Thanks to h1ghway for recommending Rework, a simple and direct guide for entrepreneurs. After perusing on Amazon, below is the excerpt that inspired me to actually pay money for it. Got it today, will share other notables as I read. Sacrifice some of your darlings for the greater good. Cut your ambition in half. You’re
May 2011
After a four week rally that set new 2011 lows, rates are up slightly on net mortgage bond selling since yesterday. Bond yields (or rates) are now back up to the previous 2011 low level set March 16 after the Japanese earthquake and ‘not-a-war’ in Libya reached peak panic levels. Rates drop when bond prices
Redwood Trust president Martin Hughes just told the Senate Banking Committee that “the illiquid private securities market would come back if the government winds down government-seized housing giants Fannie Mae and Freddie Mac.” Redwood was the only firm to securitize any non-Fannie/Freddie (aka Jumbo, aka non-agency) mortgage backed securities during the entire financial crisis. Click
Initial Jobless Claims: -409,000 last week (previous was 434,000. Consensus was 425,000) -439,000 4-week average moving average -At present, 409,000 is considered relatively good for economy, bad for rates. -This datum was a shot of morning coffee as Treasuries sold on it but will likely recover as the day progresses. 409,000 Jobless Claims is not
So much effort has gone into discrediting and dismantling the new Consumer Financial Protection Bureau, you start to believe it after awhile. But as a mortgage insider, I have to say their first big splash looks ok. Today, they posted proposed disclosure forms for mortgage consumers and pros to comment on. They’re a big improvement
Mortgage Applications: Purchase Index – Week/Week Change -3.2 % Refinance Index – Week/Week Change 13.2 % Composite Index – Week/Week Change 7.8 % This report is stark. With rates low, refinance applications are up but purchases are down because (where do I start) prices are dropping, consumers lack confidence that they will have a job,
The National Association of Realtors (NAR) released a survey of their members today (hat tip Rob), and here are all main stats from the full report. NAR says that their Realtors represent more than half of the approximately 2 million active real estate licenses today. -Typical NAR Realtor has 12 years of experience -Nine out
Before the financial crisis, some say banking was too concentrated and clubby. Now, many say that it is even more so, especially since many banks are failing while Chase, Citi, BofA, and Wells are growing. And big banks aren’t really trying to boost service with lower fees and paying higher rates on checking accounts. So
A few weeks before the darkest days of the financial crisis in September 2008, economist Nouriel Roubini said: “we have a subprime financial system, not a subprime mortgage market.” Then the wheels came off: Fannie and Freddie overtaken by Treasury, Lehman failed, Merrill overtaken by BofA, WAMU overtaken by Chase, Wachovia overtaken by Wells, AIG
In a lesser known Will Ferrell movie called Kicking & Screaming, he plays a timid family man turned kids soccer coach—fueled by Mike Ditka and tons of coffee. “I’m new to coffee” just like Ferrell when the movie starts. I only started drinking it daily in the past year. But now, the clip below pretty
Following our home price round up and cash-in vs. cash-out refi comments last week, here are more stats from economist Gary Shilling that appeared in investment advisor John Mauldin’s weekly newsletter. Many underwater homeowners, of course, still are committed to service their financial obligations, or want to stay in their abodes. Some are even doing
Here’s House Speaker John Boehner on housing: “Government programs aimed at preventing mortgage foreclosures have failed, adding that the only real solution is to wait until we get our economy moving again.” Attention Realtors and homebuyers! Freddie Mac is launching a summer “HomeSteps” promotion to move its inventory of foreclosed homes. Here are the benefits
Here’s House Speaker John Boehner on housing: “Government programs aimed at preventing mortgage foreclosures have failed, adding that the only real solution is to wait until we get our economy moving again.” Attention Realtors and homebuyers! Freddie Mac is launching a summer “HomeSteps” promotion to move its inventory of foreclosed homes. Here are the benefits
Yesterday we explained how inflation causes higher rates. Today the Fed’s May Empire State Manufacturing Survey showed inflation is rising. Bonds initially sold on the news pushing rates higher, but they’ve since rebounded to slightly positive as investors seek bond safety while Greece negotiates a larger bailout today. As for today’s May manufacturing survey, the
There’s a new push to simplify mortgage disclosures following very recent January 2010 revisions that confused consumers more than ever. Here’s the Consumer Finance Protection Bureau’s latest on possibly combining two key mortgage disclosures: the Good Faith Estimate and Truth In Lending forms. The National Association of Realtors is urging lawmakers to rethink new risk
-Good news: late mortgage payments falling. Bad news: 8 years to normal. (Mish) -Dictionary Definitions Of Inflation Over The Years (WSJ RealTimeEconomics) -New Homeowner Scam: Mortgage Securitization Audits (NakedCapitalism) -Seniors Suffer Under New Loan Officer Comp Rules (ReverseMortgageDaily) -Credit Bureau Error? Better Be On Bureaus’ VIP Lists (NYT) -Another Refi Wave? (CalculatedRisk) -3 Simple Questions
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