“Average mortgage rates were up for all loan products reported,” said Frank Nothaft, Freddie Mac vice president and chief economist. “However, for the first 11 weeks so far this year, the average 30-year fixed rate is still below 5.9 percent, and the average 30-year rate in January was the lowest since July 2005. “The combination of lower house prices and lower mortgage rates contributed to a more affordable market for homebuyers. Read More Now
OFHEO Lowers Capital Requirements for GSEs to Improve Market Liquidity
OFHEO announced a major initiative in cooperation with the two government sponsored enterprises (GSEs) to increase, by perhaps as much as $200 billion, the liquidity of the mortgage- backed securities market. This reduction combined with the increase of the portfolio caps announced last month should allow Freddie and Fannie to purchase or guarantee about $2 trillion in mortgages this year. This capacity should allow them to… Read More Now
Sinking mortgage Company Gets Lifeline from Lenders
Thornburg mortgage said that five lenders have agreed to a deal where no further margin calls will be made in return for its compliance with a laundry list of requirements. Thornburg will give the five lenders, Bear Stearns Cos., Citigroup Inc., credit Suisse Group, Royal Bank of Scotland Group PLC and UBS AG, warrants which they can exercise into 47 million shares of the company at… Read More Now
Why is Bear Stearns Trading Higher than the JP Morgan Offer Price?
If you have checked the trading price of Bear Stearns Company (BSC) stock in the four days since the company was sold to J.P. Morgan Chase for $2 per share in J.P. Morgan stock, you might well wonder why it is trading at more than twice the price J.P. Morgan is supposedly paying for it. Doesn’t make a lot of sense unless you follow the reasoning of some market players and a lot of Bear Stearns stockholders. A deal isn’t a deal until it is done. Read More Now
Exxon Mobil loses in frozen-funds ruling
A British judge has ruled against Exxon Mobil, tossing out an order to freeze $12 billion in assets belonging to Venezuela’s state oil company in a case that stemmed from the nationalization of a project last year. The Prince of Tides I am of the opinion that any person who is […]
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