Examining Bond Portfolio Trends: Third Quarter 2021

Examining Bond Portfolio Trends: Third Quarter 2021 Beginning in May 2012 we started tracking  portfolio trends of our bond accounting customers here at the Correspondent Division of SouthState Bank.  At present, we account for over 130 client portfolios with a combined book value of $17.2 billion, or $132 million on average per portfolio.  Twelve months…

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Examining Bond Portfolio Trends: Second Quarter 2021

Examining Bond Portfolio Trends: Second Quarter 2021 Beginning in May 2012 we started tracking  portfolio trends of our bond accounting customers here at the Correspondent Division of SouthState Bank.  At present, we account for over 130 client portfolios with a combined book value of $15.8 billion, or $122 million on average per portfolio.  Twelve months…

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Bond Portfolio Trends: First Quarter 2021

Examining Bond Portfolio Trends: First Quarter 2021 Beginning in May 2012 we started tracking  portfolio trends of our bond accounting customers here at the Correspondent Division of SouthState Bank.  At present, we account for over 130 client portfolios with a combined book value of $14.3 billion, or $110 million on average per portfolio.  Twelve months…

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Examining Bond Portfolio Trends: Third Quarter 2020

Examining Bond Portfolio Trends: Third Quarter 2020 Beginning in May 2012 we started tracking  portfolio trends of our bond accounting customers here at the Correspondent Division of CenterState Bank.  At present, we account for over 130 client portfolios with a combined book value of $11.5 billion, or $88 million on average per portfolio.  Twelve months…

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Examining Bond Portfolio Trends: Second Quarter 2020

Beginning in May 2012 we started tracking  portfolio trends of our bond accounting customers here at the Correspondent Division of CenterState Bank.  At present, we account for over 128 client portfolios with a combined book value of $11.4 billion, or $89 million on average per portfolio.  Twelve months earlier the average portfolio size was $65…

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Fed Keeps Rates Near Zero, Continues Vow to Use All its Tools

Today’s FOMC meeting was never going to be a barnburner and it lived up (or is that down?) to those limited expectations. The Fed left the fed funds rate unchanged today (0.00%-0.25%) and did not tweak the Interest on Excess Reserves (still at 0.10%). And being a non-quarter-end meeting there wasn’t an update to the…

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Fed Expects to Keep Rates on Hold Through 2022

In a surprise to no one the Fed left the fed funds rate unchanged today, but did return to forecasting the economy and rates for the first time since the December meeting and the bottom line there is the Fed doesn’t expect to hike rates through 2022. Chair Powell is expected to address at the…

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Fed Keeps Funds Rate and IOER Unchanged, QE Remains Unlimited

It’s been exactly three months since the last regularly scheduled FOMC meeting and what a different world we are in versus the Fed meeting on January 29th. The Fed left the fed funds rate unchanged today (0.00%-0.25%) and did not tweak the Interest on Excess Reserves (still at 0.10%). There was some thought they would…

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Examining Bond Portfolio Trends: First Quarter 2020

Beginning in May 2012 we started tracking  portfolio trends of our bond accounting customers here at the Correspondent Division of CenterState Bank.  At present, we account for over 131 client portfolios with a combined book value of $10.09 billion, or $77 million on average per portfolio.  Twelve months earlier the average portfolio size was $65…

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A Couple Ways to Play the Coming Prepayment Rollercoaster

We mentioned last week that with the forbearance program for mortgage debtors in the recently passed CARES Act, mortgage prepayments this year could see a period of quiet then followed by faster speeds when the forbearance programs expire. That expected pattern leads to two ways to approach mortgage investments this year. As mentioned, the CARES…

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Prepare for a Rollercoaster Ride in Prepayments

March prepayments had a little bit for everyone but mostly it was faster prepay speeds that printed before the economy ran off the rails owing to the coronavirus shutdown. The March report saw aggregate conventional Fannie Mae 30-year speeds rise 42%, double the consensus call for a 20% increase. Ginnie Mae II 30-year aggregate speeds…

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Bond Portfolio Trends: Fourth Quarter 2019

Beginning in May 2012 we started tracking  portfolio trends of our bond accounting customers here at the Correspondent Division of CenterState Bank.  At present, we account for over 141 client portfolios with a combined book value of $10.03 billion, or $71 million on average per portfolio.  Twelve months earlier the average portfolio size was also…

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