Jobs report STINKs...we are showing a loss of 263,000 jobs vs. expectation of a loss of 175,000. Unemployment reaches a 26 year high at 9.8% Terrible jobs report usually means GREAT news for Mortgage Backed Securities. Because it was so much worse than expected...and what was expected was BAD...Mortgage Backed Securities blossomed with the news this morning.
FNMA 4.5% actually was trading OVER $102.00 which we haven't seen for several months before investors woke up to the idea that there will be SO much money flowing to the Treasury Bond Auctions scheduled next week ($78 Billion worth). Profit Taking led a charge downward for the bond where it stayed about even on the day for most of the afternoon. The bond lost 9bps after being UP almost 50 bps at one point in the day.
Credit repair at Metlife? Metlife is partnering with a credit repair agency to provide affordable and reputable credit repair solutions to our clients together. NO, Metlife is not in any way "affiliated" with a credit repair company...but we have negotiated a special rate for your clients. Please connect with one of us for details.
Dow only down 21 points after losing 200 yesterday.
Oil is still under $70/barrel as demand expectation is down.
I got a great story emailed to me from my friend Jennifer Erickson who works with me here at MHL in Bozeman...check it out:
Smoke Signals, by an unknown author...
The only survivor of a shipwreck washed up on a small, uninhabited island. he prayed feverishly for God to rescue him and every day he scanned the horizon for help, but none seemed forthcoming. Exhausted, he eventually managed to build a little hut out of driftwood to protect him from the elements and to store a few possessions. But then one day, after scavenging for food, he arrived home to find his little hut in flames, the smoke rolling into the sky. The worst had happened; everything was lost. He was struck with grief and anger. "God, how could you do this to me!" he cried. Early the next day, however, he was awakened by the sound of a ship that was approaching the island. It had come to rescue him. "How did you know i was here?" asked the weary man of his rescuers. " We saw your smoke signal," they replied.
It is easy to get discouraged when things are going bad. But we shouldn't lose heart. Remember the next time your little hut is burning to the ground - it may just be a smoke signal that summons the grace of God. The more you give, the more you laugh, the less you fret. The more you do unselfishly, the more you give abundantly.
Have a great weekend,
Chad.
