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Consumer Financial Services
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The Debt Excelerator: Your lead to Financial Freedom

Consumer Financial Services practices Four (4) simple steps in planning your Financial Freedom:

 

STEP ONE

Create Your Debt Plan

Don't just consolidate your debt: Eliminate your creditors!  The Debt Excelerator team will provide a custom debt plan just for you.

 

STEP TWO

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STEP THREE

Protect You And Your Family

We will work with our clients to find the best Life, Health and Disability plans for you and your family from our portfolio of over fifty (50) top-rated insurance companies.

 

STEP FOUR

Plan For Your Retirement

We are dedicated to work with you and your family to achieve your long-term retirement goals - working with the biggest and best names in the industry.

 

 

 

 

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News

Mortgage News
Category: General
Posted by: webmaster

 

MBS RECAP: Uneventful Session, MARKETS CLOSED MONDAY

Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary There's little to report outside the two words in the title. Today truly was an "uneventful session." Bond markets might have been at more risk had it not been for the news out of Spain that Catalonia (or Catalunya for you MotoGP fans) needs help from the Spanish government to make ends meet. Yes, the Spanish banking crisis is old news, but this morning's wire is new news, and THE only major news of the day. With that, Treasuries and MBS were able to hold slight overnight gains, trading uneventfully sideways throughout the session and gladly punching the clock three hours earlier than normal. PLEASE NOTE: MARKETS AND BANKS WILL BE CLOSED ON MONDAY 5/29/12 IN OBSERVANCE OF MEMORIAL DAY. We do not have any scheduled commentary coming out between now and...(read more)

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Mortgage Rates Reverse Course Every Day This Week, But Stay Near Lows

Posted To: Mortgage Rate Watch

Mortgage Rates continue to experience minor volatility near all-time lows, bouncing moderately LOWER today after moving HIGHER yesterday. Rates moved in a different direction every day this week! Today's moves didn't take rates to the lowest recent levels, but did slightly improve borrowing costs for the prevailing rates. The Best-Execution Rate for Conventional 30yr Fixed Loans remains at 3.75%, but closing costs would be slightly lower for that rate today vs yesterday (or the amount of lender credit would be higher, depending on your scenario). (Read More: What is A Best-Execution Mortgage Rate? ) After a relatively calm day yesterday (Get Caught Up With: Yesterday's Post ), markets were nearly dead today, with a majority of trading motivation arriving early in the morning on European considerations...(read more)

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MBS MID-DAY: Dying Down Ahead Of Long Weekend

Posted To: MBS Commentary

MBS Live : MBS Morning Market Summary Bond markets made a quick head fake in a weaker direction following the better-than-expected Consumer Sentiment release at 9:55am, but must have quickly remembered that it's Europe, and not the domestic consumer, that's at the heart of the ongoing epic flight-to-safety. Indeed, today is one of those days where bond markets and the European currency are very well linked-up, the latter taking it's first major cue of the morning on news out of Spain that its wealthiest province officially asked for help from the Spanish government to service its debt. Since then, the Euro fell to test a technical boundary at 1.25, which set up the lows that began the ensuing range trade with the highs ostensibly inspired by levels immediately preceding the Spain news. It's...(read more)

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Federal Reserve Releases Action Plans for Two Loan Servicers

Posted To: MND NewsWire

The Federal Reserve Board released a number of documents Thursday afternoon related to enforcement actions against several major mortgage servicers. Included in the release were action plans for Citigroup and HSBC Finance Corporation to correct deficiencies in residential mortgage loan servicing and foreclosure processing . The action plans are in response to an enforcement action issued by the Federal Reserve last year which specified that the parent companies of mortgages servicers develop and submit plans to improve their procedures, controls, and oversight of foreclosure activities in specified areas. The Federal Reserve said that today's release will be the last for documents required by the formal enforcement actions issued in April 2011. Letters of Engagement and actions plans mandated...(read more)

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The Day Ahead: 2pm Bond Market Close And 2 Flavors Of Consumer Sentiment

Posted To: MBS Commentary

Yesterday morning, we suggested that markets might do something "sneaky" and make some sort of moderate movement seemingly tied to economic data when it's true nature would instead merely be a movement within a "broader range trade." We were looking at the domestic economic data slated for yesterday morning as having the potential to do this. Silly us... While markets indeed made the "sneaky" move, it was instead tied to to European data and headlines. By the time domestic data hit, the "broader range trade" had already mostly played out, and the rest of the day became a task of "holding ground." The ground-holding, in turn, helps us narrow down the various candidates for the boundaries of the range trade. We thought we might be on to something with the 'triangle' seen in this chart late yesterday...(read more)

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MBS RECAP: Settling Into Holiday Weekend Drift

Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary This morning, we suggested that markets are relatively out of trading ideas until the next big-ticket items start hitting and thus, might use whatever opportunities arise to make course corrections within a broader range (read more about the SNEAKY TRICK if you missed it this morning). We also noted that there are different ways to determine what that "broader range" might be. Now with today's trading mostly in the books, not only are we getting ongoing confirmation of these "course corrections within a broader range" but there's an emerging visual representation of this in 10yr yields (which, as you may know, we prefer to MBS as far as assessing trends in interest rates despite the fact that this is an MBS site, especially when bigger potential shifts...(read more)

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Mortgage Rates Higher Today, Still Bouncing Around All-Time Lows

Posted To: Mortgage Rate Watch

Mortgage Rates continue to experience minor volatility near all-time lows, bouncing moderately higher today after moving lower yesterday. The move didn't take rates any higher than Tuesday's rather abrupt short-term highs, and despite the fact that rates have moved in opposite directions every day this week, the actual rates quoted should have remained the same for most scenarios while the variations would be limited to borrowing costs. That means that when we reference "higher rates," the Best-Execution Rate for Conventional 30yr Fixed Loans remains at 3.75%, but closing costs would be higher for that rate today vs yesterday (or the amount of lender credit would be lower, depending on your scenario). (Read More: What is A Best-Execution Mortgage Rate? ) Markets were generally calmer today...(read more)

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RMBS Investigators Announce Website, Coordination Team

Posted To: MND NewsWire

The Residential Mortgage-Backed Securities (RMBS) Working Group unveiled a new website on Thursday to enable "whistleblowers" to report mortgage-backed securities (MBS) related misconduct. The group also announced the creation of a new team to coordinate various securities-related investigations around the country. The Working Group is part of the Financial Fraud Enforcement Task Force ( FFETF ) created in January to address fraud leading to the financial crisis. The group is led by five co-chairs representing the civil and criminal divisions of the Department of Justice, the Securities and Exchange Commission, and two attorneys general from New York and Colorado. According to a press release, the working group and its members are focused on investigating potential false or misleading statements...(read more)

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MBA Hikes 2012 Origination Forecast by $200 Billion

Posted To: MND NewsWire

The Mortgage Bankers Association ( MBA ) is projecting that mortgage originations in 2012 will be $200 billion higher than was originally anticipated. Almost all of the increase will be coming from a boom in refinancing, but none of the additional originations are pegged to the Home Affordable Refinance Program (HARP 2.0.) MBA said it now expects that the industry will do $1.28 trillion in business in 2012, up from $1.26 trillion in 2011. The new number is an upward revision of $188 billion from the number MBA put out in April, driven by an increase in the pace of refinance applications and originations. Refinancing is now expected to generate $870 billion during the year, virtually the same amount as in 2011. At the same time, MBA revised its estimate of purchase loan origination downward...(read more)

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Fannie and Freddie: "Where the Money Went."

Posted To: MND NewsWire

As part of its semi-annual report to Congress , the Federal Housing Finance Agency's (FHFA) Office of the Inspector General (OIG) included a section detailing, in financial terms, the fall of the two government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac which were placed under FHFA conservatorship in September 2008. The GSEs' fall was both swift and devastating so it is helpful to see, in one place, the numbers and the time-line underlying their implosion. Background The GSEs' historic mission was to provide liquidity to the housing finance system. They did this primarily by supporting the secondary mortgage market through the purchase of residential mortgages from originators who then used the proceeds to originate more loans. The GSEs either held the mortgages in investment portfolios...(read more)

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