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6/10/10--Activity, CMBS, Fitch Report on HELs |
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*Activity picked up yesterday in both the non-agency rmbs space as well as the consumer ABS markets. Even while the equity markets were headed toward negative territory we heard of the street being lifted out of a number of high quality cash equivalent positions in the consumer abs markets. The dearth of new supply is certainly one contributing factor, however with increased volatility and uncertainty with regards to the credit markets we are seeing investors flock to the more stable and shorter duration cashflows. In the non-agency space that means we continue to see demand for seasoned collateral and top of the waterfall cash-flows. |
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6/9/10--Equities and ABX, Reduction in Mortgage Tax Credit? |
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Activity still remains muted in the non-agency MBS space. We saw a slight uptick in selling yesterday but nowhere near what we have become accustomed to over the first 5 months of the year. The rebound in equities helped to pull both PrimeX and ABX higher on the day albeit also on relatively light volume. Also it dawned on me yesterday if you are looking for a sure fire winning trade, just wait until I proclaim the equity market to be heading in one direction and then immediately go the other way. |
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6/7/10--MBS Markets, Ambac CDS Auction |
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*Sum up the weekend.....Celtics won last night and everything is awesome!!!! *The non-agency and abs markets seemed to weather the storm on Friday fairly well. When the equity markets imploded (about 7 seconds after I had placed my wager that it would close north of 10k) the ABX and PrimeX markets actually seemed to hold the line, albeit on very light volume. We continue to see demand for high quality consumer paper, and decent demand for the seasoned collateral story in the non-agency mbs market. I wouldn't be surprised to see an uptick in selling volume this week as customers finally finished up their May month end activity and are staring at end of Q2 and possible summer liquidity doldrums. |
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6/8/10--"Cognitive Resource Depletion," Easy Money, FRBNY Home Ownership Report |
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*From the LA Times on Sunday June 6th, "Cognitive resource depletion is a well-proven principle that holds that willpower is a limited resource that can be used up. And it suggests that once a person's self-regulation battery is run down, he or she shouldn't make any major decisions until the battery is recharged." http://tinyurl.com/25ryj3v |
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6/4/10--Activity, California's Facilitated MoMortgage Workout Program |
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*As the employment report this morning disappoints and equity markets and credit markets retrace any sort of positive inclination from yesterday we are opening ABX and PrimeX lower by ¾ to a point lower from yesterday’s closes. Activity in the non-agency space had picked up yesterday with investors coming back especially in the prime and Alt sector. We heard about some large blocks leaving the street although we are still at least a few points lower than recent highs. The consumer ABS sectors were ‘dead’ yesterday and in the mono-line space we had some action in both Ambac and FSA names trading CWL 06-S6 A3 and CWHEL 06-I 2A. The Ambac CDS auction goes off today with the morning session going off at 9:45 with results being reported at 10:30 and the afternoon session starts at 12:45 with final results being posted at 2:00. |
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