Freddie Mac: PMI Mortgage Insurance Suspended as Mortgage Insurers
Effective immediately, we are suspending PMI Mortgage Insurance Co. (PMI), and its wholly-owned subsidiaries including, PMI Insurance Co. and PMI Mortgage Assurance Co. (collectively “PMI”), as approved mortgage insurers.
With this suspension, mortgages insured by PMI with note dates before May 19, 2011, or after September 16, 2011, will no longer be eligible for sale to Freddie Mac. To help manage your pipeline, mortgages insured by PMI with note dates on or after May 19, 2011, and on or before September 16, 2011, must be delivered to Freddie Mac on or before December 30, 2011, whether for borrower-paid or lender-paid insurance.
ECON: Business Borrowing Tanks in July. Still up on The Year
(Reuters) – A measure of business activity sank in July from June, though it rose slightly from a year ago, as economic and regulatory uncertainties kept many corporations from new spending, a lender group said on Monday.
U.S. businesses originated $5.7 billion in loans, leases and lines of credit in July, 2 percent more than a year ago but 22 percent less than in June, the Equipment Leasing and Finance Association (ELFA) said.
“Anecdotally, all of the business we’re seeing is in the replacement world, it’s not in the expansion world,” ELFA Chief Executive William Sutton said.
Many businesses were hesitant to spend on new equipment amid chaotic congressional debate over deficit reduction and tax reform, uncertain global economic trends and turbulent financial markets, he noted.
“We are seeing a slow but plodding recovery,” Sutton added.
Demand for loans for investment in everything from industrial equipment to computer systems and office furniture has risen 24 percent so far this year versus the same period a year ago, But 36 percent of responding companies said their volume has declined.
“All aspects of the economy — everything from healthcare to construction, transportation, IT — all of the different areas that our members finance equipment for, see all uneven activity,” Sutton said.
ELFA represents lenders who finance half of the capital investment in the United States each year. The group reports economic activity for the $521 billion equipment finance sector. (Reporting by Lynn Adler, editing by Matthew Lewis)
Trading Ranges Narrower All Day. Sideways, Boring, Inconsequential
Barring the unforeseen, MBS-watching activities are probably at moot point for the rest of the day. With one brief exception, the trading range never got any wider than an eighth of a point today and has been slightly narrower into the afternoon. After some morning disconnection, the stock lever hooked back up and Treasury yields proceeded to play ping pong with stocks on a table of ever-decreasing length. Yes, gone are those heady morning hours where we saw 10yr yields move from 2.13 to 2.08. 5bp swings are a thinkg of the past as recent highs and lows aren’t even 1bp apart. Stocks too… Lower highs and higher lows…. There’s no news, no volume, no directionality, and apart from “staying safe,” there wouldn’t even be a reason to keep watching markets on a day like today. There’s a collective “sigh” of resignation scheduled for 3pm. Join us, won’t you?! Take a moment to place your hand to the side of your head, roll your eyes, and exhale audibly. Maybe that will be the sort of defiance markets need to do something exciting (if you’re in to that sort of thing… we are.)
Strauss-Kahn Looks Set For Legal Victory
Reuters) – Prosecutors on Monday appeared set to drop sexual assault charges against former IMF director Dominique Strauss-Kahn, a stunning reversal in the case against a man who many had seen as the next president of France.
The Manhattan District Attorney’s office will recommend to a judge that the case be dismissed after they lost faith in the accuser, a 32-year-old hotel maid from Guinea, due to lies she told about her past, New York news media reported.
Prosecutors were to meet with the maid, Nafissatou Diallo, and her lawyer at 3 p.m. (1900 GMT) on Monday to discuss the case ahead of a court hearing on Tuesday.
Strauss-Kahn, who has strongly denied the allegations, was the leading contender for the April 2012 presidential elections until Diallo accused him of attempted rape and forcing her to perform oral sex on May 14 in his luxury Sofitel Hotel suite near Times Square.
Strauss-Kahn, 62, was marched from a first-class cabin of an Air France plane, which was to take him to meetings in Europe on the sovereign debt crisis, to face the charges.
After a night in custody, he was paraded unshaven before the media at the Manhattan courthouse in a “perp” walk, a scene that enraged many in France who viewed it as tantamount to convicting a man who had yet to be charged with any crime.
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