MBS Live: MBS Afternoon Market Summary
Nothing at all happened today.  There were no significant market moving events.  Data didn't matter--or at least no one cared to trade it today.  Obama's speech didn't matter.  Market participants are either tired of Fed Chair speculation that doesn't bring substantive new information or simply aren't around to respond.  There was no scheduled Treasury operation today, so we didn't have that going for us, which is neither bad nor good.  Even the overnight data deposited bond markets right where they'd left off yesterday so they could generally end today at the same levels after a wholly inconsequential sideways drift.  So to be clear, that's an inconsequential day to end and inconsequential week.  To make all of the above as simple as it can be: last Friday's latest price on Fannie 3.5s is exactly the same as today's.  10yr yields are 2.58 vs 2.59 last Friday.  We may begin accelerating next week as more relevant data starts up, but the better bet for a return of a pulse to market participation is the following week and infinitely more so the the first week in September when get post-Labor-Day NFP.
MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
FNMA 3.0
97-05 : +0-05
FNMA 3.5
100-32 : +0-04
FNMA 4.0
104-03 : +0-04
FNMA 4.5
106-09 : +0-04
GNMA 3.0
98-09 : +0-06
GNMA 3.5
102-06 : +0-07
GNMA 4.0
104-24 : +0-05
GNMA 4.5
106-23 : +0-07
FHLMC 3.0
96-26 : +0-06
FHLMC 3.5
100-23 : +0-04
FHLMC 4.0
103-29 : +0-05
FHLMC 4.5
105-24 : +0-04
Pricing as of 4:04 PM EST
Afternoon Reprice Alerts and Updates
Below is a recap of instant Reprice Alerts and updates issued via email and text alert to MBS Live subscribers this afternoon.
1:40PM  :  Bond Markets Trickle into Positive Territory Across the Board
All movement is purely incidental on this, the lightest volume day of any full business day in 2013. But bond markets are now incidentally in positive territory across the board.

10yr yields are testing their 2.58 floor for the 6th time since 6:43am ET and both MBS production coupons (3.5s and 4.0s) are 4 ticks higher on the day (at 100-31 and 104-02 respectively). Given that we're in the midst of Class A settlement and the general level of absenteeism in capital markets this afternoon, lender reprices are less likely than they otherwise might be, but are probably now moving from unlikely to "possible" for a few lenders.
Live Chat Featured Comments
A recap of the featured comments from the MBS Live Dashboard's Live Chat feature, utilized by hundreds of industry professionals each day.
Curt Sandfort  :  "Try AFR"
Ashley Sanchez  :  "Any non-brokers able to do FHA manufactured new purchase TO BE placed on perm foundation?"
Jason Northcutt NMLS#994555  :  "And the house actually had to be part of the BK and given back at time it was discharged."
Dustin McAlister  :  "Yeah, I checked with FHA and USDA and both said the same, the only idea i got was from the USDA guy who said to have them to a deed in lieu and leave the property and that might be quicker. "
Jason York  :  "actually, if they house had an FHA loan, they won't be able to buy with a new FHA loan loan until 3 years after the claim was filed with FHA, which could often be after the deed sale, I have a customer that had their chap 7 discharged in Oct 2011, with an FHA loan included, BOA didn't take it till Oct 2012, and FHA didn't file the claim until May 2013, so their clock for an FHA loan doesn't start till May 2013, which puts them at May 2016!"
Gary Bracht  :  "DM, I saw another client of BofA, similar story, BK in 2008, left the home, foreclosed on they thought, and deed wasn't recorded until 2012...guess what happened to their FHA deal? "
Jason Northcutt NMLS#994555  :  "Dustin ... depending on the lender and how the UW looks at it ... if the house was part of the BK and the BK was discharged then the debt is no longer theirs. I had one where it got through on that fact alone. But every UW reads the rules different"
Dustin McAlister  :  "i have one that BOA still hasn't foreclosed on the BK discharged 2.5 years ago. This people are being screwed by boa because i can't start the clock until BOA takes the home back "
Ken Crute  :  "3yrs since the date FHA incurred the loss, "
Ryan Kelly  :  "My thought was they were good since we are >24 months out of the BK"
Ryan Kelly  :  "I have borrowers that went Chapter 7 in 2010, they included the mortgage in the BK. It was an FHA mortgage. Credit Report and Bankruptcy papers show the mortgage included in the bankruptcy, however CAIVERS has it listed as a foreclosure. Is there anyway I'm gonna be able to get around CAIVERS"
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