Note: No commentary tomorrow, as I will be behind the wheel driving back with my son to the San Francisco Bay area from Utah. Happy New Year! Tavern On The Green Closing According to a recent report, due to the recession, Americans are eating cheap, unhealthy, fatty foods. Apparently, the recession started in 1957. (I
Good Faith Estimate
One never knows when the subject of mortgage banking will pop up – like yesterday. There I was at the Sundance Ski Resort (the one owned by “Bob” Redford) with my son. (He was there to snow board, I was there in the lodge trying to figure out an opening paragraph for today’s commentary.) I
There are some very witty and clever folks out there. (The level of my wit is at about, “A horse walks into a bar. The bartender asks, ‘Why the long face?’” And my clever rating maxed out after I finished the ‘Pick a Peck of Puzzles’ book that I ordered from Scholastic Books in 6th
Cashtration (n): The act of buying a house, which renders the subject financially impotent for an indefinite period of time. More On New Good Faith Estimate It seems that many companies are just resigned to putting aside money to write their borrowers a bunch of checks, or argue with investors, for the first several months
Rates Up On Better Economic News, Lighter Volume What the heck happened to rates yesterday? Rates are back to October levels, the yield on the 10-yr Treasury went up above 3.60% (a technical support level), and the yield curve continued to steepen since overnight and short-term rates are still near 0%. (And many feel a
Economic/Market News Roundup The big mid-day news yesterday was the Fed’s announcement. They are leaving overnight rates unchanged, as expected, but the markets were more interested in the verbiage of the statement. “Economic activity has continued to pick up and that the deterioration in the labor market is abating. The housing sector has shown some
During a recent password audit, it was found that a blonde was using the following password: MickeyMinniePlutoHueyLouieDeweyDonaldGoofy. When asked why such a big password, she said that it had to be at least eight characters long. The use of passwords and computers has certainly become an integral part of the mortgage business, and the flow
In Pennsylvania, G-20 leaders (I’m so old I remember the G-7 meetings…) begin their two-day Pittsburgh summit today. (The Steelers are away this weekend… so much for them taking in a game of American “gridiron”.) They have already warned economists that the recovery is still too fragile to even think about ending governments’ massive liquidity
President Obama gave a speech today outlining the pillars of his financial market regulatory policy. Below are the high points. The first one means that anyone with a consumer-facing finance job can expect more disclosures and, most likely, more confusion for the consumer, at least in the first year. Anyone who’s gone through the recent
Why does someone believe you when you say there are four billion stars, but have to check when you say the paint is still wet? That kind of person had better read the next paragraph. For anyone who originates loans for a living, or knows someone who does, or who didn’t comment during the HVCC
As mortgage regulations become increasingly more convoluted, just remember that these are the same lawmakers that think the internet is a series of tubes.
Rate/Market Update Rates on conforming loans up to $417k and super-conforming loans up to $729k are net even this week after building on last week’s .25% gains then giving up ground today. Rates for jumbo loans above $729k remain steady because those rates don’t trade all day every day like conforming loan rates do. Tame
As of July 31, the process of mortgage loan disclosure got a lot more complicated with revised provisions of the Truth In Lending Act (TILA) being implemented as of this date. Since today’s date is when the first of these loans are getting to the closing phase, lenders and borrowers are beginning to realize just
“Holy Good Faith Estimate, Bat Man!” Here are HUD’s answers to all your questions about the new Good Faith Estimates & RESPA. In the old days, hurricanes were named after women. Why? Because when they arrive, they’re wet and wild, but when they go, they take your house and car. We now have Hurricane Bill
I sure am happy that I am not working in the mortgage business anymore! First, Bank of America won a restraining order barring Colonial Bank from selling or otherwise disposing of $1 billion in cash and loans held by Colonial. Colonial, who most think will be taken over by the FDIC any day now (and