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Posted To: MBS Commentary After better than expected New Home Sales data flashed, the risk trade extended its recent positive progress and benchmark interest rates are higher... S&P futures just printed a new one month high, currently +8.50 at 1109. Volume rose when S&P futures fell to 1098 support but participation has tapered off into the rally. Open interest does not reflect an increase in new long positions as much as it does forced buying in the form of short covering. Nonetheless S&Ps are holding positive progress above 1100 while the pain trade continues to play out for short sellers. The S&P 500 index (cash not futures) needs to break the 200 day moving average at 1113... Yields are higher across the curve with the biggest losses seen in the front-end where TSY auction supply is focused this...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it. FHA Penalizes Over 1,000 Lenders for Violating Regulatory Standards Posted To: MND NewsWire The Federal Housing Administration's Mortgagee Review Board (MRB) has revealed a list of over one thousand lenders against whom it has taken action over the last several months for violations of the agency's program requirements. Infractions ranged from failing to notify the Department of Housing and Urban Development of changes in license status or office closures, improperly displaying FHA seals on company websites or advertising materials, and using non-employees to process loans, to failing to properly process or document credit, employment and appraisal information. The actions taken by the Board included permanent withdrawal of FHA lending authority, suspensions, and fines ranging into the high six digits. "Lenders should know by now that FHA will not tolerate fraudulent...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it. |
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