| Last | Change | Percent | |
| S&P Futures | 1546.7 | -0.1 | -0.01% |
| Eurostoxx Index | 2696.2 | -15.7 | -0.58% |
| Oil (WTI) | 92.97 | 0.4 | 0.46% |
| LIBOR | 0.28 | -0.001 | -0.36% |
| US Dollar Index (DXY) | 82.61 | 0.029 | 0.04% |
| 10 Year Govt Bond Yield | 2.03% | 0.01% | |
| RPX Composite Real Estate Index | 193.5 | -0.6 |
Stock index futures are flattish after a good retail sales report. Retail sales increased 1.1%, higher than the .5% estimate. January was revised upward. While retail sales is a notoriously volatile number, it does provide another data point that the economy seems to be picking up speed, not slowing down. Mortgage applications fell. Bonds and MBS are down.
HARP refis are accounting for the lion's share of refinancings in the hardest hit states.In Nevada, they account for 68%. In Florida, it is 58%. This has had the effect of taking inventory off the market, which is driving price increases and helping create a virtuous circle of price appreciation and easier credit. The MBA is projecting that lending will fall 21% this year as higher interest rates cool the refi market according to Fannie Mae. Refis will still account for 58% of all origination.
The battle over the Consumer Financial Protection Board continues. Republicans are threatening to block Richard Cordray's nomination to head the agency unless changes are made in its charter to make it more accountable to Congress. Republicans are pushing for the Chairman of the CFPB to be replaced with a bipartisan board and for the agency to be subject to the normal Congressional appropriations process.
Ally has sold a large MSR portfolio to Ocwen for $585 million, covering $85B of unpaid principal balance. No word on what percent were performing, etc.
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