Wednesday, August 31, 2011

BofA Looks to Exit Correspondent, What Next?

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Aug 31, 2011 9:12AM

BofA Looks to Exit Correspondent, What Next?

Mortgage banking and real estate are typically not physically hazardous professions. In case you're ever tempted to throw down your pen & pencil and pick up a shovel to earn a living, check these out . (I especially like the guy in the pink shirt.) Last night news came through the Wall Street Journal that " Bank of America Corp. intends to sell its correspondent mortgage business , as the troubled lender looks to narrow its focus and bolster its financial strength...Employees could be notified...

Aug 31, 2011 3:08PM

What's Causing the Afternoon Weakness in MBS?

Very much a burning question this afternoon, but there are no profoundly alarming answers. Some are short term and ethereal, dealing with things like today's headlines, month end buying (or lack thereof), after-hours illiquidity, and others. But we already put out a reprice alert for temporary factors (twice), so we're going to focus on the big picture. In fact, focusing on the big picture is pretty much the only thing that makes much sense right now considering our nearness to historical levels...


Micro News

4:11 PM:

Treasury: Fifty Additional Community Banks Receive $767M To Aid Small Business / Jobs

3:08 PM:

New MBS Commentary Post

3:04 PM:

Fed: Banking Agencies Urge Responsible Lending

2:51 PM:

Bank of America Issues Statement in Response to Media Reports on Mortgage Business

2:30 PM:

Renewed Risks of Reprices for the Worse

1:58 PM:

Volatility Decreasing. MBS Prices Leaking Lower

11:56 AM:

AIA: Urge President, Congress to Adopt Measures to Boost Design / Construction Work

10:41 AM:

MICA: Private Mortgage Insurance Activity Report

Around the Web

Video News

Realty Check: Weekly Mortgage Apps Plunge

ADP Numbers: Employment Up 91,000

Karl Case Says U.S. Housing Market `Dead in the Water'


Today's Comments

David Zilkha

"Well said Ken. There may have been suboridnation issues early on. But i have not had a problem with any ext sub in the last few years and have done hundreds..."

Ken Crute

"HARP or a HARP like product really needs to be opened to performing non-agency loans, as mentioned. well qualfied borrowers that cannot refinance due to..."

Anonymous

"As long as we're brainstorming here, let's make all MI transferrable to a new HARP servicer as an incentive for servicers to actually, well, service..."

Today's Q&A

Anonymous

"Who can I talk to about a property that has gone back to the..."

Anonymous

"I have a Seperation Agreement form signed by myself and my ex..."

Anonymous

"I am interested in buying a home that was listed a few years..."