Prepayment rates for agency mortgage-backed securities were generally flat for 5.0% and 5.5% coupons but increased as much as 12% for higher coupons in the August reporting period, according to Bear Stearns.Bear Stearns analyst Dale Westhoff attributed the strength of the numbers to the three additional business days in August, which he said "clearly offset" the rise in mortgage rates that took place during the period. Discount prepayment rates maintained a record pace in August, he reported, noting that the speed of the huge 2003 vintage 5.0% coupon rose from a constant prepayment rate of 18.4 CPR in July to 19.1 CPR. "This pace continues to be over 50% faster than historical averages and reflects rising home prices and vigorous cash-out refinancing activity," Mr. Westhoff said. "It is important to note that so far the massive flattening in the yield curve has had little impact on discount/current coupon MBS prepayments." The Bear Stearns analyst said speeds are likely to slow significantly in September. Bear Stearns can be found online at http://www.bearstearns.com.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25