Today's Market News...really ain't that all new - 12/13/07 09:43 AM
Today's Market CommentaryThe past 48 hours have been among the most confusing in years as the Fed, by delaying its announcement of its liquidity facility for 18 hours after the FOMC meeting, created wild market swings and added to concerns that they are behind the curve. Bond prices plunged on Wednesday, sending the two-year's yield up 21bp and the ten-year up 10bp, almost completely erasing Tuesday's equally sharp rally in bonds which followed the FOMC meeting. In the 24 hours following the FOMC's meeting, the two-year traversed a 35bp range, traveling a total of 55bp overall. Stocks soared initially on Wednesday, … (1 comments)

Future is Green in Illinois - 12/13/07 08:16 AM

The chicago tribune said today that we are neck and neck with texas to be the next in alliance with the department of energy to get a coal power plant.  What makes this so unique that anyone would want to get back into the coal mining business?  Or even the coal burning business?  This plant burns coal as fuel, with zero emmissions.  In other words, all of the CO2 that is released gets liquefied and released several thousands of feet underground so that there is no greenhouse affect which contributes to global warming.  Right now this project is between Texas and … (4 comments)

Packer's look to Rebound - 12/12/07 02:18 PM
After the brutal loss to Dallas 2 weeks ago, many thought that Green Bay was out.  Now their the number two team in the NFC and have about six of their injured players returning prior to the playoff run.  It'll be interesting to see what happens.  I'm curious as to whether or not they'll be able to take Dallas if GB is healthy.  I'm also curious to see if GB, Dallas or Indy has enough in their tank to be able to take New England sometime down the road.  Your thoughts?  It'll be an interesting conclusion to our season for sure.  How … (6 comments)

What's caused the rebound in our mortgage markets today? - 12/12/07 02:01 PM
Stock markets were disappointed in the Fed's Tuesday policy decision, mainly that the Discount rate (the rate the Fed lends to banks) wasn't trimmed by 0.5 percentage point. The takeaway was that the cut was insufficient given the worry over further damage to the financial sector. The gains in bonds were flight to safety.
Yet, today, the Fed joined four other central banks in announcing plans to thaw the credit freeze that threatens economic growth. The Fed said it would lend $40 billion, perhaps more, at rates below the Discount rate but accepting the same collateral.
European Central Bank, Bank of England, … (0 comments)

Fed Makes it's Move....Merry Christmas - 12/11/07 01:26 PM
Borrowers Get Year-End Gift from Fed The Federal Reserve lowered interest rates today for the third straight meeting of the FOMC. What does this mean? Well, if you're looking to capture the best home loan rates, you need to act now. For those with an application already in process, you should probably lock your rate as soon as possible. And, for anyone who has yet to begin a loan application, what are you waiting for?
Rate Hikes on the HorizonDespite this latest cut from the Fed, rates for many borrowers could actually increase soon. Why? Because Fannie Mae and Freddie Mac have … (0 comments)

Today's Market prior to the Fed Move - 12/11/07 09:25 AM
Today's Market CommentaryYields rose again on Monday, bringing the rise over the past week (since Monday, December 3) to 30bp across the curve. Stocks were fairly strong and financial stocks enjoyed a continued recovery, partially in response to news of significant cash infusions, despite continued losses. MBIA announced that they will receive a $1 billion investment from Warburg Pincus, seeking to shore up its "AAA" rating. While the capital infusion was a significant positive, much of the capital will be immediately eaten through to offset Q4 losses. MBIA said, deterioration in residential mortgage-backed securities (especially prime home equity LOC and seconds) … (0 comments)

Bonds Stabilize Ending Deterioration - 12/10/07 10:08 AM
Today's Market CommentaryMarket focus is now on the Fed with a 70% plus chance of a 25bp cut at this weeks FOMC meeting based on CBOT futures trading. If the decision is not for a 25bp cut, a greater probability is assigned to a 50bp cut than to no change. A lack of liquidity and investor anxieties based on credit uncertainties are the perceived basis for the likely decision to a greater extent than the overall outlook for economic growth. Today's report from the National Association of Realtors indicate mixed data depending on the State.  Despite overall decline on existing home … (0 comments)

Today's Mortgage Market Deterioration - 12/07/07 12:30 PM
Yields rose rather sharply on Thursday for the third straight day, leaving the curve slightly higher than Friday's close. The Paulson plan to stave off some foreclosures found criticism from both sides, those saying it's not broad enough and those saying it goes too far (isn't that the definition of the perfect compromise?). For detail on the plan, see the American Securitization Forum's website. In reality, the plan appears modest, not inconsistent with current documentation and fiduciary responsibilities, and constructive. FNMA priced its preferred stock deal, paying 8.25% (roughly 11.3% tax-equivalent) for the first three years until it will float. This … (0 comments)

Great Time to Shop for a home? Really? According to Mortgage News Daily it is.... - 12/06/07 11:18 PM
Depending on the data you are looking at, national average home prices are down significantly. On average, this trend will continue, but consider three things. First, the hardest-hit markets drag down the average depreciation. Second, mid to high priced homes were more inflated than entry level housing. When those homes depreciate, they have farther to fall than a lower priced home. This also brings down the average. Finally, because panic can create a knee-jerk reaction among sellers, and market perception can create a hesitance among buyers, prices can be lower on the way down than they will be at the bottom. … (3 comments)

Bush's Subprime Rescue Plan Coincides With Sobering Delinquency Report - 12/06/07 11:12 PM
As reported in the Mortgage Daily News, Several hours before President Bush announced the details of his administrations plans to assist homeowners who are facing foreclosure the Mortgage Bankers Association released its delinquency survey for the third quarter.
The survey showed that the number of loans in the foreclosure process and the number of loans entering that process were at the highest levels since MBA began keeping records 21 years ago.
Loans entering foreclosure - generally those that are 90 days in arrears on payments - represented a seasonally adjusted 0.78 percent of all loans on one-to-four family residences. In the second quarter … (1 comments)

Campton Hills - Judge rules there's not enough room on the referendum - 12/06/07 10:57 PM
It appears the Judge Mike Colwell has said that 3 referendums are enough on this ballot in the spring.  Therefore, he's not permitting a citizen led referendum on the ballot.  The other 3 referendums are municipality led referendums.  Many believe that the three referendums were put on the ballot in order to prevent a fourth.  Judge Colwell did, however, remove four electoral officials whom he believes are biased against the dissolution. 
I, for my part, am excited to see what comes of this.  There will be a hearing I hope when this case goes up on appeal as to the first … (0 comments)

Let it snow, let it snow, let is snow - 12/04/07 10:13 PM
I've had more fun with my kids this year.  My oldest turned 8 and the next 6, 5, 2 and 1.  The older two finally get the hang of football and we have played more football this year.  It's been a blast.  I love the snow....but with so much fun with my children playing football, I wished that it would be postponed for a couple of weeks....maybe just in time for Christmas.  However, tonight we are to get 4-6 inches of that white stuff.  I know that I could teach them football in the snow, but I think that I'd be … (7 comments)

TODAY'S MARKET COMMENTARY - 12/04/07 09:07 AM
The ISM's manufacturing index posted a very slight decline, falling to 50.8 from October's 50.9. It was the fifth straight month of declines in the index.  The prices paid component rose but remains well below its highs and is fairly volatile. Headlines continue to be dominated by Treasury Secretary Paulson's push to bring relief to subprime borrowers, in part through a deal which is still in the works with services, investors, and industry. In addition, much talk yesterday, from Paulson, Boston Fed President Rosengren, focused on the theoretical ability of many subprime borrowers to refinance because of their good credit scores … (4 comments)

Record Month...well not quite, but pretty awesome anyway! - 12/03/07 01:17 PM
This month I'll close about $5,000,000 in real estate transactions.  Pretty awesome if you ask me.  But let's be honest, it's been brutal out there.  Many of the competitors have closed their doors and many individuals have left the business.  Interesting to see who is week and who becomes strong in this environment.  I, too, have experienced just a frenetic sine wave over the last few months.  Good days, bad days, good weeks, bad weeks.  Needless to say, I've always kept in personal touch with my past clients as well as leaders within the community.  Nevertheless, the payoff is now.  I … (8 comments)

Record Month...well not quite, but pretty awesome anyway! - 12/03/07 01:17 PM
This month I'll close about $5,000,000 in real estate transactions.  Pretty awesome if you ask me.  But let's be honest, it's been brutal out there.  Many of the competitors have closed their doors and many individuals have left the business.  Interesting to see who is week and who becomes strong in this environment.  I, too, have experienced just a frenetic sine wave over the last few months.  Good days, bad days, good weeks, bad weeks.  Needless to say, I've always kept in personal touch with my past clients as well as leaders within the community.  Nevertheless, the payoff is now.  I … (2 comments)

Record Month...well not quite, but pretty awesome anyway! - 12/03/07 01:17 PM
This month I'll close about $5,000,000 in real estate transactions.  Pretty awesome if you ask me.  But let's be honest, it's been brutal out there.  Many of the competitors have closed their doors and many individuals have left the business.  Interesting to see who is week and who becomes strong in this environment.  I, too, have experienced just a frenetic sine wave over the last few months.  Good days, bad days, good weeks, bad weeks.  Needless to say, I've always kept in personal touch with my past clients as well as leaders within the community.  Nevertheless, the payoff is now.  I … (0 comments)

Today's Market Commentary - 12/03/07 10:07 AM
Friday saw T-bill and long-bond yields rise even as two to five-year yields fell 5bp to 2bp, respectively. The rise in T-bill yields was, in effect, a lessening in credit/liquidity concerns. Expectations for Fed easing increased on Friday, continuing the trend seen throughout last week despite a rise in Treasury yields and stock prices. The January Fed Funds futures contract, which is a "pure" contract due to the fact that the FOMC does not meet until January 30, ended the week at 4.155%, indicating that the contract is assigning a 38% chance to a 50bp ease at next week's FOMC meeting. … (2 comments)

 
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Larry Bettag Illinois FHA Specialist

Saint Charles, IL

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Larry Bettag - Cherry Creek Mortgage

Address: 40W310 LaFox Road, Saint Charles, IL, 60175

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 1 “Let not your heart be troubled; you believe in God, believe also in Me. 2 In My Father’s house are many mansions; if it were not so, I would have told you. I go to prepare a place for you. 3 And if I go and prepare a place for you, I will come again and receive you to Myself; that where I am, there you may be also. 4 And where I go you know, and the way you know.”
(John 14:1-4, New King James Version) I review for BookSneeze

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