market conditions: LIBOR Liars - 05/13/08 12:11 PM
LIBOR: "London InterBank Offered Rate"
It's what one London based bank will lend money to another London based bank.
To us, it's an index. This is all about London - why should we care?
Remember how ARM's work An index is just something that we can all point to … (2 comments)
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market conditions: You can't fix UGLY - 02/28/08 09:16 AM
… (8 comments)
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market conditions: It doesn't matter - 01/07/08 08:46 AM
Homes and Houses don't matter. Interest Rates and Fees don't matter.
Jobs and Paychecks don't matter.
Closed Deals and Pipelines don't matter
It is Humans that matter.
I can't help but wonder how many lives are deeply effected each and every day by this market?
For a minute... think about … (7 comments)
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market conditions: Is your neighborhood in Decline? - 01/02/08 01:33 PM
Chances are that if it's in CA or FL, Fannie Mae has deemed your entire county as being in a Declining Market.
On December 5th. the large GSE sent a memo to all it's Lenders suggesting that they reduce the maximum loan amounts for the counties mentioned by 5%.
This … (5 comments)
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market conditions: I'm waiting till they drop lower - 12/11/07 01:38 PM
Most every competent mortgage person will tell you...
When the feds change the rates they are responsible for (Fed Funds and Discount) it has little effect on the actual mortgage rates you and I get to pay.
So the Fed's decided to lower the Fed Funds Rate .25 bps and lower the Discount Rate .25 pbs.
Did Mortgage Rates go … (7 comments)
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market conditions: Deal or No Deal? Part Two - 11/27/07 09:58 AM
Yesterday I detailed how subprime loans are chopped, diced and sold into various segments to investors. I think it was pretty clear but just in case here's a refresher course (YT Video) from CNBC: LINK
The important take away is that the company that you think might own the mortgage is in … (7 comments)
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market conditions: Deal or No Deal? Part One - 11/26/07 10:33 AM
You probably have heard the good news.
California is set to be hit hard by foreclosures. It already is being hit hard. That's not the good news (unless you are a Repo Man).
Last week, Gov. Arnold Schwarzenegger announced he had struck a deal with four subprime lenders. While you've heard … (8 comments)
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market conditions: Even the Financial Guys need help understanding - 11/20/07 08:34 AM
I'm a mortgage guy. I even go so far as to call myself "The Mortgage Guy".
See ===============>
But when it comes to the Equity and Bond Markets, I consider myself a just a student.
Every now and then, I look and see who has linked to my blog, or re-posted … (11 comments)
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market conditions: But I made my payments... - 11/19/07 09:23 AM
File this under "HARD TO BELIEVE" (but true!)
Do you have a Home Equity Line of Credit on your home?
How about on your rental home?
A HELOC can be a great way to tap into your home's equity. A HELOC is based on the Prime Rate. … (16 comments)
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market conditions: Level 3, FASB 157, and My 10 Taxi's - 11/14/07 09:01 AM
Starting tomorrow, the rules for how a company carries a particular asset on it's books is going to change.
The Financial Accounting Standards Board These are the guys who set the rules for all accounting here in the United States. I'm talking about FASB 157. If you go to the website you … (13 comments)
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market conditions: First Time Buyers? - YES! - 10/11/07 01:15 PM
I wanted to share a short story with you.
This is Reza.
Reza is 29 years old, he works as a bartender.
Tomorrow morning Reza will become the owner of his first home. That's right, Reza is a First Time Home Buyer. This picture was taken yesterday just after Reza signed his loan … (10 comments)
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market conditions: Tale of Two Cities - 09/26/07 11:56 AM
We've all heard the cliche, "Location, Location, Location".
My Uncle Sal, the one who has never owned a thing in his life, would say "It's all about Location". Every buyer knows the phrase. I even know of a real estate agent who has a discreet tattoo proclaiming those three words. How … (2 comments)
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market conditions: Why LABOR over LIBOR? - 09/06/07 09:25 AM
Part of what I do is educate clients and readers. The topics range from topical news stories to mortgage planning strategies, to warnings of potential scams and frauds. This last month had the liquidity crisis on the front pages. So naturally, I spent a good deal explaining how lenders sell their pools … (10 comments)
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market conditions: I'm applying for the Branch Manager Position - 08/22/07 05:57 PM
Monday I reported about a grass roots P.R. campaign had been zipping around cyberspace in the form of emails sent from Countrywide Loan Officers. "Operation Real Story". They were all cut and pasted, all had the exact same verbiage, just a different loan officer's contact information tacked on to the bottom. It … (25 comments)
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market conditions: "... know that I am here, backed by Countrywide" - 08/20/07 09:51 AM
That's how the email ends. The exact same email I have received over and over again, seemingly written by individual loan officers. In truth, it's a propaganda piece sent out by the corporate office straight to the front lines. The Loan Officers. They are supposed to cut and paste the … (9 comments)
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market conditions: The Stockdale Paradox - 08/16/07 08:11 PM
It just occurred to me as I was doing a very normal thing, that it might not actually be "normal".
I have a client that was referred to me by an Agent.
We met last week. I took the loan application and promptly went to an Automated Underwriting Engine. This is a … (21 comments)
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market conditions: Please Fasten Your Seatbelts... - 08/07/07 12:09 PM
In the Wall St Journal today is an article, "Mortgage Fears Drive Up Rates On Jumbo Loans".
I want to draw your attention to the chart that's included. In particular, it shows the 10 Yr Treasury Bond Yield and both the Conforming and Jumbo Rates since last January.
Let me make this … (6 comments)
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market conditions: You Only THINK You Were Approved - 08/02/07 09:39 PM
You better start paying attention. This is not a post about Sub Prime. Sub Prime has it's woes, and it doesn't matter if it's rightfully deserved or not, Sub Prime is in a world all it's own. Or so we thought.
On Monday, trading for a American Home Mortgage, a large … (13 comments)
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market conditions: Zillow LOVES Me! - 07/25/07 08:10 PM
Ok, so the truth may be closer to...
Zillow liked something I wrote and decided to feature it.
LINK
Diane Tuman wrote that,
"I spend a lot of time in the Real Estate Guide, editing content, organizing content, and “redirecting” spam when I see it. Lots of similarly-themed titles flow one after … (5 comments)
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market conditions: Sometimes Holidays are for Worrying... - 07/03/07 10:39 AM
With the Fourth of July holiday tomorrow I am looking forward to the Parade, the BBQ, and the Fireworks.
Holidays are times for us to slow down, to catch up with the Family, to reconnect with Friends.
Holidays are also times when our busy day to day schedules take … (2 comments)
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