ARCHIVED BLOG POSTS
2008
0
Comments
MBS prices are down -27/32 (FNMA 30-yr 5.5 at 99.50), far below theinitial price level at -4/32. Unfavorable repricing took place multiple times. MBS markets began at unchanged levels and fell for the entire session. A reversal of sentiment from yesterday produced a nearly 500-point recovery in t...
09/30/2008
0
Comments
MBS prices are up +13/32 (FNMA 30-yr 5.5 at 100.47), just below the initial pricing level at +14/32. It was a very volatile session, although stock and Treasury markets experienced much larger movements. On a historic day, the House unexpectedly failed to pass the $700 billion rescue plan, and in...
09/29/2008
0
Comments
MBS prices are down -2/32 (FNMA 30-yr 5.5 at 100.06), below the initial price level at unchanged. Investors spent the day waiting for news on the rescue plan, but no major updates were released. Investors will be disappointed if a plan is not approved over the weekend. GDP was revised lower than ...
09/26/2008
0
Comments
MBS prices are up +5/32 (FNMA 30-yr 5.5 at 100.09), flat to the initial price level. It was a volatile session, and unfavorable repricing was seen. Early on, weaker than expected economic data pushed MBS markets to a high of +15/32 before the rally stalled. Durable Orders showed a large decline, ...
09/25/2008
0
Comments
MBS prices are down -2/32 (FNMA 30-yr 5.5 at 100.00), below the initial morning price level at +5/32. A low of -4/32 was reached, and unfavorable repricing was seen. August Existing Home Sales fell 2%, which was close to expectations. Inventories of unsold homes declined 7%. Investors were more c...
09/24/2008
0
Comments
MBS prices are up +3/32 (FNMA 30-yr 5.5 at 100.06), below the initial price level at +12/32. It was a volatile session, and MBS markets reached a high of +16/32. Investors went back and forth on the implications of the bailout plan for MBS markets. No economic data came out today. The Dow fell 1...
09/23/2008
0
Comments
MBS prices are down -8/32 (FNMA 30yr 5.5 at 99.94), above the initial price level at -9/32. It was a volatile session. At the end of last week, the government rescue plan caused investors to charge back into riskier assets. Today, though, investors changed direction again and reduced risk in thei...
09/22/2008
0
Comments
This was a historic week in financial markets. One major investment bank declared bankruptcy, another sold itself, and the world's largest insurance company needed a government bailout. Central banks around the world had to inject hundreds of billions of dollars into the banking system to calm th...
09/19/2008
0
Comments
MBS prices are down -12/32 (FNMA 30yr 5.5 at 100.53), above the initial price level at -19/32. MBS markets swung back and forth between a low of -20/32 and a high of -4/32, and both favorable and unfavorable repricing was seen. More information about the government's relief program came out, and ...
09/19/2008
0
Comments
MBS prices are down -1/32 (FNMA 30yr 5.5 at 100.97), above the initial morning price level at -10/32. Late in the day, CNBC reported that the Treasury is considering the creation of a government entity to sell distressed debt in an orderly fashion. The stock market immediately soared, and the Dow...
09/18/2008
