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The Day Ahead: Q2 GDP, Consumer Sentiment, Stocks Testing Support
Posted To: MBS Commentary A busy day awaits the markets as investors get their first look at second-quarter GDP. Also in the store is the influential Chicago Business Barometer which gives an update on how the economy is recovering in the midwest, plus a consumer sentiment index for the nation at large. While investors wait for the GDP report, headlines are focusing on an IMF report which said the U.S. financial system may need $76 billion in fresh capital to recover. “The findings, released today as part of a broader IMF report on the U.S. financial system, suggested that while the nation’s banking system is stable, it remains vulnerable,” reports Bloomberg News. “Home prices, commercial real estate loans and economic growth have the potential to cause shocks that could expose banks to more...( read more ) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Evolving Loan Officer Agreements: Mandatory Reserves and Good File Delivery
Posted To: The Garrett Watts Report After visiting over 100 shops in the past 3 years, we haven't really seen anything “new under the sun” in terms of loan officer agreements. Sometimes I think all contractual documents used by mortgage bankers originated from the same source. But more recently we've come across a few approaches that might eventually be considered the basis for new loan officer agreement practices. I’m not necessarily promoting these ideas, but they are worth discussing. The two additions are: (1) Mandatory reserves for future losses as a result of repurchase loan issues or early pay offs and (2) Good File Delivery Standards and Criteria when submitting loans to processing. Let’s dig a little deeper into these additions... Mandatory Reserves : Most agreements have clauses that...( read more ) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Fannie Mae Preps Investors for Reform. Book of Business Reflects Tight Credit Conditions
Posted To: MND NewsWire In the wake of the passage of Wall Street Reform, which many opponents have criticized Capitol Hill for failing to deal with the future of Fannie Mae and Freddie Mac, the Obama Administration is beginning to present the broad outlines of how the future of the GSEs will be determined. In a letter released Tuesday , David H. Stevens, acting commisioner of the FHA, said that the question of reforming the GSEs is "not if, but when." The Obama administration, he said, has made it clear from the beginning that the current structure of the government's role in the housing finance market is unsustainable and unacceptable, but winding down Freddie and Fannie abruptly would destabilize an already fragile housing industry and put the loans already on the books of these institutions at even...( 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: Moody's Questions U.S. Credit Rating. Bonds Shrug Off News
Posted To: MBS Commentary Equity futures are trading higher this morning despite word from Moody’s that it would have to question America’s triple-A credit rating unless it provides a credible plan to tackle its growing deficit. Steve Hess , a top sovereign debt analyst at Moody’s, said the U.S. appears to have “no plan” to reduce the deficit. “Can the United States do it is the big question right now and we are not sure either way,” he told Dow Jones Newswires. “We will wait and see what happens in the next couple of years on this front.” Meanwhile, economic confidence in Europe rose for a second straight month to its highest level in more than two years. The July index rose 1.3 points to 101.3. Economists at BMO said the populace may be “heartened by the...( read more ) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Final Ruling Issued on SAFE Act; Underwriting Guideline Overlays, Adverse Market Fees and Steep LLPAs; CMBS Sales; California State of Emergency;
Posted To: Pipeline Press On a non-mortgage note, my son asked me, "At what age is it ok to tell a highway that it is adopted? At some point the highway will realize that it doesn't look like the Kiwanis's Club." I would have told him to "keep his day job", except he doesn't have one as he prepares for college. Lots of folks don't have jobs, as re-emphasized by this morning's Initial Jobless Claims number. One industry veteran told me, "The weekly number is just catnip for those who think the economy is limping along," and this morning's numbers came in down 11,000 to 457,000, but continuing claims climbed. Employment is still a huge issue for the economy, but the unemployment situation is certainly helping to keep rates low. We are not done with implementing the...( 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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