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Fed Balance Sheet Declines By $15 Billion After Improbable Reduction In MBS, Excess Reserves, Monetary Base Hit Record

Fri, 04 Dec 2009 04:14:41 GMT

The Federal Reserve's balance sheet declined by $15 billion to $2,183 billion from the prior week, after the Fed presumably offloaded $2.7 billion in MBS: this is the first time since QE started that MBS holdings have declined. If anyone can tell us just who the idiots are who bought MBS from the Fed (and at what price), and who the even greater idiots are who are supposed to believe this, please send us an email.[More...]

Home Prices Continue To Rise

Tue, 24 Nov 2009 18:28:53 GMT

This morning the S&P Case-Schiller index was released. The Composite 20 index (C-20), which covers 20 of the largest metropolitan areas in the country rose by 0.27% on a seasonally adjusted basis (home prices are seasonal, so the adjusted data is what you should be looking at -- most of the press makes a mistake by focusing on the unadjusted data, thus these figures might vary from what you read elsewhere). That was the fourth straight increase. The Composite 10 (C-10) index, which is a subset of the Composite 20, but which has a longer history, posted a 0.36% increase for the month.[More...]

S&P 500 Chart And GDP

Tue, 24 Nov 2009 15:31:12 GMT

This morning the Q3 GDP was revised lower to 2.8% (from 3.5%) and personal consumption was also revised lower to 2.9% (from 3.2%). The mortgage industry is still falling apart from within. Consider this news out of Freddie Mac (FRE) this morning:[More...]

Freddie Mac Mortgage Portfolio Rose To $2.244 Trillion, Single-Family Portfolio Delinquencies Hit Record 3.54%

Tue, 24 Nov 2009 15:27:29 GMT

The government sponsored version of subprime expert New Century reported October numbers, and they were not pretty. The bankrupt lender of 3.5% down housing loans saw its total mortgage portfolio rise to $2.244 trillion, thanks to the Fed which keeps on buying whatever crap FRE spews off the conveyor belt, now that even PIMCO is running far from that radioactive sludge. Total single-family delinquencies hit an all time record of 3.54% (3.33% in September). And some other observations:[More...]

The Struggles Continue For Fannie Mae And Freddie Mac

Wed, 18 Nov 2009 16:55:00 GMT

It appears, our government thinks the Fannie (FNM)/Freddie (FRE) experiment is working well despite evidence to the contrary. Below are some facts about Fannie Mae and Freddie Mac posted by Bloomberg which show the struggles of Fannie & Freddie:[More...]

Mortgage Delinquencies Still Rising

Tue, 17 Nov 2009 20:07:02 GMT

This morning Trans Union, the big credit bureau, released its quarterly report on mortgage delinquencies, and it was not pretty. Nationwide, 6.25% of all residential mortgages were at least 60 days past due in the third quarter, up from 5.81% in the second quarter and 3.96% a year ago. This was the 11th straight quarter that delinquencies increased.[More...]

Bears In Trouble? Super Dividends

Tue, 17 Nov 2009 19:43:26 GMT

It looks like the markets are wanting to go up, or, it looks like those who control the direction of the markets are working their plan and heading for DJIA 11,000 or higher from here.[More...]

Fannie, Freddie, And Feddie?

Wed, 11 Nov 2009 15:34:41 GMT

Will the Federal Reserve System join the ranks of other government public supported agencies like Fannie Mae and Freddie Mac? One could argue that they are on the verge of such ignominy. Never before has the Federal Reserve been under such attack and from all sides. The attacks have gotten so severe that the subject even made the front page of the New York Times today. (See “Under Attack, Fed Chief Studies Politics,” http://www.nytimes.com/2009/11/11/business/11fed.html?hp.) The legislative attack on the Fed continues with the new proposals on financial regulation coming from the Senate Banking Committee.[More...]

Fannie And Freddie Own Sty Town?

Tue, 10 Nov 2009 22:09:49 GMT

Stuyvestant Town in NYC looks like a default about to happen. This was a $5.4 billion mega RE deal from November of 2006. There is a $3 billion 1st mortgage. I think that Fannie and Freddie own close to half of that.[More...]

Gov't Program Boosts Freddie Mac

Tue, 10 Nov 2009 13:23:21 GMT

Freddie Mac’s (FRE) third quarter net loss (available to common shareholders) came in at $1.94 per share, compared to a net loss of 11 cents in the prior quarter and $19.44 in the prior-year quarter. Results for the quarter exclude the preferred dividend of $1.3 million paid to the U.S. Department of the Treasury on the senior preferred stock. Though the results improved significantly over the prior-year quarter, the company expects its provision for credit losses to remain high during the fourth quarter of 2009.[More...]

Real estate expert sees good and bad going forward

Sat, 05 Dec 2009 18:49:00 GMT

Dec. 5--If you're shopping for a home under $500,000 in Southern California, "now is the time to buy."
Real-estate consultant Al Gobar's confidence in the housing market is surrounded by a cloud of uneasiness over the economy because of the federal government's massive intervention to prop things up -- namely the hundreds of millions of dollars injected into Fannie Mae and Freddie Mac.
The owner of Anaheim-based Alfred Gobar Associates, a real-estate and economics consulting firm, sees Southern California real-estate prices flattening between now and the end of 2010, or possibly into 2011, before starting a very slow rise.

: iStockAnalyst.com Symbols Feed

Fed Balance Sheet Declines By $15 Billion After Improbable Reduction In MBS, Excess Reserves, Monetary Base Hit Record

Home Prices Continue To Rise

S&P 500 Chart And GDP

Freddie Mac Mortgage Portfolio Rose To $2.244 Trillion, Single-Family Portfolio Delinquencies Hit Record 3.54%

The Struggles Continue For Fannie Mae And Freddie Mac

Mortgage Delinquencies Still Rising

Bears In Trouble? Super Dividends

Fannie, Freddie, And Feddie?

Fannie And Freddie Own Sty Town?

Gov't Program Boosts Freddie Mac

Real estate expert sees good and bad going forward

Obama's mortgage approach doubted

Treasury prices drop on oversupply concerns

Business Highlights

Treasury prices drop on oversupply concerns

Major business events scheduled for Thursday

Fed moves to drain some money out of economy

Fed moves to drain some money out of economy

James Overstreet: No plans to pay the mortgage? Expect economy to keep sinking

Community Bank of Lemont: Two founders buried by institution's death: Richard Meade, William Brower blame regulators for the loss of their investments and potentially big profits

Union Bank Vice Chairman John F. Woods Appointed Chief Financial Officer, Succeeding David I. Matson

Frontier State Bank Selects Kroll Factual Data to Provide Independent Verifications

Anworth to Make Presentation at FBR Capital Markets 2009 Fall Investor Conference

Existing-Home Sales Record Another Big Gain, Inventories Continue to Shrink

Fremont Bank Increases Market Share Ranking for Home Mortgage Originations for Third Straight Year

TFS Financial Corporation Announces Fourth Quarter and Year Ended September 30, 2009 Financial Results

Centerline Holding Company Reports Third Quarter 2009 Financial Results

Bimini Capital Management Declares Two Dividends and Announces Third Quarter 2009 Results

SBT Bancorp, Inc. Reports Third Quarter 2009 Results

Health Care REIT, Inc. Reports Third Quarter 2009 Results

Form 3 FEDERAL HOME LOAN MORTGA For: Oct 12 Filed by: Kari Ross Jay (10K)

Form 3 Witherell Bruce M For: Sep 14 (10K)

Form 4 Kenny Timothy F For: Sep 06 (10K)

Form 3 HALDEMAN CHARLES E For: Aug 10 (10K)

Form 4 Mullings Paul E For: Jun 05 (10K)

Form 4 Weiss Jerry For: Jun 05 (10K)

Form 4 Saksena Anurag For: Jun 05 (10K)

Form 4 May Michael C For: Jun 05 (10K)

Form 4 GEORGE PAUL G For: Jun 05 (10K)

Form 4 Bostrom Robert E. For: Jun 05 (10K)