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SPDR S&P Mortgage Finance ETF (KME)

- NYSEARCA
KME is defunct since March 24, 2015. Lack of investor interest
  • Thu, Mar. 12, 2:53 PM
    • Citing "limited market demand," State Street is closing the SPDR S&P Mortgage Finance ETF (NYSEARCA:KME), the SPDR S&P Small Cap Emerging Asia Pacific ETF (NYSEARCA:GMFS), and the SPDR Nuveen S&P VRDO Municipal Bond ETF (NYSEARCA:VRD).
    • March 18 will be the final day for creations and trading will be suspended as of the open on March 19.
    • Press release
    | Comment!
  • Tue, Jan. 13, 10:39 AM
    • In a unanimous decision, the Supreme Court ruled homeowners need only write a lender - not file a lawsuit - in order to be able to back out of a mortgage under the Truth in Lending Act.
    • That law allows consumers to rescind a mortgage for  up to three years after it was made if a lender does not notify them of the numerous details about the loan and its accompanying charges.
    • Consumer advocates, of course, claim lenders routinely violated the Act in the years prior to the housing crash.
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, SEF, IYG, FXO, FNCL, KME, FINU, RWW, RYF, FINZ
    | Comment!
  • Dec. 19, 2014, 12:34 PM
    • SPDR S&P Mortgage Finance ETF (NYSEARCA:KME) announces quarterly distribution of $0.441.
    • 30-Day Sec yield of 1.95% (as of 12/17/2014).
    • Payable Dec 30; for shareholders of record Dec 23; ex-div Dec 19.
    | Comment!
  • May 28, 2014, 1:05 PM
    • Banks' Q1 net income of $37.2B fell 7.7% from a year ago, according to the FDIC, which took the measure of 6,730 U.S. lenders. It's just the 2nd time in the last 19 quarters that Y/Y income has declined.
    • Behind the fall was a plunge in mortgage business, with income from the sale, securitization, and servicing of 1-4-family mortgages of $3.5B falling from $7.5B in 2013. Bank trading revenue also took a hit - falling 18.3% from a year ago.
    • FDIC Press Release
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, SEF, IYG, FXO, FNCL, KME, FINU, RWW, RYF, FINZ
    | 1 Comment
  • May 21, 2014, 3:10 PM
    • It's only about the "fifth inning" of mortgage investigations, says Michael Stevens, in a phrase likely to send a chill through the boardrooms of banks across the country. Stevens is the FHFA's acting inspector general, and Bloomberg's Jody Shenn - in attendance at the MBA event where Stevens is speaking - says there was a "loud, collective gasp" from the crowd when he uttered that line.
    • Stevens says investigators have found improper actions "not only occasionally, but in the end, with almost every" deal examined. “I don’t see anything in the near future that’s going to wipe the slate clean with all of the investigations.”
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, IAI, IAT, SEF, IYG, FXO, FNCL, KBWB, KME, RKH, FINU, QABA, KRU, KBWR, RWW, RYF, FINZ, KRS
    | 3 Comments
  • Feb. 12, 2014, 1:08 PM
    • Wells Fargo (WFC) has lowered the minimum FICO score for borrowers applying for FHA loans to 600 from 640, and JPMorgan (JPM +0.1%) plans to lower LTV standards for both jumbos and conforming mortgages, reports TheStreet.
    • The moves come as the MBA predicts 1-4 family mortgage originations will fall to $1.16T this year from $1.755T in 2013. An early estimate from Inside Mortgage Finance pegs MBS issuance by the GSEs in January of just $67.8B, off 10% since December and the lowest amount since January 2009.
    • "The wall has begun to come down," writes FBR's Paul Miller of the Wells Fargo news. Miller has been calling for easier standards to combat slowing activity, and if Wells is now approving FHA product to riskier borrowers, other large originators are likely to follow suit. In this case, his own estimate of $1.3T in mortgage originations this year could prove conservative, and bank earnings surprises going forward might be on the upside.
    • Related ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, IAT, SEF, IYG, FXO, PFI, KBWB, KME, RKH, QABA, FINU, KRU, FNCL, KBWR, RWW, RYF, PSCF, KRS, FINZ
    | 23 Comments
  • Jan. 27, 2014, 2:54 PM
    • “It is now obvious to us that the continuing objective of the Obama administration and the U.S. Attorney General is to punish banks and finance," writes Daivd Kotok's Cumberland Advisors, explaining a decision to underweight the banks.
    • The firm previously had been overweight the regionals via the KRE and just two weeks added exposure to the larger lenders through the KBWB, but has quickly decided to reverse that move. "We were wrong" in thinking the "persecution" of the banks was near over, says Cumberland.
    • "The investment strategy we pursued for our clients in this case was not to confront the U.S. Attorney General with an overweight position in a sector that he views as adversarial.”
    • Related ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, PSP, IYF, EUFN, IAI, KIE, IPF, IAT, SEF, IYG, IAK, PFI, FXO, IXG, KBWB, PEX, KME, RKH, QABA, FINU, KCE, KRU, RWW, KBWR, FNCL, RYF, KBWI, PSCF, FEFN, AXFN, KBWP, KRS, FINZ, EMFN, KBWC, KBWX
    | 6 Comments
  • Jan. 13, 2014, 5:09 AM
    | 2 Comments
  • Jan. 5, 2014, 1:23 AM
    • Despite constant concerns about banks that are "too big too fail," the amount of assets that the U.S.'s five largest lenders control has grown to 44.2% of the total in the sector from 43.5% in 2012, a report from provider SNL Financial shows.
    • In 2007, the figure was 38.4% and in 1990 it was just 9.67%.
    • The banking operations of JPMorgan (JPM), Bank of America (BAC), Citigroup (C), Wells Fargo (WFC) and U.S. Bancorp (USB) held $6.46T in assets as of Q3 2013.
    • The easing of regulation, which gained momentum in the 1990s, encouraged consolidation in the sector, as did the government pushing stronger banks to buy those that were about to collapse - or did collapse - because of the financial crisis in 2008.
    • ETFs: FAS, XLF, FAZ, UYG, KRE, VFH, KBE, IYF, SEF, IAT, IYG, PFI, FXO, KBWB, KME, RKH, QABA, KRU, FINU, RWW, KBWR, RYF, PSCF, FNCL, KRS, FINZ
    | 12 Comments
  • Nov. 7, 2013, 2:04 PM
    • How aggressive have banks been with loan price competition as they seek to add mortgages to their books, asks Redwood Trust (RWT +0.8%) management in its must-read Redwood Review. During Q3, some were offering 30-year fixed-rate mortgages at more than 25 basis points less than conforming rates, when typically these are 25 bps higher.
    • "We have never witnessed jumbo loan pricing quite like this," says Redwood, and it's particularly curious why banks would want long-duration assets just at the time when rates look to be headed higher. The answer is an abundance of liquidity and a desire for loan and interest income growth trumping the potential consequences down the road. "It is difficult to estimate how long this condition might persist."
    • Last night, Redwood reported taxable EPS of $0.24 and book value slipping $0.04 to $14.65 in Q3 after payment of a $0.28 dividend.
    • Related ETFs: FAS, XLF, FAZ, UYG, KRE, KBE, VFH, IYF, SEF, IAT, IYG, FXO, PFI, KBWB, KME, RKH, QABA, RWW, RYF, KRU, FINU, KBWR, PSCF, KRS, FINZ, FNCL
    | 1 Comment
  • Jun. 18, 2012, 4:22 AM
    Mortgage servicers including Wells Fargo (WFC) and JPMorgan (JPM) could bring in as much as $12B in revenue this year refinancing mortgages under HARP, a federal program designed to help struggling homeowners. In contrast, borrowers who refinance through HARP stand to save between $2.5B-5B.
    | 3 Comments
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KME Description
The SPDR® S&P® Mortgage Finance ETF, before expenses, seeks to closely match the returns and characteristics of the S&P® Mortgage Finance Select Industry Index (ticker:SPSIMF), an index derived from the mortgage banking, processing and marketing segment of the U.S. financial services industry. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
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Sector: Financial
Country: United States
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