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Wed, Jul. 9, 3:50 AM
- President Barack Obama has asked Congress for $3.7B in emergency funding to deal with an influx of Central American minors illegally crossing the southern border. GOP leaders say they are unwilling to give the administration a "blank check" without more detailed plans to guarantee the money will help curb the crisis at the border.
- Tensions have already been rising in Washington after the president announced he would take executive actions to reform border-control laws on his own.
- The aid request aims to create more detention centers, add immigration judges, and increase border patrols and air surveillance.
- ETFs: MBB, GNMA, VMBS, AGZ, MBG
Thu, Jan. 16, 3:32 AM
- The number of foreclosure filings dropped to the lowest level since 2007 last year, declining 26% to 1.36M properties, RealtyTrac says. The figure is less than half of the peak of 2.9M properties in 2010.
- States with the highest foreclosure rates in 2013 were Florida, Nevada, Illinois, Maryland and Ohio.
- The number of foreclosure processes started plunged 33% to 747,728, the lowest since RealtyTrac began tracking the data in 2006. Bank repossessions plummeted 31% to 462,970 properties, the least since 2007. (PR)
- Relevant tickers: PHM, MHO, TOL, KBH, RYL, HOV, SPF, FNMA, FMCC
- ETFs: ITB, XHB, MBB, MBG, VMBS, CMBS, COBO
Sep. 11, 2013, 6:49 AM
- Richmond in California has approved a plan for the city to become the first in the country to forcibly acquire underwater mortgages using the power of "eminent domain," which enables governments to seize private property for a public purpose.
- The idea is for the council to work with investor group Mortgage Resolution Partners to buy delinquent mortgages at deep discounts to the associated properties' market valuations, make the loans more affordable for home owners and avert foreclosure.
- However, critics fear that the program could hurt the market for mortgage-backed securities, provoke lawsuits and endanger Richmond's finances.
- The FHFA has said it will press Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) to limit or cease business where eminent domain is approved, a move that would shut off most mortgage financing in the affected areas.
- ETFs: MBB, MBG, VMBS, CMBS, COBO
Jun. 21, 2013, 5:45 AMHolders of mortgage bonds may be facing billions of dollars of undisclosed losses after a review of investor documents showed that individual houses are being reported as being in foreclosure long after they've been sold or the loans paid off. The reporting lag has enabled banks and servicers to continue charging investors monthly fees, and could lead to new litigation. The companies involved include Bank of New York Mellon (BK), Wells Fargo (WFC), Ocwen Financial (OCN) and Bank of America (BAC). | 6 Comments
Jul. 5, 2012, 5:50 AMCalifornia's San Bernardino County and two of its biggest cities, Ontario and Fontana, want to use the concept of eminent domain to forcibly buy underwater mortgages from investors, lower the loan principal to match the value of the property, and then resell the reduced mortgages. Proponents believe they have a strong legal case, but mortgage investors are unsurprisingly opposed. (See Shiller) | 5 Comments
Jun. 8, 2012, 4:30 AMThe FHA is expected to announce a bulk sale program today in which it will attempt to offload more troubled loans to investors, potentially preventing or delaying foreclosures for thousands of homeowners. The agency has more than 700K loans in default, amounting to more than 9% of the $1T in loans it insures. | Comment!
Apr. 16, 2012, 12:03 PM
Apr. 8, 2012, 9:00 AMThe most exciting returns are to be had from an asset class where those who know it best love it least. Add MetWest's Tad Rivelle (MWTRX) to the list of star bond-fund managers bearish on Treasury prices. He's finding the best values in emerging-market corporate bonds, high-yield paper, and nonagency MBS. | 1 Comment
Apr. 2, 2012, 9:59 AM
Mar. 26, 2012, 8:01 AMThe Fed is likely to hint at QE3 in its April meeting, tweeted Bill Gross over the weekend. The opinion is at odds with the Fed's last policy statement in which it upgraded its view of the economy. Pimco's Total Return Fund has boosted its holdings of MBS, likely to benefit from more QE as the paper would be a target of Fed purchases. | 1 Comment
Feb. 28, 2012, 11:29 AM
Feb. 15, 2012, 1:11 PM
Feb. 7, 2012, 5:55 AMThe NY Fed is set to auction off another $6B of ex-AIG mortgage bonds this week, the WSJ reports, and has invited Barclays (BCS), Credit Suisse (CS), Goldman Sachs (GS), Morgan Stanley (MS) and RBS to participate. Last month, CS bought debt with a principal value of $7B and quickly resold it. | Comment!
Feb. 1, 2012, 4:48 AMPresident Obama is expected to detail today a program to let millions of homeowners refinance their mortgages with lower-interest federally insured loans. Borrowers would qualify even if they were in negative equity, although Obama is likely to face opposition over plans to levy a bank tax to pay for the proposal. | 2 Comments
Jan. 18, 2012, 5:21 AMGoldman Sachs (GS), Barclays (BCS), BofA (BAC) and Credit Suisse (CS) are reportedly set to bid in an auction tomorrow for $7B in mortgage bonds held by the NY Fed and formerly owned by AIG. A strong sale could prompt a rally in sub-prime debt prices, as the auction will remove a large amount of supply. (previous) | Comment!
Jan. 13, 2012, 5:37 AMThe NY Fed may reportedly auction $7B worth of mortgage bonds it obtained when it rescued AIG in 2008 after receving an approach from a potential buyer. A group of up to five dealers, including Goldman Sachs (GS) may be asked to bid. The Fed suspended sales in June after dealers blamed the auctions for a fall in the markets. | 1 Comment
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