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The SPDR® Barclays Capital Mortgage Backed Bond ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the U.S. agency mortgage pass-through sector of the U.S. investment grade bond market. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
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Country: United States
Wednesday, Sep 116:49 AMCalifornian city to use "eminent domain" to seize mortgages
Wednesday, Sep 116:49 AM| 8 Comments
- 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
Friday, Jun 215:45 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). |Friday, Jun 215:45 AM| 6 Comments
Thursday, Jul 52012, 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) |Thursday, Jul 52012, 5:50 AM| 5 Comments
Friday, Jun 82012, 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. |Friday, Jun 82012, 4:30 AM| Comment!
Monday, Apr 162012, 12:03 PM
Sunday, Apr 82012, 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. |Sunday, Apr 82012, 9:00 AM| 1 Comment
Monday, Apr 22012, 9:59 AM
Monday, Mar 262012, 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. |Monday, Mar 262012, 8:01 AM| 1 Comment
Tuesday, Feb 282012, 11:29 AM
Wednesday, Feb 152012, 1:11 PMKyle Bass - who made a fortune for his investors betting against subprime debt - is starting a fund to buy the beaten-down securities. "Even using severe assumptions on tings such as home prices and defaults," the payoff could be very high, says Larry Penn of Ellington Financial. |Wednesday, Feb 152012, 1:11 PM| Comment!
Tuesday, Feb 72012, 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. |Tuesday, Feb 72012, 5:55 AM| Comment!
Wednesday, Feb 12012, 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. |Wednesday, Feb 12012, 4:48 AM| 2 Comments
Wednesday, Jan 182012, 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) |Wednesday, Jan 182012, 5:21 AM| Comment!
Friday, Jan 132012, 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. |Friday, Jan 132012, 5:37 AM| 1 Comment
Wednesday, Dec 212011, 8:30 AMAs European banks scramble to raise cash, they're increasingly doing so by selling off foreign assets such as U.S. mortgage-backed securities (MBS), and depressing their prices along the way. With Deutsche estimating Euro banks hold about $100B in MBS not backed by Fannie or Freddie, further declines could occur, and affect the balance sheets of U.S. banks in the process. |Wednesday, Dec 212011, 8:30 AM| 2 Comments
Wednesday, Nov 162011, 8:53 AMJP Morgan (JPM) plans to next year issue mortgage-backed securities supported by defaulted loans that it bought from EU and other financial institutions, the WSJ reports. The move would revive a practice that regulators used in the early 1990s to solve a savings and loan crisis. |Wednesday, Nov 162011, 8:53 AM| 5 Comments
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