Reality Checked... Adam QuinonesHead of Mortgages and ABS, Desktop at Thomson Reuters Reality got checked today. The TBA tightener finally fizzled. Twas quite the winning streak though. Almost effortless or even empathetic after the whacking we took two weeks ago. Really struggling to find relevant reasons for the “rally” stall. Then again I really struggled to find relevant reasons for the actual rally. Flow technicals could only take us so far. I pick things up. I put them down. I pick things up. I put them down. Last trade moves the whole pile. Lame duck Bernanke speaks tonight. FOMC Minutes print tomorrow. If you’ve got loans to hedge, hedge ‘em. If you don’t have loans to hedge, well that stinks. So difficult to differentiate yourself in this market. Spec payups are meh at most. MBS execution is about in-line with the window (according to a sampling of the Eikon mortgage community). And jumbo lenders aren’t exactly tearing the cover off the ball. Unless of course they have a giant balance sheet and no funding concerns. Feed the retail portfolio! Wait wait wait. Hearing talk of lower MI premiums at Radian and MGIC. Is that something you might be interested in?
Posted on: Thu, 21 Nov 2013 01:02:30 +0000
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