Mary Schapiro of the SEC testified to the Crisis Committee. It’s lightweight bureaucratic fluff, especially when compared to Sheila Bair’s testimony, which was a joy to read since it contained actual arguments.
The previously mocked HAMP is looking more sickly by the minute:
About 25 percent of homeowners who received trial loan modifications through President Barack Obama’s main foreclosure prevention plan are failing to keep up with their new reduced payments, the Treasury Department said.
At least 196,000 borrowers have missed some or all of their required payments, according to comments Treasury officials made on a conference call today and calculations from government data. An additional 115,000 homeowners who started trial repayment plans last year have either dropped out or been kicked out of Obama’s Home Affordable Modification Program, the officials said.
…
Turning around the U.S. housing market is one of Obama’s top priorities, Lawrence Summers, the president’s top economic adviser, told reporters yesterday. The administration has put off restructuring federally controlled mortgage-finance companies Fannie Mae and Freddie Mac while they are administering the mortgage- modification program.
PerpetualDiscounts had a nothing day on the Canadian preferred share market, losing a quarter of a beep, but FixedResets bounced back strongly, gaining 13bp. Volume was heavy.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4882 % | 1,709.1 |
| FixedFloater | 5.89 % | 3.95 % | 35,508 | 19.08 | 1 | 1.0959 % | 2,682.3 |
| Floater | 2.30 % | 2.63 % | 109,631 | 20.71 | 3 | 0.4882 % | 2,135.1 |
| OpRet | 4.84 % | -3.74 % | 116,926 | 0.09 | 13 | 0.1034 % | 2,319.8 |
| SplitShare | 6.35 % | -4.00 % | 184,077 | 0.08 | 2 | 0.0219 % | 2,114.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1034 % | 2,121.2 |
| Perpetual-Premium | 5.78 % | 5.63 % | 145,233 | 2.26 | 12 | -0.1286 % | 1,896.2 |
| Perpetual-Discount | 5.73 % | 5.74 % | 178,385 | 14.28 | 63 | -0.0025 % | 1,833.3 |
| FixedReset | 5.40 % | 3.56 % | 329,303 | 3.85 | 42 | 0.1264 % | 2,180.1 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| TD.PR.Y | FixedReset | -1.69 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2018-11-30 Maturity Price : 25.00 Evaluated at bid price : 25.66 Bid-YTW : 4.26 % |
| ENB.PR.A | Perpetual-Premium | -1.56 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2010-02-14 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : -0.85 % |
| W.PR.J | Perpetual-Discount | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-01-15 Maturity Price : 23.20 Evaluated at bid price : 23.50 Bid-YTW : 5.99 % |
| BAM.PR.B | Floater | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-01-15 Maturity Price : 15.06 Evaluated at bid price : 15.06 Bid-YTW : 2.63 % |
| BAM.PR.G | FixedFloater | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-01-15 Maturity Price : 25.00 Evaluated at bid price : 18.45 Bid-YTW : 3.95 % |
| POW.PR.D | Perpetual-Discount | 1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-01-15 Maturity Price : 21.61 Evaluated at bid price : 21.95 Bid-YTW : 5.72 % |
| GWO.PR.J | FixedReset | 1.57 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-01-30 Maturity Price : 25.00 Evaluated at bid price : 27.74 Bid-YTW : 3.15 % |
| TRP.PR.A | FixedReset | 2.03 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2015-01-30 Maturity Price : 25.00 Evaluated at bid price : 26.58 Bid-YTW : 3.28 % |
| HSB.PR.C | Perpetual-Discount | 2.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-01-15 Maturity Price : 23.09 Evaluated at bid price : 23.30 Bid-YTW : 5.51 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BAM.PR.R | FixedReset | 288,715 | Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-01-15 Maturity Price : 23.19 Evaluated at bid price : 25.30 Bid-YTW : 4.88 % |
| MFC.PR.A | OpRet | 192,570 | RBC crossed 190,000 at 26.75. YTW SCENARIO Maturity Type : Call Maturity Date : 2010-07-19 Maturity Price : 26.25 Evaluated at bid price : 26.50 Bid-YTW : 2.60 % |
| TRP.PR.A | FixedReset | 147,424 | RBC bought 10,000 from Nesbitt at 26.60. YTW SCENARIO Maturity Type : Call Maturity Date : 2015-01-30 Maturity Price : 25.00 Evaluated at bid price : 26.58 Bid-YTW : 3.28 % |
| BAM.PR.P | FixedReset | 96,780 | Nesbitt crossed 68,700 at 27.20. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-10-30 Maturity Price : 25.00 Evaluated at bid price : 27.18 Bid-YTW : 5.04 % |
| SLF.PR.C | Perpetual-Discount | 61,813 | RBC crossed 50,000 at 19.40. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-01-15 Maturity Price : 19.37 Evaluated at bid price : 19.37 Bid-YTW : 5.80 % |
| IAG.PR.A | Perpetual-Discount | 50,360 | RBC crossed 49,400 at 20.30. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-01-15 Maturity Price : 20.26 Evaluated at bid price : 20.26 Bid-YTW : 5.73 % |
| There were 46 other index-included issues trading in excess of 10,000 shares. | |||