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Registered Investment Adviser Caleb Lawrence

The major averages recovered some of their early plunge to enter the final hour with small losses on mixed but not overly significant data. Mortgage activity fell 3.4% last week as per the Mortgage Bankers Association or MBA with refi’s down 5.6% and purchase apps off 1.4%. the 30-year contract rate for a conforming loan was unchanged at 4.17%.

The National Association of Realtors Pending Home Sales Index slipped for a second time in April losing 1.3%. On a regional basis declines were seen across the board but were particularly notable in the Midwest and Western regions.

As has been the pattern since at least the 1990’s and probably longer the Trump administration decided to go easy on Citigroup following its conviction on criminal money laundering charges. Like the other large national banks it was bailed out with taxpayer funds following the 2007-2009 financial crisis and has a lengthy and well documented list of regulatory sanctions detailing a pattern of systemic and recidivist criminal behavior, that were it not for non-prosecution agreements would have resulted in a litany of criminal charges and no doubt convictions. Following its May 2015 felony conviction on forex market rigging. The latest event involves its Mexican subsidiary Banamex who was fined 97.4 million Dollars and admitted to criminal violations for willfully failing to file Suspicious Activity Reports. Once again the devil may care attitude is on display because the banksters are the new untouchables as evidenced by their repeated violations, repeated non-prosecution agreements and recidivism.

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