Reshuffling Of Fed Members Is the economy really in good enough shape for the Fed to start selling their $1.25 trillion of mortgage-backed securities? I don’t think so, but maybe the press doesn’t have enough else to talk about, so the Fed possibly lightning up on their balance sheet has been receiving some publicity. Federal [...]

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” [...]

I like attorneys, and feel that jokes about them are mean-spirited and unnecessary. (Like, “What happens when you give a lawyer Viagra? They get taller!”) Attorneys are certainly finding fruitful grounds in handling all of the recent mortgage fraud cases. Of course it takes the government a while to prosecute, and thus many of the [...]

Still Not Much News On Tax Credits Toward Down Payments Which investor will take the home buyer credit? Taylor Bean Whitaker, which I believe does not hold the mortgage on the Neverland Ranch, has sent this note out to the clients about the first-time home buyer credit: “HUD recently released Mortgagee Letter 2009-15 regarding the [...]

GM wants $17 billion more. One trader from Cantor Fitz mentioned that, “GM seems like a pension plan that occasionally makes a car somebody occasionally buys.” Citi Loan Changes First things first. Yesterday I mentioned that “CitiMortgage now requires the following minimum FICO scores on all FHA and VA loans, including FHA Streamline and VA [...]

Scrambling for costume ideas? Short on cash for that VOA, up to $250,000,000? No problem – here’s a company that will throw “rented money” into your bank account, for a “performance fee” of 4-10%! Is this a new business line for unemployed mortgage folks? Incredible – although it won’t help with the costume choice. (I [...]

Inflation is out of control! Look at the price of Space Food Sticks, which my Mom included in every bag lunch I ever had in school. Ever wonder how, when you buy or sell a bond or mortgage-backed security, how the monies are cleared? Recently they have been in the news, since they have raised [...]

Forget all the news about the bailout, and about Citi/Wachovia! More importantly, Heather Locklear was arrested! Rumors of thousands of men lined up to post bail are probably exaggerated. Obviously this mortgage crisis is proving too much for her. Decent listing of current links Are you preparing for a presentation, or being asked by clients [...]

Anyone who has been in a car and seen a bike on a city street, watch the video below. That includes all of you that are reading this on your Blackberry in your car right now. Now down to business. Here’s a graph of the correlation (or lack thereof) between Fed Funds and mortgage rates. [...]