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Mortgage News Daily News Feed
Posted To: MBS CommentaryMonth/Quarter-end trading dynamics made for a volatile day in the context of the recent range. It wasn't so much that the moves were big, just that they seemingly came out of left field and ran their course quite quickly. There were two distinct examples of such movement. The first came at the 9:30am stock market open with yields and stock prices dropping aggressively until 10am. From there, as if to emphasize the point that economic data just couldn't matter any less , an exceptionally weak Consumer Confidence report marked the end of the rally for bond markets and the end of the sell-off for stocks. The mid-morning to early afternoon hours were completely uneventful with both MBS and treasuries trading narrow ranges. 2:45pm brought the next bout of volatility as a last-minute quarter...(read more)
Posted To: MND NewsWireThe Consumer Financial Protection Bureau (CFPB) filed a Consent Order on Tuesday against Lighthouse Title, a title insurer based in Holland, Michigan. The order was, the Bureau said, sending "a clear and simple message" that it intends to pursue legal action against financial institutions that pay in any manner for referrals. The administrative proceeding carried a civil money penalty of $200,000. The Bureau said that Lighthouse Title had violated the Section 8(a) of the Real Estate Settlement Procedures Act, (RESPA) and its implementing regulation, Regulation X. The relevant section of RESPA states, "No person shall give and no person shall accept any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise, that business incident to or a part of a real...(read more)
Posted To: Mortgage Rate WatchMortgage rates were slightly higher today leaving September s one of only 3 months this year with noticeable upward movement. Things could have been worse had it not been for the steady improvements seen during the second half of the month. Today was an exception to that recent trend, but it's tempered by the fact that yesterday's gains were the best of the month. The only downside is that the most prevalently-quoted conforming 30yr fixed rate for top tier borrowers remains 4.25% whereas it would have likely moved to 4.125% if rate went the other direction today. These movement considerations may be small scale compared to what lies ahead. Several big-ticket events are coming up in the second half of this week and they stand a good chance to increase the level of volatility . That's neither...(read more)
Posted To: MND NewsWireThe Consumer Financial Protection Bureau (CFPB) came down hard on Michigan-based Flagstar Bank both legally and verbally as it issued the first enforcement action under its new mortgage servicing rules which went into effect in January 2014. The action claims that Flagstar had "failed borrowers" at every step in the foreclosure process by illegally blocking those borrowers' attempts to save their homes. "Because of Flagstar's illegal actions and unacceptable delays, struggling homeowners lost the opportunity to save their homes," said CFPB Director Richard Cordray. "The Bureau has been clear that mortgage servicers must follow our new servicing rules and treat homeowners fairly. Today's action signals a new era of enforcement to protect consumers against the cost of servicer runarounds." Flagstar...(read more)
Posted To: MBS CommentaryThe relevance of month/quarter-end trading considerations isn't limited to the US Treasury market. Month-end for German bond markets (the largest in Europe, and the Eurozone benchmark) saw a strong rally beginning at 6:15am Eastern time. Treasuries gleaned some benefit, but not enough to get them back into positive territory by the open. This resulted in markedly weaker levels for 10yr yields at 8am and a 6/32nds weaker open for Fannie 3.5 MBS. Both held almost perfectly sideways from there with the first relief coming at the 9:30am stock open. This is a major liquidity event for markets (in that more participants come online and more money is able to be traded). Right out of the gate, stocks were in liquidation mode with a quick 10 point sell-off in S&Ps. Bond markets benefited immediately...(read more)