Filed Under (Mortgages) by admin on 23-09-2009
Quicken Loans Capital Markets Update for September 23, 2009
Treasury prices are slightly take down this morning as the big day has finally arrived. The Fed is expected to keep its target funds rate at 0.25% further investors will be most interested in the post meeting language. Specifically, the market will be looking for any mention of exit strategies from the extraordinary liquidity measures that have been implemented over the past year.
Yesterday’s 2-year auction was well received but it will be interesting to conceive how today’s auction will perform as the 5-year tends to be a less popular term. Lastly, today’s MBS mortgage index showed that applications surged by 12.8% to a 4 month high. Refin
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Filed Under (Mortgages) by admin on 19-09-2009
Irwin Union Bank, F.S.B along with Irwin Union and Bank Trust Company were shut downward by the FDIC on Friday, September 18th, 2009. These couple bank failures bring the total number of FDIC closures to 94. The FDIC estimates the hit testament be about $850 million for both financial institutions.
From the FDIC website:
“Federal and state regulators today closed Irwin Union Bank, F.S.B., Louisville, Kentucky, and Irwin Union Bank and Trust Company, Columbus, Indiana, respectively. The institutions are banking subsidiaries of Irwin Financial Corporation, Columbus, Indiana. The regulators immediately named the Federal Deposit Insurance Corporation (FDIC) as the receiver for the banks. To
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Filed Under (Mortgages) by admin on 15-09-2009
Despite recent claims of a housing market recovery, experts are heralding this as a false dawn, with a substantial small quantity in house prices expected during at the opening of day 2010. The cause is likely to be unemployment and a lack of affordable pledge loans .
The Ernst and Young Item Club predicted stagnation over the next two years, with a return to peak prices of 2007 not due for another five years. A big part of the delay is the down to the lack of mortgage lending to borrowers without high levels of equity .
Hetal Mehta, an economic adviser to Ernst and Young, reportedly commented: “The current stabilisation in the housing market is a false dawn. Full Article
Filed Under (Mortgages) by admin on 15-09-2009
New housing construction starts rose modestly in August, continuing a generally upward trend since last spring and providing further hope that the housing market and economy are stabilizing after the worst economic downturn since the Great Depression.
Construction starts on privately built residential units rose 1.5 percent in August, buoyed by a big increase in the battered apartment and multiunit condominium sector. Construction starts of residential buildings of five units or more were up 35 percent for the month, offsetting a small decline in single lineage home starts.
Single family home construction starts were down 3 percent, posting their first monthly decline in seven months.
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