Effective June 1, anyone looking to obtain a home purchase or refinance loan will most likely have their credit run twice during the loan process: once in the beginning pre-approval process like normal, and again prior to loan funding. This process will apply to most loan amounts up to $729,750 because of the recently announced
May 2010
Rates are slightly better today following a key inflation report this morning. Overall Personal Consumption Expenditures, the Fed’s favorite measure of consumer inflation, were unchanged in April and 2% year-over-year through April. Excluding volatile oil and food costs from the readings, “Core” PCE price index was 0.1% for April and 1.2% YOY through April. The
Are Your Sure Home Prices Don’t Always Rise? According to a study released by the MBA (or the MBAA, depending on if you use “Mortgage Bankers Association of America”), multiple factors including poor data, incomplete performance metrics, and, short-term focus and unrealistic optimism among senior business managers contributed to the collapse in the US housing
3-Week Rate Dip Ends On China’s European Commitment After enjoying a multi-week rally that brought mortgage rates to record lows since the Greek bailout-induced stock crash May 6, mortgage bonds are down significantly today (currently -44 basis points). As of now rates are up about .125% with mortgage bond pricing suggesting worse if today’s trading
Why You Shouldn’t Give Out Your Social Security Number On The Radio Does the name “Todd Davis” ring a bell? He is the CEO of a company called LifeLock, and he made the news a while back by broadcasting his Social Security Number in radio ads to show confidence that his identity couldn’t be stolen.
PIMCO head Bill Gross just published his June Investment Outlook in which he explores whether developed countries’ debt burdens stunt economic growth and investment returns. His conclusion: the world’s debt obligations mean a likely outcome for investors is 4-6% annualized returns for a diversified portfolio of stocks and bonds. Regarding Greece, he said that “there
PIMCO head Bill Gross just published his June Investment Outlook in which he explores whether developed countries’ debt burdens stunt economic growth and investment returns. His conclusion: the world’s debt obligations mean a likely outcome for investors is 4-6% annualized returns for a diversified portfolio of stocks and bonds. Regarding Greece, he said that “there
Yesterday, the WSJ had a good Q&A with HuffingtonPost.com founders Ariana Huffington and Ken Lerer. The site, founded in 2005, gets 11 million unique visitors per month and received 2.3m comments last month. This is a good piece on new media, start up culture, and the power of a good partnership.
Yesterday, the WSJ had a good Q&A with HuffingtonPost.com founders Ariana Huffington and Ken Lerer. The site, founded in 2005, gets 11 million unique visitors per month and received 2.3m comments last month. This is a good piece on new media, start up culture, and the power of a good partnership.
Fed’s Consumer Credit Card Search Site Looking for a credit card? Knock yourself out on this Federal Reserve website. In an intersting move by the Federal Reserve, they have placed 300 credit card compnay agreements (mostly companies with 10,000 or more open credit card accounts) online in a searchable database for public viewing. Can something
The S&P Case Shiller March 2010 report of existing home sales showed year-over-year 2.3% price gains averaged across 20 major metropolitan areas. This is the second positive number since December 2006, following a 0.6% YOY gain posted for February, which is a significant rebound from the record low decline one year ago when Q12009’s 20-city
Which Bonds Are Mortgage Rates Tied To? Rates on mortgage loans up to $417k and up to $729k are tied to trading in “agency” mortgage-backed bonds—meaning bonds issued by Fannie Mae, Freddie Mac, and Ginnie Mae. So while many look to the 10yr Treasury Note for clues on mortgage rates, they should be looking at
Current Financial Reform Bill Status The House-Senate conference committee is where the action will be on the Financial Reform Bill. Several key issues will have to be resolved there, including restrictions on derivatives trading by banks, mortgage broker compensation and yield spread premium, the proposed liquidation fund to be financed by financial firms and the
Zero-point rates on 30yr fixed Conforming loans (up to $729k) ended last week at their lowest levels since official records began in 1971, and Jumbo 30yr fixed loans (above $729k) touched the low-5% range. By the time last week’s rate levels are officially announced by Freddie Mac on May 27, rates are likely to be
Another massive $100m+ art heist was just pulled off clean in Paris. The prize: a Picasso, a Matisse and three other masterpieces. Can people who do this move art in the circles they run in? Probably. Or maybe they just do it for the thrill. Either way, everyone loves a good caper, so we’re just
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