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Treasuries enjoying healthy bid this morning as risk aversion enhances safe-haven allure of government debt; however, bond market has little to work with today and may be unable to sustain its modest rally...

(5/9/2008)

From a technical perspective, the market still has a long way to go to reverse its medium-term correction but at least the downward tug on prices has slowed down. With no substantial economic data to digest today, Treasuries will have no strong catalysts to provide directional cues - they will have to wait for next week's calendar. Pre-weekend position-squaring may add some color this afternoon but most traders expect a lackluster couple of hours heading into the bond futures close unless flight-to-quality buying picks up some momentum.
Fannie Mae to buy "jumbo" mortgages for same prices as smaller loans to help U.S. emerge from housing slump...

(5/9/2008)

The government-chartered company also said it will handle refinancings of non-delinquent mortgages for as much as 120% of property values when it owns the existing loans. These changes come in response to increasing costs for borrowers, making it more difficult for some to refinance loans or purchase homes. Fannie Mae and smaller rival Freddie Mac have been raising fees to increase revenue and tightening guidelines to curb losses from foreclosures, amid mounting credit costs. The yield that Fannie Mae was requiring on the mortgages was 0.39 percentage points higher than on comparable smaller loans. Ed DeMarco, deputy director of the Office of Federal Housing Enterprise (the regulator for both Fannie Mae and Freddie Mac) said today he thinks there will be more activity in the jumbo arena...but that right now, it's still early.
"Mortgage Originator" magazine announces its 12th annual Top Originator rankings; Melissa Cohn, President/CEO of The Manhattan Mortgage Company, named #1 Mortgage Originator in the country in dollar volume and units...

(4/3/2008)

Six other Manhattan Mortgage originators were also recognized in the Top 200 List: Bruce Maasbach, Beth Divney, Victor Angel, Tina Blakeman, Shaul Betesh and Elise Leve.

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