More Global Debt Woes Drive 10-Year, Industry Stocks Down

Mortgage & Real Estate

Renewed financial concerns about U.S. and international debt roiled capital markets once again Monday morning, driving the long-term rate-indicative 10-year Treasury yield below 2% and putting downward pressure on industry stocks.

Around noon the 10-year yield had fallen to 1.96%, the Dow had fallen more than 300 points.

At that time, declines in stocks tracked by this publication ranged from a 4.7% drop at mortgage insurer Radian to a drop around 1.2% for Fidelity National Financial.

Daily Briefing | Monday, November 21, 2011

  • FHA: Plenty of Mortgagors Could Refi – But They Won’t

    An estimated 1 million homeowners with Federal Housing Administration-insured loans could benefit by refinancing at today’s low rates — but the government’s mortgage insurer doesn’t think it will happen.

  • NAR: Existing Home Sales Stuck in ‘Narrow Range’

    Sales of existing single-family homes rose 1.6% in October after falling 4% in September with purchases remaining “stuck in a narrow range,” according to new figures released by the National Association of Realtors.

  • D’Alonzo Steps Down as NAMB President

    Mike D’Alonzo last week officially stepped down as president of the National Association of Mortgage Brokers, saying he wants to spend more time running his Pennsylvania-based brokerage firm.

  • Yet More Gains for the Houston Housing Market

    Five months and counting. That’s the number of months the Houston market has showed gains in its existing home sales.

  • Insurance Fight Looms in FDIC Bank Director Suits

    In the wake of the savings and loan crisis of the 1980s, insurers and bankers feuded over directors and officers’ liability policies. At issue: whether DO policies covered claims brought by the Federal Deposit Insurance Corporation against a failed bank’s officers.

  • El Paso, Boise Lead in New Home Closings

    Here’s a couple of names you don’t usually see at the top of any housing list: El Paso and Boise. Yet there they are, leading the pack in new home closings in the third quarter.

  • Florida Takes the Lead on PACE Program with the Pick of Top FAs

    The first-ever statewide PACE program, which already has $2 billion of validated bonding capacity from a Florida court, is on an aggressive track toward implementation with the selection of nationally recognized financial advisors.

  • CMBS Loan Liquidation Might be Largest Ever, Analysts Say

    November remittance data showed that the $192 million loan backed by the Manhattan Apartment Portfolio was liquidated. According to Barclays Capital CMBS analysts, if the loan’s disposition strategy is right, this might be considered the largest note sale ever in CMBS.

  • Lacker Argues Fed Should Have Bought Treasuries to Ease Crisis

    The extraordinary actions taken by the Fed during the financial crisis were a “problematic exercise in credit allocation,” according to Federal Reserve Bank of Richmond President Jeffrey M. Lacker, who added purchases of U.S. Treasury securities could have created the same “expansion of reserve supply.”

  • Williams: Jobless Rate to Stay Above 7% for 3 Years

    The unemployment rate will remain above 7% for the next three years and the country won’t be at “maximum employment until 2016,” Federal Reserve Bank of San Francisco president and chief executive John C. Williams said Friday.

  • Dudley: We Can Do More in Both Directions

    The Fed can do more to help the economy, and buying mortgage-backed securities could be a good start, since it would boost the beleaguered housing market, Federal Reserve Bank of New York President William Dudley said Thursday.

  • Moody’s Takes Action on Colo. HFA Rating, Watching N.J. HMFA Bonds

    Moody’s Investors Service downgraded the rating of Colorado Housing and Finance Authority (CHFA) to A2 from A1 on Friday.

  • FHA Nominee Says Higher Conforming Limits Should End

    The nominee to run the Federal Housing Administration opposes extending higher limits on federally-insured loans.

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