The Mortgage Backed Securities Band Market has gone up nearly 300 bases points. This is great news for mortgage rates. As you guys know I am a commercial mortgage guy but these mortgage rates have not been seen this low for a very years. Emerald Pacific Mortgage of Huntington Beach is structuring 30 year [...]
Entries from November 2008
November 24, 2008
Who is getting bailed out next?
The Economy is too fragile for a company to go out of business so let’s bail them out. Does this sound as ridiculous to you as it does me? The latest bailout is of Citigroup Inc.
Early Monday morning, officials agreed to a $326 billion rescue of the company that was once the [...]
November 23, 2008
Fed’s close down Downey Savings & PFF Bank
US Bank took over Downey Savings & Loan and PFF Bank & Trust late on Friday, ending several weeks of speculation about the financially-strapped institutions based in Southern California.
The F.D.I.C. handled the deal, ensuring that both banks, and their combined 213 branches statewide, will reopen as U.S. Bank, including those operating Saturday.
Customer deposits will automatically transfer to U.S. Bank, the [...]
November 21, 2008
Obama taps the usual suspects Geithner, Clinton, Richardson
President-elect makes picks for top U.S. diplomat, economic officials. Where is the “Change?”
President-elect Barack Obama has reportedly chosen three veteran policy-makers for critical cabinet posts, quickly moving to install his secretaries of the Treasury, Commerce and State as the U.S. confronts an economic maelstrom while fighting two wars abroad.
He chose Timothy Geithner, who rose [...]
November 21, 2008
Bond Market News
The squeeze play is on – after four consecutive days of testing resistance at the Falling Resistance Trendline, Mortgage Bonds were pushed lower and temporarily beneath the 200-day Moving Average before snapping back above this important level. A look at the Bond Chart below shows prices being squeezed into the apex of a triangle [...]
November 21, 2008
Citi’s CEO Pandit said to reject Smith Barney sale
Earlier reports had Citigroup board mulling sale of all or parts of firm
Shares of Citigroup Inc. fell as much 24% Friday, skidding below the $4 mark amid news reports that CEO Vikram Pandit has blamed “rumor mongering” for the collapse of its stock price and that he has ruled out a sale of the firm’s [...]
November 20, 2008
Market Wrap 11/20
Our benchmark FNMA 6.0% mortgage bond experienced another volatile day, trading within a 38bp range before gaining 19bp to close at $101.44.
The bond traded near its upper trend line early in the session, reaching a high of $101.53, before getting temporarily pushed below support provided by the 200-day MA at $101.26.
The bond [...]
November 20, 2008
Failed Mortgage Lenders
I was having a discussion with my parents about this financial melt down and I was surprised to hear how little they really know about it. As most people they get their news from the TV News. It seems that most Media outlets only cover the Personal side of the people being foreclosed upon. Yes, the financial [...]
November 20, 2008
Oil prices are continuing to fall….
I have posted several stories in regards to the Oil Commodities Market running out of control and now it is simply correcting itself. The parties that ran the prices up are now paying for their greed as many have lost more than 50% of their investment.
Crude-oil futures fell for a fifth session Thursday, briefly [...]
D Fragoso