Ok… April Fools – at least for two of them! There haven’t been any press releases that John Stumpf & Wells Fargo have been asked to participate in a Fed-assisted bail out of any particular large lender. But who knows? There have been rumors of Wachovia, WaMu, and SunTrust – but they are only that:
UBS
Thornburg Mortgage, a key player in A-paper jumbo lending, has secured new lines of credit from Bear Stearns, Citigroup, Credit Suisse, Greenwich Capital, Royal Bank of Scotland, and UBS in order to continue buying loans from mortgage bankers and funding wholesale loans. These banks have also agreed to freeze any margin calls on Thornburg until
My alert to lock last week proved effective, as extreme volatility continues. Fixed and ARM rates opened this week .375% to .5% higher than last week. Last Wednesday, mortgage bond yields (that lenders use for rate pricing) were at 2-year lows, and today bond yields (and ARM but not fixed rates) are at the highest
Economists and journalists love to label. They use words like “growth” and “value” when describing aggressive and conservative styles of investing. And they use phrases like “soft landing” and “bursting bubble” when describing normal or extreme outcomes of the current housing slowdown. Labeling can help simplify complex issues like investing and housing, but it’s also