumbo market is alive and well! Alive and well for Tiger Woods who just got a residential construction loan for $54.5 million on Jupiter Island in Florida, which he agreed to pay back by January 2016. Of course, folks like pediatricians are having trouble finding an 80% loan for a few million, as are self-employed borrowers like architects, CPA's, or sail makers. But there is hope! (No, I don't know the lender or the terms) OK, here goes, in no particular order, the very recent investor changes (skip to the bottom if uninterested). As always, readers should examine the bulletins themselves, but this will give you a flavor for what is happening: Fannie Mae told servicers that it updated the allowable foreclosure time frames in the states of FL, MD, NV, and NY, is monitoring...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Eliminate Investor Credit Overlays by Selling Directly to the GSEs	9/2/2010 9:25 AM
Posted To: The Garrett Watts Report I’ve been on the road for the past three weeks, mostly performing reviews of mortgage bankers for warehouse lenders. I am happy to report that all channels of origination are doing well. I’m no longer hearing the grumblings we heard earlier in the year as record low rates have sparked a mini-refi boom throughout the country and in certain areas the purchase market is also doing well thanks to record high levels of home affordability. If one is gainfully employed and has excellent credit, it is a great time to buy a home. Referral based retail and internet retail shops are generating impressive profits. Contrary to the naysayers, the broker business is thriving and wholesale lenders are quite busy. Everyone appears to have adjusted to the new RESPA regulations and companies are settling...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Expanding the Pool of Eligible Homeowners: Common Sense Underwriting Needed	9/2/2010 8:35 AM
Posted To: Voice of Housing It seems our economy is unable to promote a significant level of consumer spending without some sort of Federal Assistance. Given that this is an election year where the outcome has the potential to be especially significant, it is reasonable to anticipate that lawmakers returning to Washington after their Labor Day recess will be motivated to enact legislation to stimulate economic activity. One idea being circulated is to re-authorize the recently expired Homebuyer Tax Credits. While that may seem like a step in the right direction, it is not. In fact, just talking about another homebuyer tax credit could slow sales in the here and now as consumers put off purchase plans in hopes they too will be able to benefit from such incentives. More importantly, we must stop attempting to apply short...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
The Day Ahead: Jobless Claims, Pending Home Sales, Productivity	9/2/2010 6:27 AM
Posted To: MBS Commentary Interest rates are modestly higher this morning after equities closed nearly 3% higher Wednesday. Ninety minutes before the opening bell, S&P 500 futures are just below yesterday's high at 1081.25 and the benchmark 10-year Treasury note is -0-04 at 100-09 yielding 2.593% (+1.3%). The October delivery FNCL 4.0 is -0-02 at 102-27. A busy economics calendar carries the potential to shift market sentiment in the day ahead. At 8:30, initial jobless claims are anticipated to rise 2k to show that 475,000 Americans filed for first-time unemployment benefits in the final week of August. The labor news comes one day before the official monthly numbers are released. The report should give further context to yesterday’s mixed data ― the ADP report showed 10k private jobs disappeared in the month...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.

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