ANOTHER BLOW TO MORTGAGE BROKERAGE BUSINESS Prospect Mortgage/Metrocities is exiting the wholesale business. Their e-mail stated, “Based on current market conditions, Prospect Mortgage / Metrocities Mortgage, LLC, has elected to exit the Wholesale lending space.” Yesterday they published their last rate sheet, and took their last locks in this business channel. It is debatable whether
Merrill Lynch
The US Consumer Price Index was down 0.1% in August and up 5.4% year over year through August versus being up 0.8% in July and up 5.6% year-over-year through July. Like last month, this was the largest YOY spike since 1991, and is due mostly to the oil price spike we had during early summer.
Never seems to go too long before republican presidential hopeful John McCain provides another completely valid reason for us to continue with our series on his economic policy meandering. Here’s what McCain said today … The fundamentals of our economy are strong. McCain said this today … one day after Alan Greenspan said this is
Consider this list of news for the week (even though it’s only Monday): Best Buy Co. agreed to buy Napster (digital downloading of music) for $121 million. Reddy Ice Holdings (the largest US manufacturer of packaged ice) suspended its quarterly cash dividend indefinitely and said it was undertaking a strategic review of its business. 5,000
The trouble with some women is that they get all excited about nothing, and then they marry him. Obviously Ms. McCain is not saying that. They have finished up the conventions for the presidential election. We have representatives from Alaska (state motto: “11,623 Eskimos Can’t Be Wrong!”), Arizona (“But It’s A Dry Heat”), Illinois (“Please
Investment Banking News A day you’ll always remember? Maybe not, although the folks at Lehman Brothers may. According to a story from the AP, shares of Lehman Brothers are up this morning after a Korean newspaper reported that state-owned Korea Development Bank has made a bid to buy 25% of the “troubled” investment bank. South
A man was telling his neighbor in Sun City Center, “I just bought a new hearing aid. It cost me four thousand dollars, but its state of the art. It’s perfect.” “Really,” answered the neighbor. “What kind is it?” “Twelve thirty.” WAREHOUSE LINES FOR MORTGAGE BANKS Communication is important, and is downright critical for any
Countless ex-mortgage bankers have switched careers and gone into the exciting world of farm-raised sea monkeys. (Not to be confused with wild sea monkeys.) It is comforting to know that not only are they nowhere near extinction, but apparently thriving. Now, if I could only find the phone number for that “Raise minks at home
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
Rates/Commentary, week of May 23, 2005. Rates are holding to lows from last week. This week’s data includes Fed meeting minutes Tuesday, which will give us a follow up on last week’s inflation data; existing and new home sales Tuesday and Wednesday; and personal income and spending Friday. Should be no surprise from the record