Jobs -663k, Factory Orders +1.8%, Underwater Refis, Wells Warehouse Lending

Factory Orders Up 1.8%, Stocks Rally How ‘bout this market? Yesterday rates moved higher, and prices lower, after Factory Orders increased 1.8% in February, following a downwardly revised 3.5% drop in January, and six consecutive monthly decreases. So why wouldn’t rates come down? US stock markets continued their rally, and in fact most overseas stock

Wachovia Option ARMs Go Bad (After 27 Years)

Lots of people forwarded me this week’s NY Times story tracing the careers of Herbert and Marion Sandler, a husband and wife banking team that founded World Savings in 1963, introduced Option ARMs in 1981 then sold their firm to Wachovia in 2006 and made about $2.6 billion. Option ARMs are mortgages with many payment