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FUTURES UP GOOD !!!!!!!!!
Last News !!!!!!!!!
http://www.reuters.com/article/marketsNews/idINN0329963920081203?rpc=44
http://biz.yahoo.com/rb/081203/business_us_usa_economy_mortgages.html?.v=3
http://www.cnbc.com/id/28030004
http://www.forbes.com/afxnewslimited/feeds/afx/2008/12/03/afx5771975.html
http://www.moneyline.com/article/ousiv/idUSTRE4AP5FO20081203
http://www.marketwatch.com/news/story/home-prices-now-undervalued-economists/story.aspx?guid=%7BE5CF55AB%2D4E86%2D4D86%2DB888%2D4EAFF46B4B97%7D&siteid=yhoof
All media talked about FRE and FNM
Premarket in 1$?
1.10$ Today , 1.35$ tomorrow ?
amazing opportunity here
Time to rock , picking more today
70% OF THE mORTAGES AND READY TO TAKE BAD DEBT....fre AND fnm READY TO FLY
BUY ALERT FNM & FRE ...http://www.reuters.com/article/marketsNews/idINN0329963920081203?rpc=44
NEWS Mortgage applications rise 203%
NEWS Mortgage applications rise 203% ..... go FNM AND FRE
ALERT FRE & FNM .....US mortgage applications surge by record amount
http://www.reuters.com/article/marketsNews/idINN0329963920081203?rpc=44
NEW YORK, Dec 3 (Reuters) - U.S. mortgage applications surged by the largest amount on record last week as a new Federal Reserve program pushed interest rates down to their lowest level in more than 3 years, data from an industry group showed on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications <USMGM=ECI>, which includes both purchase and refinance loans, for the week ended Nov. 28 soared a record 112.1 percent to 857.7, the highest reading since the week ended March 21 when it reached 965.9.
Potential borrowers were lured by enticing mortgage rates, which dropped dramatically after the Federal Reserve unveiled a plan last week to buy up to $500 billion of mortgage securities backed by government-sponsored enterprises, Fannie Mae (FNM.P: Quote, Profile, Research, Stock Buzz), Freddie Mac (FRE.P: Quote, Profile, Research, Stock Buzz), and Ginnie Mae. The program also entails buying up to $100 billion of debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
"Many borrowers missed an opportunity to take advantage when rates dropped sharply for a brief period when the GSEs were placed under conservatorship," Orawin Velz, Associate Vice President of Economic Forecasting, said in a statement.
"When rates plummeted following the Fed's announcement that it would buy GSE debt and MBS, many of those on the sidelines decided to quickly jump in and take advantage of lower rates before they began to rebound," she said.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 5.47 percent, down a whopping 0.52 percentage point from the previous week, the largest drop since 1990 when the MBA started conducting the weekly survey.
Interest rates are at their lowest level since the week ended June 24, 2005, when they reached the same level. Interest rates are sharply below the peak of 6.59 percent reached during the summer, but only slightly below the 2008 low of 5.49 percent in January, according to the trade group.
Interest rates were below year-ago levels of 5.82 percent.
The MBA's seasonally adjusted purchase index <USMGPI=ECI> rose 38.0 percent to 361.1, the largest rise since the week ended Feb. 24, 1995. The index, however, came in well below its year-ago level of 464.3, a drop of 22.2 percent.
Overall mortgage applications last week were 8.3 percent above their year-ago level. The four-week moving average of mortgage applications, which smooths the volatile weekly figures, was up 29.7 percent.
WEEKLY REFINANCING ACTIVITY SURGES
Cameron Findlay, chief economist at LendingTree.com based in Charlotte, North Carolina, said they are seeing a positive uptick in refinancing volume due to the drop in interest rates.
"Consumers who were previously on the fence to refinance or purchase a home are in a position to take advantage of the decline in rates," said on Tuesday.
"Now it'll be a matter of qualification as lenders evaluate each borrower individually," he said.
The low interest rates can help many drop their monthly payments, and is especially good news for those who have adjustable- rate mortgages and are looking to lock in a secure fixed-rate mortgage, he said.
The group's seasonally adjusted index of refinancing applications <USMGR=ECI> jumped 203.3 percent to 3,802.8, the largest rise on record. The index was up 37.7 percent from its year-ago level of
US mortgage applications surge by record amount
http://www.reuters.com/article/marketsNews/idINN0329963920081203?rpc=44
NEW YORK, Dec 3 (Reuters) - U.S. mortgage applications surged by the largest amount on record last week as a new Federal Reserve program pushed interest rates down to their lowest level in more than 3 years, data from an industry group showed on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications <USMGM=ECI>, which includes both purchase and refinance loans, for the week ended Nov. 28 soared a record 112.1 percent to 857.7, the highest reading since the week ended March 21 when it reached 965.9.
Potential borrowers were lured by enticing mortgage rates, which dropped dramatically after the Federal Reserve unveiled a plan last week to buy up to $500 billion of mortgage securities backed by government-sponsored enterprises, Fannie Mae (FNM.P: Quote, Profile, Research, Stock Buzz), Freddie Mac (FRE.P: Quote, Profile, Research, Stock Buzz), and Ginnie Mae. The program also entails buying up to $100 billion of debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
"Many borrowers missed an opportunity to take advantage when rates dropped sharply for a brief period when the GSEs were placed under conservatorship," Orawin Velz, Associate Vice President of Economic Forecasting, said in a statement.
"When rates plummeted following the Fed's announcement that it would buy GSE debt and MBS, many of those on the sidelines decided to quickly jump in and take advantage of lower rates before they began to rebound," she said.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 5.47 percent, down a whopping 0.52 percentage point from the previous week, the largest drop since 1990 when the MBA started conducting the weekly survey.
Interest rates are at their lowest level since the week ended June 24, 2005, when they reached the same level. Interest rates are sharply below the peak of 6.59 percent reached during the summer, but only slightly below the 2008 low of 5.49 percent in January, according to the trade group.
Interest rates were below year-ago levels of 5.82 percent.
The MBA's seasonally adjusted purchase index <USMGPI=ECI> rose 38.0 percent to 361.1, the largest rise since the week ended Feb. 24, 1995. The index, however, came in well below its year-ago level of 464.3, a drop of 22.2 percent.
Overall mortgage applications last week were 8.3 percent above their year-ago level. The four-week moving average of mortgage applications, which smooths the volatile weekly figures, was up 29.7 percent.
WEEKLY REFINANCING ACTIVITY SURGES
Cameron Findlay, chief economist at LendingTree.com based in Charlotte, North Carolina, said they are seeing a positive uptick in refinancing volume due to the drop in interest rates.
"Consumers who were previously on the fence to refinance or purchase a home are in a position to take advantage of the decline in rates," said on Tuesday.
"Now it'll be a matter of qualification as lenders evaluate each borrower individually," he said.
The low interest rates can help many drop their monthly payments, and is especially good news for those who have adjustable- rate mortgages and are looking to lock in a secure fixed-rate mortgage, he said.
The group's seasonally adjusted index of refinancing applications <USMGR=ECI> jumped 203.3 percent to 3,802.8, the largest rise on record. The index was up 37.7 percent from its year-ago level of
US mortgage applications surge by record amount
http://www.reuters.com/article/marketsNews/idINN0329963920081203?rpc=44
NEW YORK, Dec 3 (Reuters) - U.S. mortgage applications surged by the largest amount on record last week as a new Federal Reserve program pushed interest rates down to their lowest level in more than 3 years, data from an industry group showed on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications <USMGM=ECI>, which includes both purchase and refinance loans, for the week ended Nov. 28 soared a record 112.1 percent to 857.7, the highest reading since the week ended March 21 when it reached 965.9.
Potential borrowers were lured by enticing mortgage rates, which dropped dramatically after the Federal Reserve unveiled a plan last week to buy up to $500 billion of mortgage securities backed by government-sponsored enterprises, Fannie Mae (FNM.P: Quote, Profile, Research, Stock Buzz), Freddie Mac (FRE.P: Quote, Profile, Research, Stock Buzz), and Ginnie Mae. The program also entails buying up to $100 billion of debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
"Many borrowers missed an opportunity to take advantage when rates dropped sharply for a brief period when the GSEs were placed under conservatorship," Orawin Velz, Associate Vice President of Economic Forecasting, said in a statement.
"When rates plummeted following the Fed's announcement that it would buy GSE debt and MBS, many of those on the sidelines decided to quickly jump in and take advantage of lower rates before they began to rebound," she said.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 5.47 percent, down a whopping 0.52 percentage point from the previous week, the largest drop since 1990 when the MBA started conducting the weekly survey.
Interest rates are at their lowest level since the week ended June 24, 2005, when they reached the same level. Interest rates are sharply below the peak of 6.59 percent reached during the summer, but only slightly below the 2008 low of 5.49 percent in January, according to the trade group.
Interest rates were below year-ago levels of 5.82 percent.
The MBA's seasonally adjusted purchase index <USMGPI=ECI> rose 38.0 percent to 361.1, the largest rise since the week ended Feb. 24, 1995. The index, however, came in well below its year-ago level of 464.3, a drop of 22.2 percent.
Overall mortgage applications last week were 8.3 percent above their year-ago level. The four-week moving average of mortgage applications, which smooths the volatile weekly figures, was up 29.7 percent.
WEEKLY REFINANCING ACTIVITY SURGES
Cameron Findlay, chief economist at LendingTree.com based in Charlotte, North Carolina, said they are seeing a positive uptick in refinancing volume due to the drop in interest rates.
"Consumers who were previously on the fence to refinance or purchase a home are in a position to take advantage of the decline in rates," said on Tuesday.
"Now it'll be a matter of qualification as lenders evaluate each borrower individually," he said.
The low interest rates can help many drop their monthly payments, and is especially good news for those who have adjustable- rate mortgages and are looking to lock in a secure fixed-rate mortgage, he said.
The group's seasonally adjusted index of refinancing applications <USMGR=ECI> jumped 203.3 percent to 3,802.8, the largest rise on record. The index was up 37.7 percent from its year-ago level of
NY Fed To Meet With Dealers Tuesday To Discuss GSE Debt Purchase
12/02 12:38 PM
NEW YORK (Dow Jones)--The New York Federal Reserve will meet with primary dealers Tuesday afternoon to discuss certain details surrounding its agency debt purchase plan, a New York Fed spokesman said.
The discussion of the new program, which is expected to launch this week, will be solely technical in nature, the spokesman said, and address how dealers will interact with the program's trading platform. It will not detail the parameters of the program.
The Fed announced last week that it will buy up to $100 billion in debt issued directly by the Congressionally-chartered housing finance firms Fannie Mae (FNM:$0.86,00$0.02,002.38%) , Freddie Mac (FRE:$0.8349,$-0.0751,-8.25%) , Ginnie Mae and the Federal Home Loan Bank System through a series of competitive auctions. The program is intended to help improve mortgage market conditions and the economy by lowering home loan rates.
Purchases are expected to take place over several quarters. The Fed has said that further information regarding the operational details of this program will be provided after consultation with market participants.
-By Deborah Lynn Blumberg, Dow Jones Newswires, 201-938-2018, deborah.blumberg@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http:// www.djnewsplus.com/al?rnd=fDjuAqlm0iAcgxiQvEfs%2Bg%3D%3D. You can use this link on the day this article is published and the following day.
The Fed is expected to start buying GSE debt on Friday, part of an $800 billion plan to buy mortgage-backed securities, asset-backed securities and other debt spurned by investors during the credit crunch. See full story.
MarketWatch Article 2-Dec-08 06:10 pm
-----
Treasurys gain as focus returns to Fed purchases
SAN FRANCISCO (MarketWatch) -- Treasurys on Tuesday extended a rally that's taken yields to record lows, as investors anticipated the Federal Reserve would buy up more bonds to push down interest rates.
The benchmark 10-year Treasury bond came back from an early morning loss to gain 0.8% while yields , which move in the opposite direction than prices, slid 6 basis points to 2.678%.
The two-year note's yield fell 2 basis point at 0.8891%, pushing the level further under the fed funds target rate of 1%. Yields on the two-year Treasury note often anticipate levels of fed funds.
Bonds had given up some of the prior session's gains at the open, sending yields higher, as stocks rebounded and bond investors took profits. The Dow Jones Industrial Average closed up 3.3% and the S&P
500 rose nearly 4%. Read Market Snapshot.
After Monday's bond rally, "we saw some profit-taking this morning in treasurys," said Kevin Giddis, head of fixed income at Morgan Keegan in Memphis, Tenn.
But those trends reversed around midday as traders again returned to expectations the Fed would become a buyer of Treasurys and debt issued by government-sponsored agencies such as Fannie Mae and Freddie Mac.
"Anytime you have the government buying Treasuries or agencies, people try to get in front of it," Giddis said.
Representatives from the New York Fed met with primary dealers Tuesday to discuss technical details of a trading platform to buy and sell agency debt, said NY Fed spokesman Andrew Williams.
The Fed is expected to start buying GSE debt on Friday, part of an $800 billion plan to buy mortgage-backed securities, asset-backed securities and other debt spurned by investors during the credit crunch. See full story.
The 30-year bond yield fell 5 basis points Tuesday to 3.1662%.
FRIDAY AUCTIONS STARTS !!!!!!!!!!!!!!
FRE & FNM ......FRIDAY START BAILOUT IN GSEs !!!!!!!!
FRE & FNM ......FRIDAY START BAILOUT IN GSEs !!!!!!!!
FRE & FNM ......FRIDAY START BAILOUT IN GSEs !!!!!!!!
1.10$ today?
0.95$ and climbing
iN AT 4.80 WITH 5000
TMA 5 MILLION DOLAR in shares !!! INSIDER BOUGHT LAST DAYS WHY?
TMA 5 MILLION DOLAR in shares !!! INSIDER BOUGHT LAST DAYS WHY?
5 MILLION DOLAR in shares !!! INSIDER BOUGHT LAST DAYS WHY?
http://biz.yahoo.com/t/69/419.html
0.34 x 0.36
Auctions starts this week..............In addition, the Federal Reserve, announced it will purchase up to $500 billion in mortgage backed securities that have been backed by Fannie Mae (FNM, Fortune 500), Freddie Mac (FRE, Fortune 500) and Ginnie Mae, the three government-sponsored mortgage finance firms set up to promote home ownership. It will also buy another $100 billion in direct debt issued by those firms.
U.S. stock index futures indicated a higher open for Wall Street on Tuesday after Monday's plunge and despite more bad news from the banking sector.
Bank stocks, in fact, were leading the early rise for futures, which were indicating a gain of about 2 percent across the board for the major indexes.
177 million VOLUME!
Chart .....
100% agree lucy , we have a MONSTER !
AMAZING AGRESSIVE BUYERS !!!!!!!!!!!!!!!!!!!!!!
DOW -350 points --- FNM and FRE Greennnnnnn!!!!
1.22$ and climbing