Everyone makes mistakes, and estimates are only that: estimates. The MBAA, who is pretty good at estimates, believes that mortgage originations will hit $1.5 trillion in 2010. This follows Wells Fargo and JPMorgan’s estimates (or at least the last one that I had heard) of volumes of about $1 trillion. Either way, it seems that
HUD
RATE/MARKET UPDATE This is the sixth consecutive week with rates hovering just above record lows we saw from January to through May 21. That day began a massive mortgage bond selloff caused by bond oversupply concerns. It was the pre-summer kickoff of an unprecedented campaign of Treasury security issuance to raise money for government economic
Well, we haven’t had a well known mortgage company collapse for quite some time, and you can bet that the folks at Taylor, Bean, & Whitaker are hoping that streak continues. Unfortunately they are spending their time in damage control. The latest development is an investigation by HUD after allegedly failing to submit a required
Yesterday I had a showering discussion with my 17-yr old son. Specifically, I asked him why, as it seemed to me, he hadn’t showered since around Easter. He explained that in Biology class they had learned that every animal has a certain set of resident flora and fauna on their bodies, and bathing was actually
There’s been a lot of chatter about whether the $8000 homebuyer tax credit can be used toward down payments. Most recently, HUD said the tax credit can go for down payments and here’s a press report on it: First-time homebuyers will now have access to quick cash to help them with their down payments. On
My daughter came to me the other day and wanted some money, which I refused to give her. She then began ranting about “microloans”, how in 2006 the Nobel Prize for economics went to the fellow who pioneered the concept, and about how I was stifling the US economy by not giving her money. I
Recently General Motors reported a $6 billion first-quarter loss, and are approaching Chapter 11. My son said that once they get through bankruptcy GM probably want to go back to making cars that nobody wants. Homebuyer Tax Credits As Down Payments? Remember how everyone was saying that loan programs got carried away, and one of
I called my stock broker yesterday after the market closed to find out how my portfolio of various industries had done. He replied, “Helium was up, balloon prices were inflated, but paper was stationary. Knives were up sharply but pencils lost a few points. Hiking equipment was trailing. Elevators rose, while escalators continued a slow
Here’s something shocking – officials in Mendocino County, California, say two thirds of the income in that county comes from marijuana growing. And the other third comes from the sale of Chips Ahoy cookies. How Much is $1 Trillion Lawmakers and economists throw “billions” and “trillions” around. To put a “trillion” in perspective, at a
Thank you Judy S.: I don’t know if Adolph Hitler ever discussed Ron Paul, granite countertops, or AIG, but this is one clever video. Downey Savings In Trouble Rumors, and facts, are suggesting that Downey Savings is on the ropes. More Mortgage Application Disclosures Coming What will loan agents be doing in a year? How
One of life’s mysteries is how a 2-pound box of chocolates can make me gain 5 pounds! WAMU Ousts CEO Washington Mutual removed 20+ year veteran CEO Kerry Killinger, and replaced him with former Independence Bancorp and Sovereign Bancorp exec Alan Fishman. WaMu lost $3.3 billion in the second quarter as it set aside large
MORTGAGE INDUSTRY ROUNDUP What is the state of mortgages, and mortgage banking? Let’s hope this comment, from a buddy in the business, doesn’t sum it up for everyone! “Mortgages are getting creamed, Moody is getting ready to downgrade MBIA and Ambac, Bernanke is worried about inflation, and I am worried about the continuity of my
Want to be the first on the block to own stock in the coolest-named financial institution? (And no, I don’t, although the dividend isn’t bad.) McDonald’s Corp. has completed its changeover to cooking oil with no trans fat at its restaurants in the US and Canada. At last, guilt-free Big Macs for breakfast every day!
Yesterday was a good day for mortgage and Treasury prices, with a fair number of intra-day changes. But overall, prices are trending worse due to concern about inflation, and are worse this morning by about .125. Consumer goods and oil, although down yesterday, has been on the march: gas stations are running out of 4’s
After announcing plans to raise $7 billion by selling ownership in their company, WaMu elaborated, “We will conduct our mortgage production business through our retail banking stores and our consumer-direct channels, which includes telephone and online sales. This is in line with our strategic direction to organize around our retail distribution network. As a result,
Does $5 billion buy you the right to shutter Washington Mutual’s broker business? You bet it does. It buys you the right to tell Washington Mutual to eliminate the business channel by May 31st (loans must lock by tomorrow, and most loans must fund by June 13th). WaMu announced yesterday to their employees that they
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