Mortgage Investment
($FRE) Mortgage Delinquencies Still Rising
Freddie Mac (FRE) reported that the serious single family delinquency rate for mortgages in its portfolio rose to 3.87% in December from 3.72% in November, an increase of 15 basis points. Serious delinquencies are mortgages where the homeowner is more than 90 days behind on their...
29Jan2010 | vitalstocks | 0 comments | Continued(FNM) Initial Jobless Claims Greater Than Expected
We got mixed news in the Initial Claims for Unemployment Insurance report. This week, initial jobless claims fell by 8,000 to 470,000, and last week’s figure was revised down to 478,000 from 482,000. However, the level was well above the consensus expectation of 450,000. The...
28Jan2010 | vitalstocks | 0 comments | Continued($FNM) Federal Reserve Paid $46.1Billion to Treasury in 2009
The Federal Reserve paid a record $46.1 billion in profits for 2009 to the U.S. Treasury as the central bank earned a record net income of $52.1 billion, up 46.8% year-over-year by exposing taxpayer money to risk in an effort to stabilize the financial system last year. The payment...
13Jan2010 | vitalstocks | 0 comments | Continued(FNM) Housing and Rental Data
Many of the government efforts to help the housing market, such as the Fed buying up fully one quarter of all the mortgage-backed securities backed by Fannie Mae (FNM), Freddie Mac (FRE) and Ginnie Mae, as well as the “first time” homebuyer tax credit, are designed to...
8Jan2010 | vitalstocks | 0 comments | Continued(IVR) Invesco Mortgage Capital Will Offer 7 Million Shares
Invesco Mortgage Capital Inc. (IVR) said on Wednesday that it intends to commence a public offering of 7 million shares of its common stock. Invesco Mortgage will grant the underwriters a 30-day option to purchase up to 1.05 million additional shares to cover over-allotments. The...
7Jan2010 | vitalstocks | 0 comments | Continued(FNM) Pay Czar Says Fannie Mae and Freddie Mac Are Being Discriminated Against
U.S. pay czar Kenneth Feinberg said on Wednesday that mortgage finance giants Fannie Mae (FNM) and Freddie Mac (FRE) are being discriminated, with respect to pay restrictions, from other companies receiving significant financial support from the government as they countenance...
31Dec2009 | vitalstocks | 0 comments | Continued(FNM) Mortgage Giants Fannie Mae & Freddie Mac Find Support
The U.S. Treasury announced late last week that it would offer significant new financial support to the stressed mortgage giants Fannie Mae (FNM) and Freddie Mac (FRE), notwithstanding their performances for the next 3 years. This move by the Fed follows the recent repayment...
28Dec2009 | vitalstocks | 0 comments | Continued(FNM) Rethinking Foreclosure: Is There a More Sensible Way?
by Robert Williams, Publisher Tuesday, December 22, 2009 Fannie Mae (FNM), which facilitates the lending of almost one in four U.S. residential mortgages, says the recent 11% jump in home sales is proof-positive that the three-year housing slump may end in 2010. The reality...
22Dec2009 | InvestmentU | 0 comments | Continued(FRE) Freddie Mac Suspends Evictions
Freddie Mac (FRE) said on Thursday that it has ordered the suspension of all evictions involving occupied single family and 2-4 unit properties that have been foreclosed and had Freddie Mac-owned mortgages for about two weeks during the holiday season. The period of suspension...
18Dec2009 | vitalstocks | 0 comments | Continued(FNM) No Rate Change at the Federal Reserve
The Fed just wrapped up its last FOMC meeting of the year, and as expected it did not change the fed funds rate. The policy statement was substantially the same as the one they released after the last meeting in early November. While the Fed Funds rate is not going up anytime...
16Dec2009 | vitalstocks | 0 comments | Continued(FNM) Third Quarter GDP Growth Revised to 2.8%
This is a revision to the post I put up when the first cut at the GDP report came out on 10/30. In it the new numbers are in bold and the original estimates are put in parentheses, thus a number in parentheses does not mean that it has a negative value (those will have a minus...
25Nov2009 | vitalstocks | 0 comments | Continued(FNM) Existing Home Sales Soar Again
In October, existing home sales rose by 10.1% and are now 23.5% above the year-ago rate. Sales were at a seasonally adjusted annual rate of 6.10 million, up from 5.54% in September and a 4.94 million pace a year ago. Existing single family home sales rose by 9.7% to a 5.33 million...
23Nov2009 | vitalstocks | 0 comments | Continued(FRE) Freddie Mac Gets Boost From Government Program
Freddie Mac’s (FRE) third quarter net loss (available to common shareholders) came in at $1.94 per share, compared to a net loss of 11 cents in the prior quarter and $19.44 in the prior-year quarter. Results for the quarter exclude the preferred dividend of $1.3 million paid...
10Nov2009 | vitalstocks | 0 comments | Continued(FNM) The Fed Stays on Easy Street
The Federal Reserve decided to keep the Federal Funds rate unchanged at the meeting it concluded today, as expected. Below is the current Fed Statement along with the one from their September meeting in paragraph-by-paragraph format, with my translation and commentary interspersed. As...
4Nov2009 | vitalstocks | 0 comments | Continued(NLY) As the Dow Cracks 10,000 – What’s Next for the Market?
by Dr. Mark Skousen, Contributing Editor Monday, October 19, 2009: Issue #1118 Last week, my “crazy prediction” came true. In the March issue of my newsletter, Forecasts & Strategies, I published a chart, which illustrated the maximum pessimism in the stock market. The...
20Oct2009 | InvestmentU | 0 comments | Continued(FRE) Freddie Mac Marks Rising Mortgage Rates
Freddie Mac (FRE) announced Thursday that U.S. mortgage rates for 30-year fixed home loans rose 0.02 basis points this week, as the year’s record low borrowing costs produced the biggest jump in new home purchases in four years. The average 30-year rate increased to 5.14% from...
28Aug2009 | vitalstocks | 0 comments | Continued(FRE) Freddie Mac’s Mortgage Volume Metrics for July
Freddie Mac (FRE) reported its monthly volume metrics for July 2009. Highlights for the month are as follows: The total mortgage portfolio decreased at an annualized rate of 3.3% in July to $2.2 billion. Refinance-loan purchase volume was $34.1 billion in July, down 33.0% from...
26Aug2009 | vitalstocks | 0 comments | Continued(FRE) Taylor Bean & Whitaker Mortgage Files for Bankruptcy
Yesterday, Taylor, Bean & Whitaker Mortgage Corporation filed for Chapter 11 bankruptcy protection after it was forced to shutter its mortgage lending operations earlier this month. The Ocala, Florida-based company had captured 1.7% market share nationwide by creating $17...
25Aug2009 | vitalstocks | 0 comments | Continued($FNM) Notes on Fed Statement – economic activity is likely to remain weak for a time
The Federal Reserve released the following statement after its meeting today. It is presented along with the previous statement, and my interpretation of the differences on a paragraph-by-paragraph basis. “Information received since the Federal Open Market Committee met...
12Aug2009 | vitalstocks | 0 comments | Continued(FRE) U.S. Banks – Zacks Analyst Interviews
The worst of the credit crisis is now probably behind us, but the banking system is not yet out of the woods, as there are still many significant challenges ahead. Ten of the nation’s largest banks have received the Treasury approval for TARP repayment, as they are now...
16Jun2009 | vitalstocks | 0 comments | Continued(FNM) After the Madoff-Ponzi, The Lesson’s Clear
After the Madoff-Ponzi, The Lesson’s Clear Everyone’s scrambling… House subcommittee chairman Paul Kanjo wants to launch a government investigation. Outgoing SEC Chairman Chris Cox is “gravely concerned by the apparent multiple failures” of the SEC. He too, wants to...
26Dec2008 | InvestmentU | 0 comments | Continued(FRE) Words from the (investment) wise for the week that was (August 25 – 31, 2008)
The gyrations of financial markets ahead of the Labor Day weekend tested the patience of bulls and bears alike. As big swings took place in thinly-traded markets, I was reminded of Albert Schweitzer’s words: “As we acquire more knowledge, things do not become more comprehensible...
1Sep2008 | prieur | 0 comments | Continued(FNM) Words from the (investment) wise for the week that was (July 21 – 27, 2008)
Financial markets witnessed another roller-coaster week as renewed concerns about the global economy and the health of the financial sector surfaced, resulting in a mixed week for world stock and bond markets, an improved US dollar and continued weakness in oil and commodities. Source:...
1Aug2008 | prieur | 0 comments | Continued(FNM) Words from the (investment) wise for the week that was (July 14 – 20, 2008)
The end is nigh was what many despondent investors were starting to believe as the past week kicked off with volatile trading amid concerns that US regional bank IndyMac’s demise was a harbinger of many more bank failures. Furthermore, Treasury Secretary Henry Paulson’s...
1Aug2008 | prieur | 0 comments | Continued(FNM) Words from the (investment) wise for the week that was (July 7 – 13, 2008)
“Finance is the art of passing money from hand to hand until it finally disappears,” said Robert W. Sarnoff. This is certainly the way it looked last week as the fall-out of the credit crisis deepened. Markets had investors feeling dazed and confused after another roller-coaster...
1Aug2008 | prieur | 0 comments | Continued(FNM) Words from the (investment) wise for the week that was (July 21 – 27, 2008)
Financial markets witnessed another roller-coaster week as renewed concerns about the global economy and the health of the financial sector surfaced, resulting in a mixed week for world stock and bond markets, an improved US dollar and continued weakness in oil and commodities. Source:...
27Jul2008 | prieur | 0 comments | Continued(FNM) Words from the (investment) wise for the week that was (July 14 – 20, 2008)
The end is neigh was what many despondent investors were starting to believe as the past week kicked off with volatile trading amid concerns that US regional bank IndyMac’s demise was a harbinger of many more bank failures. Furthermore, Treasury Secretary Henry Paulson’s...
20Jul2008 | prieur | 0 comments | Continued(FNM) Words from the (investment) wise for the week that was (July 7 – 13, 2008)
“Finance is the art of passing money from hand to hand until it finally disappears,” said Robert W. Sarnoff. This is certainly the way it looked last week as the fall-out of the credit crisis deepened. Markets had investors feeling dazed and confused after another roller-coaster...
20Jul2008 | prieur | 0 comments | Continued