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MBS RECAP: Bonds Ignore Stocks to Hold Steady on The Week
Posted on Friday August 17, 2018

Posted To: MBS Commentary

10yr yields ended the week at almost exactly where they began. With the exception of Tuesday, bonds closed within 1.5bps of each other on the other 4 days this week. Tuesday was only 2bps higher and gave way to an overnight rally that restored the range anyway! Long story short, for all the hullabaloo about Turkey/China/Etc. it was a really quiet week. Part of the issue is that Turkish shockwaves had their fun last week, but even then, it's not as if bonds are making big moves in the bigger picture. If bonds aren't moving, perhaps we can find something interesting to say about something that IS moving and that usually has an effect on bonds. Granted, I'll be the first to point out that the stock market should never be seen as a bond market indicator, but if we want to keep track...(read more)

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Mortgage Rates Almost Perfectly Unchanged This Week
Posted on Friday August 17, 2018

Posted To: Mortgage Rate Watch

Mortgage rates were almost perfectly unchanged today. That leaves them right in line with last Friday's levels. I devoted a considerable number of words in yesterday's article to explaining why most other articles about mortgage rates were inaccurate yesterday. Suffice it to say that the absence of change compared to last Friday fully drives home the point I was making. In short, due to the primary source data that most news organizations use for their big mortgage story each week, the average article proclaimed a nice drop in rates. In actuality, that drop happened at the end of last week. From there, rates have barely budged. These rates aren't the worst we've seen and they're not the best. They're pretty comparable to most of the past few months. You'd have to go back to May 2018 to see...(read more)

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HUD Accuses Facebook of Enabling Housing Discrimination Through Ads
Posted on Sunday August 19, 2018

The Department of Housing and Urban Development late last week filed a formal housing discrimination complaint against Facebook, accusing the social networking giant of allowing companies to exclude certain groups of people from seeing their advertisements. HUD says Facebook violated the Fair Housing Act when it gave advertisers a host of filtering options based on […]

FHA Extends Post-Hurricane Reverse Mortgage Foreclosure Moratorium
Posted on Sunday August 19, 2018

The Federal Housing Administration last week offered another extension on the foreclosure moratorium instituted in the wake of last summer’s hurricanes. Affected borrowers in Puerto Rico and the U.S. Virgin Islands now have until September 15 to work out any potential foreclosure issues surrounding their FHA-backed reverse mortgage loans before the process begins again. Foreclosures […]