This installment of bTunes is Brooklyn rap for the best finance blogger on the web. As the Talib Kweli gospel goes: “you gotta do, fuck that almost shit.” This perfectly defines the reformed broker Josh Brown and his command of the zeitgeist, whether arcane financial or inane pop cultural. The man is just as good
December 2010
Great photos of Santa skiing in Telluride, Colorado. Thanks Zach T!
30-year fixed mortgage rates head into Christmas at about 5% for a single family home loan up to $417,000, and about .25% higher for larger loans and most condo loans. Bond markets close at 2:00 ET today and reopen Monday. While today’s inflation report was flat, mortgage bonds sold off and pushed rates higher on
Economic growth predictions are getting more positive for 2011 and the very rough consensus is around 3% GDP growth. Yesterday’s 3Q2010 final GDP reading (third of three readings) showed the economy grew at 2.6%. The first of three 4Q2010 GDP readings will be released January 28, and below is a chart showing all quarterly GDP
Economist vs. Market Participant Outlook Economists make their living off of forecasting the future or explaining why their earlier predictions were incorrect. But by then, many have forgotten the earlier prediction. Rarely do traders base decisions on what an economist will say but in the mortgage banking arena, predictions by the MBA, Freddie, and Fannie
More FDIC Dealing On Failed Banks This week, the FDIC closed sales of 40% equity interest in three limited liability companies it set up to hold commercial and residential assets of 26 failed banks. $620 million in unpaid principal on these portfolios was sold for roughly $198 million, less than one-third of the face amount.
Happy holidays! Click image to enlarge. By photographer Peter Samuels.
In a new piece called Fed Up, Again economics professor Steve Hanke makes his case for why the Fed must hike hike overnight bank-to-bank rates from .25% to 2% in order to end the credit crunch their existing low rate policy has caused. Below is an excerpt explaining the concept clearly using retail bank lending.
In a new piece called Fed Up, Again economics professor Steve Hanke makes his case for why the Fed must hike hike overnight bank-to-bank rates from .25% to 2% in order to end the credit crunch their existing low rate policy has caused. Below is an excerpt explaining the concept clearly using retail bank lending.
“I [Julian Assange] give you private information on corporations for free and I’m a villain. Mark [Zuckerberg] gives your information to corporations for money and he’s man of the year.” This is a cringingly accurate portrayal of Assange by Saturday Night Live’s Bill Hader (video below). Unlike The Daily Show, SNL goes for pure jokes
Mortgage brokers have always been quick to point out that rumors of their death are greatly exaggerated, but the stats on mortgages done by direct lenders vs. brokers suggest otherwise. National Mortgage News reports that: The wholesale/broker loan channel accounted for 11.6% of originations in 3Q, compared to 10.5% in the second quarter, a period
Including today, we’ve had 3 days of higher mortgage bond prices, which has brought rates back down to 4.75% (for a 30yr fixed single family home loan up to $417,000; higher loan amounts and condo loans are higher), but markets have lots of data to digest on this holiday-shortened trading week. Wednesday brings the third
Pre-Holiday Rate Recap Today ends the last full week of trading in 2010 and now heavy holiday vacations mean light mortgage bond trading which means even more volatility. Rates have recovered a bit since yesterday, and are just below 5% for 30yr fixed single family home loans up to $417k; condo loans and larger loan
Rates are holding at the 5% range today after flat consumer inflation data and improving sentiment in the manufacturing sector. November consumer prices were up .1% versus October and 1.1% higher than November 2009. Excluding volatile oil and food costs, “Core” PPI for November was up .1% versus October and .8% higher than November 2009.
Retirement Survey Results Last week’s Wells Fargo retirement survey indicates that many Americans express worry about their retirement prospects: respondents predict they will need a nest egg of $300,000, but have saved just $20,000 of that amount for retirement (figures are medians: the midpoint of responses). The survey found that 72% of middle-class Americans between
Our ‘jobs’ tag below once again takes on new meaning after a one-man Vegas caper nets $1.5m in Bellagio chips. This is ostensibly the motorcycle bandit’s second heist in a week. This guy must be a made man because stolen chips are hard to move otherwise. Each picture below links to different story, the Las
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