350zCommtech's Account Talk

[Minnow]

Why are they allowing this idiot to talk? He has the power to make the markets break 800.

Just a quick drive-by "tough talk" fluff if you ask me. You seeing anything in the bond and currency markets yet?

Conforming wholesale mortgage interest rates at 5.106% -- should already be lower based on 10 year treasuries, no?

 

[350zCommTech]

Just a quick drive-by "tough talk" fluff if you ask me. You seeing anything in the bond and currency markets yet?

Conforming wholesale mortgage interest rates at 5.106% -- should already be lower based on 10 year treasuries, no?

Giving the 10yr has fallen to 2.57%, the 30yr mortgage should be closer to 4.5%.

Bond yields appears to have lost momentum, they might be thinking the worst news is behind us.

The USD/YEN is showing signs of manipulation as it nears 90-91. IMO, we might be 2-3 weeks away from an attempt to change the trend.

 

[Frixxxx]

Giving the 10yr has fallen to 2.57%, the 30yr mortgage should be closer to 4.5%.

Bond yields appears to have lost momentum, they might be thinking the worst news is behind us.

The USD/YEN is showing signs of manipulation as it nears 90-91. IMO, we might be 2-3 weeks away from an attempt to change the trend.

And today's numbers almost sealed that articles prediction (see your previous post), albeit one week late. If the USD/Yen goes below 90, I'm in full force. The last time it did that a $100 long was worth $5Mil in 6 months.

 

[Minnow]

This is just pure speculation but it seems as though the powers that be are all positioning themselves for a huge refinancing operation whether it be government mandated or whatever. They are gonna get their houses in order so they can take advantage of it no matter what.

It just seems that something has been afoot for a while now.

 

[Minnow]

And today's numbers almost sealed that articles prediction (see your previous post), albeit one week late. If the USD/Yen goes below 90, I'm in full force. The last time it did that a $100 long was worth $5Mil in 6 months.

And I hope you catch it all Frixxxx. Hope your positions bring nothing but profit. Good luck!

 

[350zCommTech]

And today's numbers almost sealed that articles prediction (see your previous post), albeit one week late. If the USD/Yen goes below 90, I'm in full force. The last time it did that a $100 long was worth $5Mil in 6 months.

Be careful Frixxxx,

They won't let 90 fall without a huge fight. The automaker's bailout will also be supportive for the USD/YEN.

 

[350zCommTech]

This is just pure speculation but it seems as though the powers that be are all positioning themselves for a huge refinancing operation whether it be government mandated or whatever. They are gonna get their houses in order so they can take advantage of it no matter what.

It just seems that something has been afoot for a while now.

It will help, but IMO, it's not going to be a huge contributor to the recovery as people think. Rates are falling from 6.5% to 5%, not from 9% to 5%. Also, lending standards have really tightened. A very good credit score and a 20% equity is required. Home prices have fallen across the country. Lots of folks took out HELOC. If you're underwater, forget about it.

Also, how much longer can the Feds keep this up? Bond yields are going up today. Another thing, and this is the scary part, if and when our exporters stop buying are treasuries(real possibility), rates will go back up.

 

[Minnow]

It will help, but IMO, it's not going to be a huge contributor to the recovery as people think. Rates are falling from 6.5% to 5%, not from 9% to 5%. Also, lending standards have really tightened. A very good credit score and a 20% equity is required. Home prices have fallen across the country. Lots of folks took out HELOC. If you're underwater, forget about it.

Also, how much longer can the Feds keep this up? Bond yields are going up today. Another thing, and this is the scary part, if and when our exporters stop buying are treasuries(real possibility), rates will go back up.

Could you be any more on point? Nice.

All those recent talks with the Europeans, Chinese, etc. -- the possibility of a halt to buying in our treasuries could have been the closed door stuff -- the important stuff.

I'm with you on the refi "promises" -- you have a HELOC? sorry. your home value down? sorry. If you can't refi, who cares what the new rate is? Rates going from 6.5 to 5.0? give me a break. You really think anyone that took no-interest loans is gonna understand the difference between a recourse and a non-recourse loan?

Maybe a refi initiative would've helped a year or two ago... but the problem was "contained" back then, huh?

 

[Frixxxx]

And I hope you catch it all Frixxxx. Hope your positions bring nothing but profit. Good luck!

Thanks, I have 3 trading accounts of my own right now, I will put one of them on auto-pilot at 90.

Be careful Frixxxx,

They won't let 90 fall without a huge fight. The automaker's bailout will also be supportive for the USD/YEN.

I know, I am hoping they debate this thing well into January before they finally give them the money. I can have my speculative position set at that level and wait and see.

Thanks for the vote of confidence.

 

[350zCommTech]

Could you be any more on point? Nice.

All those recent talks with the Europeans, Chinese, etc. -- the possibility of a halt to buying in our treasuries could have been the closed door stuff -- the important stuff.

I'm with you on the refi "promises" -- you have a HELOC? sorry. your home value down? sorry. If you can't refi, who cares what the new rate is? Rates going from 6.5 to 5.0? give me a break. You really think anyone that took no-interest loans is gonna understand the difference between a recourse and a non-recourse loan?

Maybe a refi initiative would've helped a year or two ago... but the problem was "contained" back then, huh?

Thanks Minnow.

 

[Frixxxx]

Could you be any more on point? Nice.

All those recent talks with the Europeans, Chinese, etc. -- the possibility of a halt to buying in our treasuries could have been the closed door stuff -- the important stuff.

I'm with you on the refi "promises" -- you have a HELOC? sorry. your home value down? sorry. If you can't refi, who cares what the new rate is? Rates going from 6.5 to 5.0? give me a break. You really think anyone that took no-interest loans is gonna understand the difference between a recourse and a non-recourse loan?

Maybe a refi initiative would've helped a year or two ago... but the problem was "contained" back then, huh?

I know, the refi option right now is hideous. I have a friend that got a 10-year mortgage and lost his job. His wife is on workers' compensation. He is trying to force through his wife's diability claim so that they can do a loan modification. I'm still trying to do the math on modifications and benefits. I would figure that as soon as you miss a payment they would work with you. I can not see how a bank can hold on to an asset they are not generating revenue from.

Anyway, house count in my neighborhood:
10 foreclosures\Bank Repos
2 For Rent
8 For Sale
House values down 57% since 2006.

 

[Minnow]

I know, the refi option right now is hideous. I have a friend that got a 10-year mortgage and lost his job. His wife is on workers' compensation. He is trying to force through his wife's diability claim so that they can do a loan modification. I'm still trying to do the math on modifications and benefits. I would figure that as soon as you miss a payment they would work with you. I can not see how a bank can hold on to an asset they are not generating revenue from.

Anyway, house count in my neighborhood:
10 foreclosures\Bank Repos
2 For Rent
8 For Sale
House values down 57% since 2006.

I would refer you and your friend to a site I have recommended here quite a few times (I may have given it to you already). www.mtgprofessor.com --the calculators are awesome. I would hope the bank would work with your friend -- but hope and reality are two different things. I don't know if California is a non-recourse state or not. Might be beneficial to look that up before going into a meeting with a loan officer since an unemployment situation exists.

Best of luck to your friend and his wife.

 

[Frixxxx]

It is...

 

[Minnow]

It is...

I hope you don't mind.. I took the liberty of looking it up. Yes, California is a non-recourse state. But it is a "one action" state meaning they have one shot at getting a deficiency judgment in a monetary amount in any lawsuit. I'm not trying to frighten or anything but the lender does have an "out" albeit a very limited out. I don't know how the CA lenders work but this seems to be more of an incentive to work with borrowers facing a limited amount of distress (i.e. temporary job loss).

If the 10 yr. mortgage was a first mortgage and there is no HELOC attached plus the home is your friend's occupied residence, I would think the lender might be open to modifying terms of the agreement. Just remember that only reductions in term, rate or principle are the only reductions beneficial to the borrower so watch out for the old "switcheroo" in any one of these arrangements. Your friend may have to concede defeat but can still negotiate for the best terms for his unenviable situation. Again, I don't know how CA works nor would I pretend to know the inner workings of the lending institution. Just trying to present options.

notice: this is in no way legal or mortgage advice nor am I an expert nor do I claim to be an expert.

 

[Minnow]

Sorry to jack your thread 350...

did the bond market close quietly?

 

[350zCommTech]

Sorry to jack your thread 350...

did the bond market close quietly?

No.

 

[ATCJeff]

Maybe another post 2PM rally.

 

[350zCommTech]

Here is the reason for the rally:

Fed buys $5 billion in agency-backed debt

By Deborah Levine
Last update: 3:24 p.m. EST Dec. 5, 2008

NEW YORK (MarketWatch) -- The Federal Reserve Bank of New York bought $5 billion in debt sold by the big mortgage-finance agencies Friday, the first purchase of what may total $100 billion. Dealers submitted $12.9 billion in debt issued by Fannie Mae Fannie Mae <img class="pixelTracking" width="1" border="0" height="1">FRE 0.85, -0.03, -3.4%) and the Federal Home Loan Banks maturing in 2009 and 2010. The auctions are expected to be weekly and have the goal of making mortgage loans to individuals more affordable and available. Based on the expected lifetime of the program, the Fed may purchase $2.5 billion a week, Bank of America strategists estimated in a research note Thursday.
http://www.marketwatch.com/news/story/fed-buys-5-billion-agency-backed/story.aspx?guid={5CE880DB-A77C-46B4-9EFC-A5E1DBB7EE31}&dist=msr_7

While stores are closing, plants are shutting down, and millions getting laid off, Ben is printing money to buy up garbage from his friends. CFC sold a ton of garbage to Federal Home Loan Banks. Look it up if you don't believe me.

It is was it is. Today's action is very bullish. Next resistance is at 900. F funders are about to get killed.

 

[Minnow]

Forget about any indictments coming down with Mozilo's name on them now.

Thanks for the post 350!!!

 

[350zCommTech]

Forget about any indictments coming down with Mozilo's name on them now.

Thanks for the post 350!!!

You're welcome Minnow.

Has anybody been indicted in this whole mess?