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  • The Treasury is expected to announce today that taxpayers made a $25B profit on mortgage debt the government bought during the financial crisis. That would be the Treasury's largest profit from any program tied to the financial crisis, and, according to officials, highlights that the government can, in fact, unwind a rescue program without destabilizing markets.  [View news story]
    Screwing savers and senior citizens to provide liquidity to Fannie and Freddie MBS. Only in DC is this a good idea.
    Mar 19, 2012. 08:30 AM | 3 Likes Like |Link to Comment
  • The End Result Of The Fed's Cancerous Policies [View article]
    Well, it sure hasn't helped the housing market!
    Mar 18, 2012. 05:49 PM | 1 Like Like |Link to Comment
  • Bank And Broker Default Risk Still Elevated [View article]
    Of course it is still elevated. We had a GLOBAL housing bubble that exploded and the hangover will take years to recover from.
    Mar 18, 2012. 01:47 PM | Likes Like |Link to Comment
  • Large-Scale Asset Purchases: Conventional Policy In Unconventional Circumstances [View article]
    Dave, these indeed are unconventional times: a massive housing bubble, burst and malaise in US, UK, China, Spain and Australia.
    Mar 18, 2012. 01:45 PM | Likes Like |Link to Comment
  • Has Inflation Turned, As The Fed Expected? [View article]
    Housing is still deflating or has flat lined. Hard to have serious inflation with zero growth in housing. Although rents are booming in some cities.
    Mar 18, 2012. 01:05 PM | 2 Likes Like |Link to Comment
  • The Fed In A Tightening Box [View article]
    Look at China, UK, US and Spain. ALL are trying to recover from their housing bubble explosions. Central banks are running out of ammo. It ain't working!!!!!
    Mar 18, 2012. 01:03 PM | 3 Likes Like |Link to Comment
  • Mar. Reuters/UofM Consumer Sentiment: 74.3 vs. 76.0 expected and 75.3 in February.  [View news story]
    But at least investors can find good returns in tuna, but not Agency MBS!
    Mar 17, 2012. 11:48 AM | Likes Like |Link to Comment
  • Mar. Reuters/UofM Consumer Sentiment: 74.3 vs. 76.0 expected and 75.3 in February.  [View news story]
    And it should fall. Look at long run GDP trends and Capacity Utilization.
    Mar 16, 2012. 04:19 PM | Likes Like |Link to Comment
  • Feb. Industrial Production: 0% vs. +0.4% expected, +0.4% (revised) prior. Capacity utilization 78.7% vs. 78.8% expected, 78.8% (revised) prior. [View news story]
    The first Administration since Carter not to crack the 80% capacity utilization hurdle.
    Mar 16, 2012. 12:00 PM | 1 Like Like |Link to Comment
  • U.S. Treasuries Bubble: Beginning To Burst? [View article]
    Perhaps. But mortgage rates rising, not good news for consumers or Fannie Mae/Freddie Mac.
    Mar 15, 2012. 09:39 AM | Likes Like |Link to Comment
  • Stock index futures remain near morning highs after the 8:30 data dump. S&P +0.3%. The action again today could be in the Treasury market as the numbers point to continuing growth with inflation now a concern. The prices paid index for the Empire survey nearly doubled to 50 and core PPI is running 3% Y/Y. The 30-year Treasury +6 bps to 3.46%.  [View news story]
    And mortgage rates continue to increase!
    Mar 15, 2012. 09:38 AM | Likes Like |Link to Comment
  • O Dollar, Where Art Thou? [View article]
    Better than Japan! Greece and Japan in demolition derby.
    Mar 14, 2012. 01:37 PM | Likes Like |Link to Comment
  • Housing Stocks Rally Despite Negative Equity Trapping More Americans [View article]
    And the gov't hopes for negative equity refinancing are modest so far.
    Mar 14, 2012. 08:46 AM | Likes Like |Link to Comment
  • MBA Mortgage Applications: -2.4% vs. -1.2% last week. Thirty-year fixed mortgage rate with conforming loan balances ($417,500 or less) unchanged at 4.06%.  [View news story]
    Here are the charts. Say, with 14 Gov't refi programs in place, you would think that we would have better numbers that this!
    Mar 14, 2012. 08:44 AM | Likes Like |Link to Comment
  • The Fed releases its stress test results: "Despite large hypothetical declines, the post-stress test capital level ... of 15 of the 19 bank holding companies were estimated ... above all 4 of the regulatory minimum levels ... even after considering the proposed capital actions, such as dividend increases or share buybacks."  [View news story]
    BofA did surprisingly well. BUT it is unclear how HELOCS at Citi, JPMC were treated. Sounds like they were ignored!!!!
    Mar 13, 2012. 05:52 PM | Likes Like |Link to Comment