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This morning I head from Chicago to Orlando along with 74 million others (yearly). More fun with numbers: Although the MBA thinks we’ll fund about $1.7 trillion in 2023, weekly applications continue to reflect a declining market so let’s use $1.5 trillion to make the numbers easier. That averages out to $6 billion per business day of production. The Fed is looking to offload $13 billion in MBS from bank seizures. To keep things in perspective, that is only two days’ worth of production, certainly not enough to “swamp the boat.” Perspective is good, and here’s another example. Higher and volatile interest rates, uncertainty about property values, and stresses in some property markets have increased pressure on some loans and properties. Accordingly, MBA reported that commercial and multifamily mortgage delinquencies increased in the second quarter of 2023. Even with the uptick in delinquency rates, they remain at the lower end of historical rang ....
As rumors of correspondent, wholesale, and retail company cutbacks or closings continue to bounce around our biz, how about this non-mortgage tidbit. During his off hours in New York, Ira S. found yet another fun and fascinating website: a map of the U.S. that one can zoom in/out of, and it will list the resident looked up most on Wikipedia (they had to be born, lived in, or somehow connected to the city). Much less fun is the fact that Capital markets staffs have turned their attention, due to recent rate drops, to renegotiations in the primary markets with LOs and AEs. In the secondary markets, of course, Wall Street firms don’t renegotiate hedge positions. In other words, one can’t call up Morgan Stanley or BAML or Multi-Bank Securities and whine, “Uh, remember that MBS we sold you three weeks ago? Well, rates have moved, and we want a better price or else.” In fact, I’ve even heard nervousness from lenders about margin calls from broker-dealers, e ....