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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (28924)	3/19/2005 9:22:51 AM
From: russwinter	Read Replies (2) \| Respond to of 110194

I've been short NEW from 60, and did covered write the April 45 puts against my short. Very high premiums received, collected 2.35, and that was several days ago with the stock at 45.85. The refi index has been running above 2000 all quarter, so unless we start to hear immediate reports developing of ripening problems (???) in the subprime sector, these guys will report more "stellar" numbers. I find these 2000 plus refi levels (*)a mystery, as clearly there is almost no rate incentive to do this unless the lenders are engaging in predatory churning practices? Perhaps Ild could post the Merill Lynch master mortgage index chart from the last CI contraryinvestor.com that illustrates this? 75% of all mortgage debtors are in at under 6%. Frankly, I also find the continuing sky high purchase index a mystery as well. It appears that prices are now flattening, or even backing up some, inventories and listings are swelling, but the crazies are still out there buying their third or fourth empty rental? refi purchase 2-9 2431 445 2-16 2530 423 2-23 2532 418 3-2 2281 440 3-9 2177 452