I talked about the blow up in the mortgage market this week. Below is a story I just saw on BN where the Government is about to take steps to mitigate the pain on the servicer side when borrowers can't make payments to lenders (whether because they outright can't or due to government imposed forbearance). Ginnie Mae Weighs Disaster Aid for Virus-Hit Mortgage …
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(no February data was included) Positives 1)Congress passes the $2T bill that will provide short term relief for many households and businesses. 2)The Fed takes further steps to re-liquefy parts of the credit markets and also announces that they will outright be buying IG corporate bonds (in a roundabout way). The ECB takes off issuer limits in its new …
[Read more...] about Succinct Summation of the Week’s Events: 3/27
Fridays never felt so good. And I just keep telling myself that each day that goes by gets us one day closer to getting past this. Each day the news flow will be difficult, with April being particularly tough, but each day also brings more hospital beds, more ventilators, more test kits (both virus and serological), more gowns, more masks, more shutdowns which slows …
Initial jobless claims totaled 3.28mm, almost double what was expected and at the upper end of the broad range. Let's be honest though, the estimates were really a shot in the dark even with some state info that economists had. As said earlier, fortunately those filing will have the term extended to 39 weeks from 26 weeks if needed and they will receive an additional …
The 8:30am initial claims number will certainly be upsetting to see. The consensus is 1.64mm but we know the risk is the upside. The silver lining is the House will pass the new bill today which will extend the term of benefits to 39 weeks and increase the weekly amount by $600. As for the broader help to business, there will be plenty of money there but I just don't …
Before I get into the details of the bill, I just needed to sing this out loud because I'm so damn curious as to what Warren Buffett is thinking and doing with all that cash he's sitting on. "Where have you gone Warren Buffett? Our nation turns its lonely eyes to you. Woo, Woo, Woo. What's that you say, Mrs. Robinson? Walloping Warren has left and gone away." So …
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Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor.
