I guess this is how some borrowers feel when they lock a loan in a volatile market. Or maybe that is how any agent who has a lock with TBW feels. Today is the anniversary of the bombing of Hiroshima, and the date that some are finding out yesterday’s news that a large lender is [...]
Posts Tagged ‘ISM Index’
Some Refis Require Early Tax Payments, ISM Up, Moody’s Downgrades Wells Fargo
Refinancers Must Pay Taxes Early In California, the first half of regular secured property tax bills are due November 1st, and delinquent after December 10th; the second half are due February 1st, and delinquent after April 10th each year. Property taxes are interesting beasts, and although there are comparisons done by state, it is standard [...]
Auto Bailout Update, ISM At 28yr Low, All-Time Low Treasury Yields (graph)
Auto Bailout Update The three big domestic automakers are now saying they are working jointly on a new hybrid car. It runs on a combination of state and federal bailout money. Today marks the major automakers’ deadline to submit restructuring plans as part of its $25 billion bailout package.
Consumer Rates Higher Than Last Year, Merrill Advisers To Leave BofA, Employment Costs Up
Bank-to-Bank Rates OK, Consumer Rates Higher When I moved away from home, I quickly learned that the best way to clean a floor was to get a dog and then occasionally sprinkle meat juice around the kitchen. The dog, of course, would lick the floor, and voila! Sometimes the bond market seems to be doing [...]
Sentate Passes $700b Rescue 74-25, House Vote Tomorrow. Super Conforming Limits Expiring. Thornburg Layoffs.
If you want a mortgage in Hungary, you’d better hurry! Their central bank deputy governor said that Hungary needs to tighten rules for mortgage loans combined with unit-linked insurance products, to reduce risks in the financial sector. Interestingly, not only are Hungarian banks predominantly owned by foreign banks, but only 30% of homes are mortgaged. [...]
ISM: Factory Activity Contracts At Fastest Pace Since October 2001
The Institute for Supply Management reported its factory index dropped to 43.5 for September, showing that the housing slump is now spreading to the manufacturing sector. According to the index, 50 is the dividing line between expansion and contraction. The September reading was the lowest level since October 2001, the period immediately following the 9/11 [...]
Freddie Mac Says Home Prices Could Drop 20% More, Morgan Stanley Freezes HELOCs
What coffee drinker doesn’t want to open up some market commentary and get a coupon for free coffee? (Gosh, I hope that I don’t get sued on this one!).
Harvard Housing Study, RESPA primer, Thornburg Update
RESPA PRIMER “Here in California why is it that a real estate agent (through their broker of record), can refer business to another, and ask/get a referral fee, while, for a loan agent, we cannot refer business to another loan agent, and get a referral fee, even if it was paid to our broker of [...]
Mortgage Applications Hit Six Year Low, ADP Jobs Report Off Mark Again
I went to a seafood disco last week…and pulled a mussel. MORTGAGE INDUSTRY ROUNDUP Mortgage applications have dropped to their lowest level in six years, due to (surprise?) higher rates and restrictive guidelines. The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan fell 15% to the lowest level since [...]
Jose Canseco In Foreclosure, Update On Fed’s Term Lending
Looking for something interesting at the next foreclosure sale? Jose Canseco has abandoned his home near Los Angeles, leading to foreclosure. “He made a mathematical decision and just let it go,” said Gregory Emerson, Mr. Canseco’s lawyer. He bought the 7,300-square-foot home for $2.8 million in 2005, and his trust defaulted on mortgage payments in [...]
