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Hands Off the PMBS Panic Button!

September 12, 2012
By Chirag Shah and Jason Elder

Regulatory Agencies have proposed changes to the capital treatment of securities in recent Notices of Proposed Rulemaking (NPRs). This had led to advice from other precincts suggesting that holders of PMBS securities divest of them now to avoid risk-based capital burdens in two and a half years’ time. We find this strategy to be premature and, when quantified, quite expensive. In our view, the income advantage of these securities over current alternatives provides significant cushion to offset any possible price depreciation over the next thirty months.

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Have We Finally Hit Bottom?

September 4, 2012
Glenn Schultz

The Case-Shiller 20-City Index was released on August 28, 2012 and garnered some fanfare in the retail press. The headlines read: “Housing Prices Record First Increase Since the Third Quarter of 2010.” This has sparked hope in the market of a housing recovery. In fact, this event is perhaps even more long-awaited than it may appear, because the third quarter price increases in 2010 were largely attributed to the effects of a one-time tax credit for home buying, rather than to any secular improvement in the housing market. Case-Shiller’s release requires no such footnote, so we are left asking, have we finally bottomed in housing? 

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