| Last | Change | Percent | |
| S&P Futures | 1497.4 | 1.7 | 0.11% |
| Eurostoxx Index | 2747.9 | 3.7 | 0.13% |
| Oil (WTI) | 96.17 | 0.3 | 0.30% |
| LIBOR | 0.302 | 0.001 | 0.33% |
| US Dollar Index (DXY) | 79.84 | 0.092 | 0.12% |
| 10 Year Govt Bond Yield | 1.96% | 0.02% | |
| RPX Composite Real Estate Index | 192.6 | 0.0 |
Markets are slightly higher this morning after a strong earnings report from Caterpillar and strong durable goods numbers. Bonds continue their swoon, with the 10 year approaching 2%. Is the "risk on" trade we have been waiting for since 2008 finally at hand? MBS are down as well.
Fannie Mae is offering deed-in-lieu options for underwater borrowers who are current on their mortgage and have experienced some sort of hardship like illness, job change, or other problems. It effectively allows these homeowners to "toss the keys to the bank" and walk away from their underwater property with the underwater portion of their mortgage debt forgiven. The program does not address mortgages, so a second-lien holder could prevent a homeowner from walking away.
The Federal Appeals Court has rejected Obama's recess appointments, specifically his appointments to the NLRB and the CFPB. Cordray's appointment to head the CFPB was an interim appointment, and he will have to go through the process for his 5-year term. Will it change anything for people in the industry? Probably not.
Since we have kicked the debt ceiling can down the road for a few months, the next item is the sequestration - which is all of the automatic spending cuts that kick in. Half will be in defense, and half will be in non-defense discretionary spending. Paul Ryan was on Meet the Press and said that he expects the sequestration cuts will happen. Agencies are bracing for the cuts to happen as well.
Looks like the eminent domain idea is officially dead, at least in California.
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