John Comiskey
@Johncomiskey77
Engineer (mortgage tech), attorney (non-practicing). My long form articles available at http://johncomiskey.substack.com.
By my measure. FHA underwater mortgages jumped 30% May to June from 2.05% -> 2.675% of the 8 million portfolio. See what localities (census tract granularity) saw the increases including maps identifying the intersection of 60 day+ DLQ and underwater FHAs. Link in 1st reply.
This has to do with the yield curve and the portion of it that the Fed controls (overnight rates--the very shortest end). They pin the tail on the donkey, but the rest of it can wave in the wind. A lower Fed Funds Rate, all else equal, would raise inflation expectations…
The bond market is currently showing everyone what would happen if Powell were replaced with a more dovish Fed Chair. The shortest-term debt is rallying and longer term yields/rates are rising. This is 110% as expected.
Treasury to borrow 1 Trillion in Q3 - Summer QRA projection, by @Johncomiskey77 open.substack.com/pub/johncomisk…?
June Redfin results are out, and things have taken quite a turn under the hood... Will Wednesday be NAR’s last stand for the COVID cycle? @DiMartinoBooth @RudyHavenstein @VladTheInflator @KennyCap_Phd @MrAwsumb @Johncomiskey77 👇 open.substack.com/pub/m3melody/p…
TGA refill pace is determined by daily TGA spend/receipt deficit or surplus and daily net debt issuance (mostly bills). Seems sluggish because bill issuance needed a few weeks to get from significant net negative to net positive, there is also a lag (few days to a week) from…
Partial Claims are imminent for VA loans. HR 1815 passed the Senate last night on voice vote and just needs Pres. Trump's signature to become law. · One partial claim ever (additional if default during/after a disaster, so Covid era VA partial claims shouldn't prevent another)…
Current legal title to/"Ownership" is very different than sovereignty over. Try not paying your property taxes for a year or two to see just what that difference is.
hey can somebody remind me again why this should be legal
No one really knows how big the U.S. repo market is. Or rather, no one 𝑑𝑖𝑑. We combed through the appendixes to a decade of annual reports for over 150 dealers and banks to get the full picture. The total? $12 trillion, almost doubling previous estimates.
Powell should start a rumor that he's going to sell MBS.
Statement from Chairman of the Board of Fannie Mae on Reports that Jerome Powell Is Considering Resigning Washington, D.C. - "I'm encouraged by reports that Jerome Powell is considering resigning. I think this will be the right decision for America, and the economy will boom."
Of the 24746 FHA partial claims in June 11812 (48%) went to repeat recipients 5125 (21%) recipients were on their 3rd or more partial claim 7715 (31%) received at least one other partial claim since February 2024