Posted on 05/14/2012 7:58:04 AM PDT by neverbluffer
Bond yields are of 7/32 this morning in early trading. Mortgage rates continue to plummet to almost all time low points.
The gift from the European fiasco is the gift that keeps on giving if you are in the market for a mortgage for purchasing or refinancing.
10 yr Treasury falls to 1.77%.
It’s keeping me busy. This industry is a real pain in the butt at times; but it’s busy.
Better than the alternative
Same here....
Florida Supreme Court hears landmark foreclosure suit
....Legal experts say the lawsuit is one of the most important foreclosure fraud cases in the country and could help resolve an issue that has vexed Florida's foreclosure courts for the past five years: Can banks that file fraudulent documents in foreclosure proceedings voluntarily dismiss the cases only to refile them later with different paperwork? The decision, which may take up to eight months, could influence judges in the other 26 states that require judicial approval for foreclosures.........
........ If the state Supreme Court rules against the banks, "a broad universe of mortgages could be rendered unenforceable," said former U.S. Attorney Kendall Coffey, author of the book, "Foreclosures in Florida."......
........"Voluntary dismissal shouldn't be used as a shield for fraud," said Lundergan in one response. "It sets up a system where every litigant is condoned and encouraged to lie, cheat and steal, knowing that if they are caught, they can simply voluntarily dismiss and absolve themselves from that fraud."…….
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Thanks Elle Bee... not sure what that has to do with “today’s mortgage rates” though?
Though if you're trying to save for oh, I dunno, retirement or something, and want to get some sort of return on your investment above the risk premium, you're absolutely f*cked.
“Bond yields are of 7/32 this morning”
Do mean bond prices are up 7/32?
Bond yields are quoted in decimals and are down this morning.
“and want to get some sort of return on your investment above the risk premium, you’re absolutely f*cked.”
This has been Bernanke’s goal from day one: Force saver to put their savings into riskier investments (stocks) to be able to receive any form of return. Any wonder the market is up?
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AM Tracking Quote
FNMA 3.5% 104.17 now +14 bps09:39 +14
Open 104.03
This Week; interest rates are likely to continue lower on increasing fears Europe is facing defaults from Greece and increasing likelihood Greece will depart the EU. If Greece were to exit the EU it may set up a domino effect with Ireland, Portugal and Spain; Europe’s attempt at severe austerity inn efforts to bring countries’’ fiscal spending under control has failed. In Germany over the weekend Angela Merkel’s party suffered another defeat in local elections, last weekend another local election went against her. Germany is the rock in Europe and voters are showing their resistance to any additional help from the country. In Greece over the weekend the attempt to form a coalition government has failed leading now to another general election; most Greeks are rebelling against the austerity pledge Greek officials agreed on a few months ago.
This week after a week with little domestic economic data, there are a number of key data points on Tuesday, Wednesday and Thursday. April reports for the most part; retail sales, CPI, housing starts and permits, industrial production and factory use, the Philly Fed May index. The minutes from the 4/25 FOMC meeting will get a lot of focus, looking for clues about another possible QE; we still hold the Fed will not initiate another QE but there are many analysts and economists thinking the Fed will ease one more time. If the Fed were to ease again it would likely have to happen at the next FOMC meeting in June, after that the Fed will likely refrain with elections coming in November.
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Oh I see your point!
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