Mortgage Market Update

Consumers across the nation flocked to malls for the Veteran’s Day promotions, boosting sales in the latest week. The ICSC-Goldman Sachs Chain Store Sales Index was up 0.1% for the week ending November 16. On a year-over-year basis, there was a 2.8% increase, the biggest gain since October 19, 2013.

In corporate earnings news, home improvement retailer Home Depot reported today that net earnings were up nearly 48% in the third quarter as compared to the same period of last year. The company earned 95 cents per share versus the 89 cents that was expected. The better than expected earnings stems from the continued improvement in the housing market.

The big news in the financial sector today is the massive $13B settlement between JPMorgan and the Feds over the sales of low quality Mortgage Backed Securities that plunged in value during the financial crisis. JPMorgan asserts that most of the sales were originated from Bear Stearns and Washington Mutual, companies that JPMorgan acquired during the crisis.