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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (13205)	10/10/2004 8:37:31 AM
From: russwinter	Read Replies (1) \| Respond to of 116555

Fron Bankrate monitor on Friday. If I understand this correctly, FNM is paying loan orginators less (15 bps) for mortgages? This would be a big event in FNM's role as the principal buyer in the secondary market. Friday, October 8 Posted 9:35 a.m. ET Just moments ago, Freddie Mac repriced lower the required net yields on mortgages for delivery within 30 days, and in a fairly significant way. Freddie Mac cut the required net yield by 15 basis points from their initial quote at 8:35 a.m. In other words, mortgage rates from lenders planning on selling the loan to Freddie Mac can be expected to drop 15 basis points today. No update yet from Fannie Mae. The other shoe about to drop on the American credit bubble is a Chinese repeg. This makes complete sense to me in terms of Asia dealing with it's input Train Wreck, and allows them to pass on it's surging inflation on the USA. It's do it, or watch their enterprises collapse. It's interesting that about the only currency the commercials are long is the Yen, 64.82.65.31 which suggests that the Japanese will follow, and also allows the Yen to appreciate against the USD. We should see some interest rate fallout too, as the Asians withdraw from currency intervention. The beginning of the Giant Reflux? China in particular will have to bring reserves home to cover banking losses (no doubt already underway from Train Wreck effects). Message 20623060

To: mishedlo who wrote (13205)	10/10/2004 10:38:03 PM
From: TH	Respond to of 116555

I'm amazed at this number of foreclosures. Had I ventured a guess, I would have thought maybe 3000. I tried to find the total number of homes in the 13 Atlanta counties. Anyone know of resource for this? One of my best friends is a VP for a private investment company. He has 14 people working for him moving foreclosed properties. I have been sending him stuff from this tread for a year or so, but he says there has been no increase in foreclosures. He works from Texas to Maine. He has promised to let me know when he gets a spike and if this happens I will post it here. Thx TH