The FT reports that Citi could repay TARP funds as soon as this week. Reports don’t confirm whether they’d pay back the full $45b they owe, but state that Citi would raise $20b in an equity offering—the same tactic Bank of America used to repay their entire $45b TARP obligation using cash and proceeds of
Citigroup
Is Gov’t Blocking TARP Repays?, Fannie Updates Prompt Mass Lender Changes, Track Rental Foreclosures
98% of Americans say, “OH S&!T* before going in the ditch on a slippery road. The other 2% are from Wisconsin and Minnesota, and they say, “Hold my beer and watch this!” That quip has nothing to do with mortgage banking or renting, but seemed right given the weather in many areas. Every renter has
What better way to do business than to combine two segments of the economy that are hurting? Either land got cheap, or Bentley’s got cheap, so some combination thereof, because here in Northern California, near San Jose, there’s a development giving away Bentley’s to anyone who will buy one of their lots! Citi to Repay
I have decided to hold a press conference to confront stories that I was Tiger Woods’ mistress. I’ve never held one before. Nor have I ever met the man, nor am I “inclined” that way. But I figure that now is a good time to jump on the band wagon, especially if magazines are paying
In her new book, “Going Rogue,” Sarah Palin says she doesn’t like vegetarians. Palin says all vegetarians should go back to Vegetaria, where they came from. Unlike Conan O’Brien, from whom that line came, many investor bulletins are not concise. And I may have seen more releases from top investors of greater length, but I
Some days the best thing about my job is that my chair spins! (Sad but true.) But then along comes items like this. Who would have ever thought FHA compliance and underwriting issues would have made it to mainstream videos-–- Youtube bliss not to be missed. MBAA Selling DC Headquarters Building The MBAA has been
What is every mortgage bank’s nightmare? Some out there wake up in a cold sweat thinking about the Fed stopping their purchase program, leading to higher rates, the production volumes sink to half of what they are now, the company hasn’t set aside any money for a rainy day, and they’re hit with MI rescissions
Not a week goes by that someone doesn’t send me a script for a Hollywood movie based on mortgage banking. Usually it is either a) zany comedy starring Ben Stiller as a loan agent who doesn’t know that the jumbo market has gone away, with Samuel L. Jackson as an irate borrower, b) an intense
“Keep skunks and bankers at a distance” so the old saying goes. Mortgage bankers may have to ignore that saying, however, given some National Mortgage News data that shows that four companies (Wells Fargo, Bank of America Home Loan, JPMorgan Chase, and Citigroup) control almost 58% of the overall lending market. Wells was the largest
Out here in California, some in the business have been following the case of 28-yr old Garret Gililland III. Originally from the Sacramento area, he was just captured in Spain and brought back to California to face charges of a $100 million mortgage fraud ring. In yet another example of what seems to make the
In Pennsylvania, G-20 leaders (I’m so old I remember the G-7 meetings…) begin their two-day Pittsburgh summit today. (The Steelers are away this weekend… so much for them taking in a game of American “gridiron”.) They have already warned economists that the recovery is still too fragile to even think about ending governments’ massive liquidity
Do mortgage originators consider the future when they are speaking with a client and processing the loan? Perhaps: certainly between 2002 and 2007 originators “appeared” willing to lend to anyone since values were increasing, and any problems might be covered up with appreciation. They weren’t necessarily forcing the borrower to borrow, and investors weren’t being
I guess that the economy is not doing that badly if someone wants to pay $4.5 million for a gravesite. You can check it out on eBay, but the bidding started at $500k and has skyrocketed. The lady is selling the crypt out from under her dead husband, who is resting in peace above Marilyn
“Holy Good Faith Estimate, Bat Man!” Here are HUD’s answers to all your questions about the new Good Faith Estimates & RESPA. In the old days, hurricanes were named after women. Why? Because when they arrive, they’re wet and wild, but when they go, they take your house and car. We now have Hurricane Bill
The FBI says that mortgage fraud is “rampant and growing.” They are also investigating reports that AIG and Bear Stearns may be in financial trouble … Overall, how is the mortgage industry doing? There are those who say, although the landscape and rules have changed, things are good. And there are others who are more
When I was growing up, people didn’t have health clubs, thigh master, or Richard Simmons. We had Jack LaLanne. Everyone my age will be pleased to know that Jack (born in 1914) is still alive and well, living on the Central Coast in California. Born in San Francisco, his fitness show lasted 34 years on
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