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Posted To: MND NewsWire News wires are buzzing with reports that the Senate just approved an extension of the homebuyer tax credit's June 30 closing deadline . THESE HEADLINES ARE MISLEADING!!! The June 30 closing deadline has not been extended...but it was accepted as an amendment to the Tax Extenders Bill. Under the amendment, borrowers who signed purchase contracts by April 30 would be given three extra months to close their loan and still qualify for the homebuyer tax credit . The new deadline would be September 30, 2010. In a budget " point of order " vote taken this morning, the Senate actually voted against the bill that contains the homebuyer tax credit extension amendment. This forces the Senate Finance Committee, chaired by Senator Max Baucus, to rework the overall proposal before another vote...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it. The Day Ahead: Housing Starts, PPI, Industrial Production Posted To: MND NewsWire After a steady rally pushed the stock market up more than 2% yesterday, investors are nervous about extending those gains today. Concerns from Europe are back on the table as Spain may apparently need to tap into a credit facility to avoid turmoil. The Financial Times called the country “the next potential crisis in the eurozone bond markets.” “This week the Spanish government and BBVA, Spain’s second biggest bank, admitted what investors have known for weeks: the country’s banks are on the brink of a funding crisis because their access to international markets is virtually closed,” the UK newspaper reported. Economists at BMO noted that “Spanish 10-year yields are at a near two-year high, while the spread vs. German bunds is flirting with a record...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it. Markets Slow on Expiration Day. Stored Energy Waiting to Explode Posted To: MBS Commentary Good Morning. Happy Friday. Congrats to the Lakers. Go U.S.A beat Slovenia. Although summer doesn't officially begin until Monday morning, it's gonna feel like the middle of August on Wall Street today. The econ calendar is empty and decision makers are already plotting their path toward an early exit, leaving the junior varsity squad to man the desk with explicit instructions to avoid being run over by heavy directional traffic. This leaves the market feeling illiquid and susceptible to chopatility because it's quadruple witching day ! Stock index futures, stock index options, stock options, and single stock futures all expire today. HERE IS THE CALENDAR Typically quadruple witching days carry with them more price volatility as traders cover positions to avoid delivery, but this...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it. Taylor Bean's Demise Exposed in SEC Case Against Former CEO Posted To: MND NewsWire The SEC has charged another former mortgage executive with fraud in a scheme intended to scam at least .5 billion from private investors and the U.S. Treasury's Troubled Asset Relief Program (TARP). According to the SEC complaint , Lee Farkas, former chief executive officer and chairman of Taylor, Bean & Whitaker (TBW) Mortgage Corporation, "engaged in a pattern of fraudulent conduct" for the purpose of selling at least .5 billion of fictitious and impaired residential mortgage loans to Colonial Bank. Those loans were then falsely reported by Colonial to the investing public as high-quality, liquid assets, which allowed Colonial Bank to misrepresent that it had satisfied a prerequisite necessary to qualify for TARP funds. Upon announcing it had obtained approval receive...(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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