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 [...]

I was very disappointed to find out from the National Inquirer that Cher only has 3 years to live. (They even had a photo of a distraught Cher on the cover, which must have been taken right after she received the news.) I mention this because I knew a loan agent who would play “If [...]

I really do know my son is boning up for the SAT when I heard him yell at his sister, “You defalcated my allowance!” “What does that mean?” “Look it up, bright one” he replied. Defalcate: to steal or misuse money or property entrusted to one’s care. A timely word, given what is happening out [...]

Freddie Mac needs up to $35 billion in Treasury aid following the $13.8b they already got in November because they said their fourth quarter losses will drive net worth below zero. Jim Lockhart who runs their regulator the Federal Housing Finance Agency, said that Fannie Mae will likely need additional aid as well. They report [...]

The Detroit Auto Show opened recently, and America’s automakers are showing off their latest cars. Unfortunately, they didn’t get as much of the bailout as they thought, so a ticket to the auto show costs $1.3 billion. Citi, BofA, Wells Hammered Anyone who owns stocks in financial companies got whacked yesterday. Citigroup, Bank of America, [...]

Happy New Years tonight! I will be in Manhattan (after visiting Philly and Delaware) tonight, but probably no where near Times Square when the ball drops – it is supposedly packed. Remember what was going through mortgage banker heads a year ago? It was probably something like, “I hope that I can push off client [...]

Today is a tough day for employees and companies. Any employee at work is wishing that they didn’t have to work today. They would much rather be skiing, or buying next year’s gift wrap and ribbon, or sleeping in, or running errands. And every company knows it – but those loans need to be set [...]

For anyone who has a hankering to keep up on the mortgage news that is out there, one free service they should consider is MortgageNewsClips. One has to be careful about what is out there in the web. I received this urgent notice yesterday: Email Warning! If you get an e-mail with “Nude Photos of [...]

Today the US Treasury Department and Federal Housing Finance Agency (FHFA) announced a plan to stabilize global financial markets and the U.S. housing market by temporarily taking control of Fannie Mae and Freddie Mac, the two companies that have provided nearly 80% of all U.S. mortgage financing this year. In total, Fannie Mae and Freddie [...]

Today the Treasury Department and newly created Federal Housing Finance Agency announced their plans to take over Fannie Mae and Freddie Mac in an effort to stabilize global financial and US housing markets. Below is the full statement from the Treasury Department as well as fact sheets outlining technical elements of their strategy. Also see [...]