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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: yard_man who wrote (245321)6/12/2003 12:53:39 PM
From: ild  Read Replies (2) of 436258
 
I'm short FNM and have short calls on FRE. The problem is that they went up so much in the last month.
Last fall FNM was down a lot when bonds surged, and it made a lot of sense because refinancings hurt them. This time the all negative news is bullish.

I just completed another zero cost refinancing. Mortgage broker was credited over 5 grand of which 2 grand were closing costs and the rest were his commissions. I guess FNM or FRE will eventually pay the full amount.

I heard a weird story about one person who obtained mortgage broker license and has been refinancing her own house a few times a year every time earning 3K in commissions.
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