Industrial Production/Capacity Utilization (September 2011) – Industrial Production was +0.2% – Previous was +0.2%, consensus +0.2% – Capacity Utilization was 77.4% – Previous was 77.4%. Consensus was 77.5%. Empire State Manufacturing Survey -Index was -8.48 vs. -8.82 last month -0 is dividing line between expansion and contraction -Fifth straight monthly contraction -Full report -Upper New [...]

MBS Reactions To BofA & GMAC Resuming Foreclosures Bank of America and GMAC are the home foreclosure processes that were frozen by documentation concerns. The WSJ reported that “Bank of America Corp. reopened 100,000 foreclosure actions, declaring that it had found no significant problems in its procedures for seizing homes. GMAC Mortgage, a lender and [...]

Lawmakers Solicit Consumer Comments On 7 Financial & Housing Reform Topics Do you want some input in financial reform? There are many ways to do this, and here is another. The public will have the opportunity to submit written responses to seven questions that will be published in the federal register online at www.regulations.gov. The [...]

‘The Situation’ On Jersey Investment Fraud If you ever thought Jersey Shore’s Mike “The Situation” Sorrentino was giving Jersey a bad name, consider this situation: Last week in New Jersey Wayne D. Puff, who ran a huge Ponzi scheme from 1998 through 2005, was sentenced to 18 years in federal prison and ordered to pay [...]

Rates Up On Better Economic Stats With rates moving higher yesterday, and prices lower (stocks were also lower), Wall Street traders saw a decent amount of selling. 30-yr Treasury rates hit their highest levels since August. Obviously volatility picked up, which tends to make mortgage prices a little worse. The news that inflation at the [...]

My 86-year old Dad caught me taking a nap over the weekend. Not one to miss an opportunity, he said, “You practically invented lazy. People should have to call you and ask for the rights to the word “lazy” before they use it.” That’s my Dad… Lock Desk personnel are seldom lazy, and in fact [...]

The other day we were playing Monopoly. Of course someone inevitably landed on Park Place, which happened to have three houses on it, and he promptly declared bankruptcy, but then wanted to keep playing. It reminded me that “declaring bankruptcy” doesn’t seem to have quite the finality that it once did. This year many well-known [...]

Once again, things turned grim in mortgage banking. First, Taylor, Bean, & Whitaker went belly up. Not only did this impact their own employees, but its warehouse problems were widespread. In addition to that, it is rumored that hundreds of smaller banks either use/used TBW’s website help in originating mortgages on their website, or sold [...]

“Two peanuts walk into a bar, and one was a salted.” Crime is everywhere! According to the Financial Crimes Enforcement Network (FinCEN), a division of the Treasury Department, they are notifying the mortgage industry that it is considering whether to move ahead with proposed anti-money laundering and suspicious activity reporting regulations. In other words, cash [...]

When I was in high school I was dating a deaf girl. One night I went to pick her up and found her in the arms of my best friend who was also deaf. I should have seen the signs. Rates Better on Weak Economic News What “signs” are the economy showing which may help [...]