Flagstar
Has U.S. government debt become a safe haven for its own downgrade? Some think so since mortgage (Fannie & Freddie) and Treasury bonds still look ok relative to other global options, but that theory has yet to play out. One thing for sure is that US banks are holding on to more cash and locking
Has U.S. government debt become a safe haven for its own downgrade? Some think so since mortgage (Fannie & Freddie) and Treasury bonds still look ok relative to other global options, but that theory has yet to play out. One thing for sure is that US banks are holding on to more cash and locking
Have A Roommate This Recession? You’re Not Alone The MBAA continues to churn out reports. The latest shows that in the four years (2005 through 2008) the US population increased by 3.4 million but that the number of households declined by 1.2 million. And if the number of households (demand) goes down, prices must drop
Repeat after me: Fed Funds are set by the Federal Open Market Committee, don’t vary daily, and have no direct bearing on 30-yr mortgage rates. 30-yr mortgage rates are set by supply and demand through the bond markets, vary every day, and prices are adjusted by what investors & servicers want to see flowing into
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
I usually try to keep my opinions out the daily commentary. But I am really becoming irked by the press. One day they complain about our industry having foreclosure problems and the credit crisis here in the US and in the world. And then the next day they complain about the declining rate of mortgage
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
I was showing my Dad my cell phone over the weekend. He said, “Son, no one gives a damn about all the things your cell phone does. You didn’t invent it, you just bought it. Anybody can do that.” Life with Dad, always an adventure. Speaking of buying things, us taxpayers bought us another bank
I never did well in the corporate world. Any employee knows, when you “take a long time”, you’re “slow”. When your boss takes a long time, he’s “thorough”. When you “don’t do it”, you’re “lazy”. When your boss doesn’t do it, he’s “too busy”. Such a double standard. And the economy seems to have a
When I got home last night, my wife demanded that I take her someplace expensive…So I took her to a gas station…That’s when the fight started. Gasoline prices are on the rise, just in time for “Talk Like a Pirate Day”, which is tomorrow. In our wonderful non-metric system here in the US, a “barrel”
In a roundabout way, this is may be a sign of further good news about the economy or real estate markets: Flagstar added only four areas to their declining markets list: Honolulu, Kalamazoo, Manchester, and Niles-Benton Harbor. In turn, they removed over a dozen areas from their declining market list, including Akron, Atlanta, Chicago, Cincinnati,
When mortgage banks are constrained by their warehouse lines, and they have to decide which loans to fund or not to fund, is that an example of “opportunity cost”? Yes, although it doesn’t show up on P&L statements. “Opportunity cost” is defined as “the value of the next best alternative forgone as the result of
My father used to say, “It’s OK to kiss a nun, but don’t get into the habit.” Speaking of habits, the bond market has become accustomed to the Fed buying mortgages. What if they stopped? Federal Reserve President Lacker suggested the Fed may not need to spend the full amount it pledged ($1.25 trillion, for
Q: In these busy market times, how can you get the attention of your broker? A: Say, “Hey, waiter!” To tell us how the economy is doing, should we really look at the stock market? Probably not, as many experts believe that prices are more impacted by psychology than by fundamental items such as earnings
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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