Mortgage volume tanks; Jamie Dimon bashes the FHA - News and Current Events | futures io social day trading
futures io futures trading

Mortgage volume tanks; Jamie Dimon bashes the FHA
Updated: Views / Replies:164 / 0
Created: by kbit Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 100,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Thread Tools Search this Thread

Mortgage volume tanks; Jamie Dimon bashes the FHA

  #1 (permalink)
Elite Member
Aurora, Il USA
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
kbit's Avatar
Posts: 5,886 since Nov 2010
Thanks: 3,304 given, 3,334 received

Mortgage volume tanks; Jamie Dimon bashes the FHA

Mortgage rates are barely moving, but demand among mortgage-dependent home buyers is weakening, data show.

Total mortgage application volume fell 3.6 percent on-week for the week ending July 11th on a seasonally adjusted basis, according to the Mortgage Bankers Association (MBA).

Applications to refinance were down 0.1 percent on week, while applications for home purchase loans dropped 8 percent to their lowest level since February 2014. Purchase applications are now 17 percent lower than the same week one year ago.

"The housing sector has shown little recent progress," noted Federal Reserve Chair Janet Yellen in a semi-annual report to Congress Tuesday. "While this sector has recovered notably from its earlier trough, housing activity leveled off in the wake of last year's increase in mortgage rates, and readings this year have, overall, continued to be disappointing."

Mortgage rates jumped in June of 2013 but have barely moved since, hovering in a narrow range. Last week the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.33 percent from 4.32 percent.

"None of the recent movement in mortgage rates could be considered 'fast-paced,'"noted Matthew Graham of Mortgage News Daily.

One major area of weakness in the mortgage market today is loans backed by the Federal Government, with application volume down nearly 37 percent from a year ago, according to the MBA. The Federal Housing Administration (FHA), which insures but does not originate home loans, is largely to blame for that. It has raised insurance premiums and gone after the big banks aggressively for making bad loans.

"The real question for me is should we be in the FHA business at all," said Jamie Dimon, CEO of JPMorgan Chase, on a conference call Tuesday related to the bank's second-quarter earnings. "We want to help there, but we can't do it at great risk to JPMorgan."

JPMorgan has agreed to pay over $600 million to the FHA and the Department of Veterans Affairs for defective loans. It originated far fewer FHA loans in the second quarter of this year.

"Until they come up with a safe harbor or something, we are going to be very, very cautious in that line of business," said Dimon, adding that he was "confused" by how the FHA treated his bank.

Mortgage volume tanks; Jamie Dimon bashes the FHA

Reply With Quote


futures io > > > > Mortgage volume tanks; Jamie Dimon bashes the FHA

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Upcoming Webinars and Events (4:30PM ET unless noted)

July Journal Challenge - $500 in Amazon Gift Cards!


AXESS Trader: Powerful Cloud Based Trading Platform w/GFF Brokers

Jul 17

TBA: FuturesTrader71 w/Morad Askar

Elite only

Similar Threads
Thread Thread Starter Forum Replies Last Post
For Jamie Dimon, another $34 million could be on the way kbit News and Current Events 0 January 27th, 2014 02:40 PM
Jamie Dimon says bitcoin is a ‘terrible store of value’ kbit News and Current Events 0 January 23rd, 2014 08:40 PM
122 Minutes With Jamie Dimon kbit News and Current Events 0 August 14th, 2012 10:21 PM
What did you think of Jamie Dimon's testimony? Big Mike Traders Hideout 5 June 13th, 2012 12:26 PM
Taken to Task: Jamie Dimon’s House of Ill Repute kbit News and Current Events 0 July 12th, 2011 02:07 PM

All times are GMT -4. The time now is 08:53 PM. (this page content is cached, log in for real-time version)

Copyright © 2018 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432,
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2018-07-17 in 0.09 seconds with 14 queries on phoenix