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Roger Herrick's Real Estate and Mortgage Market Report for Monday July 14th, 2008

Mortgage Broker — Mon, 14 Jul 2008 09:39:42 -0500

Welcome The Real Estate and Mortgage Report and thank you for listening to me. This is Roger Herrick and Today is Monday July 14^th, 2008.

Freddie Mac and Fannie Mae took it on the chin on Friday and the real estate mortgage market began to disintegrate. Over the weekend we have seen several actions that will support these cornerstones of modern Americas real estate world. So far these direct actions will fend off the threat of elimination of these trillion dollar financing giants.

The Federal Reserve is caught in a tug-of-war as it prepares on Monday to unveil final rules overhauling mortgage lending. These new rules will go deep into the future and determine how all loans will be underwritten and funded. After 2 years of finger pointing and the blame game we will finally see what is the outcome. I only wanted to go over these rules once they agreed upon so not to become a part of the political bantering. My next report will go into these elements.

On the real estate front. There are some excellent deals on properties that are nearly 50% lower than prices we have had just a couple of years ago. It looks to be more circumstance related and people have individual hardships as our economy stumbles. However, many people are rethinking their positions as prices fall below their debt. Long long long term the prices of real estate will eventually recover.

So if you think that investing for the long term is for you and you either are well positioned for an all cash purchase or have a down payment and can pass underwriting full income documentation standards, this is a bonanza.

I will have some excellent details on these properties and will be looking to share that with my referral based clients in the near future once the important details are organized for you. I will be looking forward to working with you your family and your important business contacts in the future.

Thank you for listening to Contactherrick.com

This is a quote from the German Born Albert Einstein

"Try not to become a man of success but rather to become a man of value."

The Real Estate and Mortgage Market Report as of Monday July 7th, 2008

Mortgage Broker — Mon, 07 Jul 2008 09:18:38 -0500

Real Estate and Mortgage Market Report for Monday July 7^th , 2008

Earnings season for Stocks begins tomorrow, which typically adds volatility to an already jittery Stock market. The seesaw between stocks and bonds will balance current pricing activities. Also, as Stocks become more volatile, so will Bonds.

Now I will lead us into new territory. The mortgage market has been in an upheaval and produced primarily negative news reports for the past 18 months. My website and blog are set for some topic and improvements. These will begin with new opportunities in real estate as this new market emerges and develops. I will also keep these posts listed on the site as each new topic is discussed and outlined for review and reference. There as been primarily bad news over the past 18 months as well and we will only focus on services and strategies that produce beneficial outcomes and opportunities for the informed client.

I will work on new topics for discussions for this changing world of residential real estate. These new articles and discussions will be posted weekly. So stay tuned to this website for these important bites of information.

Thank you for listening to http://www.contactherrick.com/ We will continue to provide important local and national mortgage and real estate information to learn about new trends for you and to share with your family, your friends and your important business contacts.

A quote from Albert Einstein

"Truth is what stands the test of experience."

Roger Herrick

California Real Estate and Mortgage Broker

www.ContactHerrick.com

Mortgage Market Report for the Week of June 23rd, 2008

Mortgage Broker — Mon, 23 Jun 2008 08:41:14 -0500

Mortgage Market Report for June 23, 2008

Stocks begin the day at the lowest level since March 2008. Stocks are attracting some investors at these lower levels. Bonds are battling over investment dollars for stable income.

This week will produce the FOMC short term interest rate decision. It is expected that the Fed will hold the benchmark rate at 2% pausing only after seven rate cuts since September of 2007.

Word from Wall Street is saying that Citigroup, Inc. and Goldman Sachs may cut 10% of their investment bank divisions. This suggests the turmoil in the financial sector hasn't yet lifted.

My business is built on solid advice not just price.

Thank you for listening to www.ContactHerrick.com . We will have another report for you, your family, your friends and your important business contacts later this week.

A quote from the late George Carlin

"Some national parks have long waiting lists for camping reservations. When you have to wait a year to sleep next to a tree, something is wrong."

AnnualCreditReport.com Is It Really Free? How Does It Work?

Mortgage Broker — Wed, 28 May 2008 14:18:34 -0500

Credit Repair

A home-buying consulting business that offers credit repair and home-buying consulting services has agreed to settle with the Federal Trade Commission for alleged federal law violations, including illegally charging an advance fee for credit repair and falsely claiming that they can remove negative information from consumers' credit reports, even if the information is accurate and timely.

The Federal Trade Commission advises that only time, a conscious effort, and a personal debt repayment plan can improve your credit report. The first step is to learn what information is in your credit report. If you find errors or mistakes, federal law gives you the right to have them corrected - free of charge. Federal law requires that the nationwide consumer reporting companies - Equifax, Experian, and TransUnion - provide you with a free copy of your credit report once every 12 months, if you ask for it. To order your free report, visit annualcreditreport.com, call 1-877-322-8228, or complete and mail the Annual Credit Report Request Form. Other credit repair information is available at http://www.ftc.gov.

Mortgage Market Report for Wednesday May 28th, 2008

Mortgage Broker — Wed, 28 May 2008 10:00:41 -0500

Interest Rate Report for Wednesday May 28, 2008

Mortgage bonds have located a bottom at the important 200 day moving average. If this level of support is broken then this level will act as the new ceiling. It is likely that we will see some recovery if bond prices lift off this strong level of support. These are technical signals but they are most often correct.

The surprisely improved reading in durable goods gave stocks a modest boost and added more selling pressure on mortgage bonds.

Today the Treasury Department will auction off $30 billion of 2 year notes and this may sway the markets later in the day.

For now we are floating as we see how the floor of support at the 200 day moving average plays out.

My business is built on solid advice not just price.

Thank you for listening to www.ContactHerrick.com . We will have another report for you, your family, your friends and your important business contacts later this week.

A quote from JFK

"We need men who can dream of things that never were."

Mortgage Market Report for Wednesday May 21st, 2008

Mortgage Broker — Wed, 21 May 2008 15:32:23 -0500

Interest Rate Report for Wednesday May 21, 2008

FOMC Minutes were released today. They forecast weak economic times ahead. The see higher inflation and higher unemployment. They project no interest rate cuts even if the economy continues to slow.

Stocks pare losses - bonds move lower. Bonds slide from earlier gains on inflation concerns as oil trades at a record $132 a barrel.

Mortgage Bonds open lower as traders look to cash in on recent gains. Locking in on rates is recommended as the markets digest the news from the Fed.

My business is built on solid advice not just price.

Thank you for listening to www.ContactHerrick.com . We will have another report for you, your family, your friends and your important business contacts later this week.

A quote from JFK

"The time to repair the roof is when the sun is shining."

Roger Herrick

Mortgage Broker

www.ContactHerrick.com

Interest Rate Report for Tuesday May 20th, 2008

Mortgage Broker — Tue, 20 May 2008 11:16:14 -0500

Interest Rate Report for Tuesday May 20, 2008

Mortgage Bonds lose some momentum from previous highs but are still in positive territory. Stocks in the red after hitting resistance levels yesterday.

Oil hits record $129.58 a barrel in NYMEX trading - stocks suffer. Investors flock to bonds.

Home Depot posts a 66% drop in net income due to the slowing economy and housing slump.

We recommend floating but be prepared to take advantage of these recent price improvements. Because referral and repeat business built on solid advice not just price.

Thank you for listening to www.ContactHerrick.com . We will have another report for you, your family, your friends and your important business contacts later this week.

A quote from Rosalynn Carter

"You have to have confidence in your ability, and then be tough enough to follow through."

Roger Herrick

Mortgage Broker

www.ContactHerrick.com

Interest Rate Report for Saturday May 17th, 2008

Mortgage Broker — Sat, 17 May 2008 10:28:06 -0500

Mortgage Market Report for Saturday May 17^th, 2008

The University of Michigan's Consumer Sentiment was reported at worse than expectations. This has been the worst number in 26 years.

Some better than expected news in the Housing market as Housing Starts had modest up-tick in newly constructed homes is welcomed news, but the cost of materials has risen dramatically and may be a further drag on this sector in the months ahead.

Technically, Mortgage Bonds have powered through a triple layer of resistance at the 25, 50 and 100-day Moving Averages. Stocks are battling their 200-day MA ceiling, and if they are turned lower, bonds should rally further - we feel this will happen. And that would give us a run towards the high levels for another refinance opportunity. Be prepared, as these opportunities are typically brief.

Treasury Secretary Henry Paulson then painted a pretty rosy picture for the economy and credit markets when he spoke on the U.S. credit and housing markets at a business forum, in Washington, D.C. Paulson stated the financial markets are recovering nicely from the recent turmoil and that the economy should rebound later in this year.

Because my business is built on advice and not just price...and given the current market conditions, I am recommending floating and prepare to take advantage of improving home loan rates."

Thank you for listening to www.ContactHerrick.com . We will have another report for you, your family, your friends and your important business contacts later this week.

A quote from Joseph Addison

"Man is distinguished from all other creatures by the faculty of laughter."

Roger Herrick

Mortgage Broker

www.ContactHerrick.com

Mortgage Market Report for Tuesday May 13th, 2008

Mortgage Broker — Tue, 13 May 2008 10:44:42 -0500

Mortgage Market Report for Tuesday May 13, 2008

A better than expected Retail Sales Report are putting a downward pressure on mortgage bonds. Confirming this were sales from Wal-Mart with a better than expected first-quarter results. But it is expected that the second quarter will not be as good due to rising food and energy prices. Just a fill up at the gas station will tell you that. However, the consumer continues to spend for now.

Federal Reserve Chairman Big Ben Bernanke spoke this morning and said financial markets remain unsettled and the Central Bank will increase its auctions of cash to banks as needed. He went on to say "while markets have improved, they remain far from normal and we stand ready to increase the size of the auctions if further warranted by financial developments''.

For now a carefully floating bias may be prudent. The Bond bounced higher off the floor of support twice in the past 30 days and has done so thus far today. The trend is usually your friend.

Thank you for listening to www.ContactHerrick.com . We will have another report for you, your family, your friends and your important business contacts later this week.

A quote from Evan Esar

"Character is what you have left when you've lost everything you can lose."

Mortgage Market Report for Friday May 9th, 2008

Mortgage Broker — Sat, 10 May 2008 08:54:45 -0500

Mortgage Market Report for Friday May 9, 2008

Mortgage bonds could not capitalize on the weakness in stocks. Soaring oil prices reached $126.00 per barrel. This created new concerns about inflation to close a tough week.

The mortgage lenders have been very tough on underwriting standards. Navigating these obstacles has been somewhat difficult even for the most credit worthy borrowers. The timelines for coming out of the difficult housing market is being dragged out even further.

Enough of the bad news. On the good news the rates are still very low and there are some great buys available for new purchases.

If your loan is prepared to lock it would be advisable to do so at this time to protect some of your recent gains.

Thank you for listening to http://www.contactherrick.com/ Please check back weekly for another report for you, your family, your friends and your important business contacts.

This is a quote from Napoleon Hill

"First comes thought; then organization of that thought, into ideas and plans; then transformation of those plans into reality. The beginning, as you will observe, is in your imagination."

New Conforming Limit Disappointment

Mortgage Broker — Mon, 05 May 2008 15:16:34 -0500

Mortgage Market Report for Monday May 5, 2008

Today Representative Barney Frank complained that the mortgage industry has done little over the past month to make higher-value loans available in costly housing markets, after Congress took steps to try to infuse more cash into the so-called jumbo market. He will hold a meeting on May 21^st. He is trying to find out why these mortgages remain difficult to obtain and continue to carry high interest rates despite the rules that took effect April 1^st.

"I am disappointed," Frank said in response to an audience question after a speech to a Mortgage Bankers Association convention. "We fought very hard to raise the loan limits for Fannie and Freddie, and there have been a lot of problems in implementation."

Frank said he called the hearing to "try to unstick" loans made under the new rules covering jumbo mortgages.

"There is a chain of people blaming each other, and we're going to call everybody in there into the hearing and find out why," Frank said.

To address the worst housing crisis in decades, the economic stimulus package that President Bush signed in February included a temporary increase in the cap on mortgages that Fannie and Freddie can purchase or guarantee, from $417,000 to $729,750 in high-cost markets. The change will be in effect through 2008.

The goal was to spark investor demand for securities made up of higher-value mortgages backed by Fannie and Freddie, which would have the effect of driving down interest rates on jumbo loans and spur home buying and refinancing activity.

The immediate impact was expected to be muted as investors in mortgage-related securities remain wary of making risky investments, even if they're tied to mortgages guaranteed by Fannie and Freddie.

Interest rates on jumbo mortgages have been running about a percentage point higher than those for conforming loans for months, and Frank said he's seen little evidence since the new lending flexibility kicked in that the rate spread has narrowed.

Jay Brinkman, chief economist for the Mortgage Bankers Association said, "You don't want to guess on the low side. If you make a mistake in this environment... you can take a serious price hit."

Brinkman also said mortgage lenders and investors in mortgage-backed securities need time to adjust to regional differences in the loan amount that Fannie and Freddie can guarantee under the new jumbo rules.

Another problem is that jumbo loans guaranteed under the newly enlarged caps aren't being sold in a key secondary market. Mortgages above the conforming loan limit of $417,000 will not be allowed to be blended into packages of other loans traded in the market.

Thank you for listening to contactherrick.com and we will have another report for you your family your friends and your important business contacts tomorrow.

However beautiful the strategy, you should occasionally look at the results.

Sir Winston Churchill

Mortgage Market Report for Monday April 28th, 2008

Mortgage Broker — Mon, 28 Apr 2008 15:02:32 -0500

Mortgage Market Report for Monday April 28^th, 2008

This week's schedule has some of the biggest economic news of April.

On Wednesday, the Fed will release their Policy Statement and interest rate decision. For now, the Fed Fund Futures are pricing a 75% probability of a .25% cut to the Fed Funds Rate. As you know, Bond prices have reacted very poorly after Fed Rate cuts, due to the expectation that the cut will spur on inflation. If the Policy Statement leads Traders to believe this may be the final cut, it might just have the opposite effect, helping Bonds actually move higher with the reduced prospect of the Fed spurring future inflation.

Right on the heels of the Fed decision and statement, Thursday will bring the Fed's most favored gauge of consumer inflation, the Core Personal Consumption Expenditure Index (PCE). Especially since it will come after Fed day, it will be interesting to see the inflation read in light of the Fed's decision. And as if this weren't excitement enough for the week, Friday will bring the important Jobs Report, where early estimates are for a loss of 80,000 jobs.

Bonds will likely take their cues from action in the Stock market. For now, be prepared and ready to lock, as we have seen many daily reversals recently.

A quote from Benjamin Disraeli

"What we anticipate seldom occurs; what we least expected generally happens."

Roger Herrick

www.ContactHerrick.com

Mortgage Market Report for Thursday April 24th, 2008

Mortgage Broker — Thu, 24 Apr 2008 12:23:56 -0500

Mortgage Market Report for Thursday April 24, 2008

The FOMC will announce its rate decision on April 30. Economists expect a 25bp cut to bring the Fed funds rate to 2.00%.

Greg Ip, the economist said. "The Fed is concerned that further easing could aggravate rising inflation expectations as food and oil prices soar to new records. Concerns about inflationary pressures "means the option of standing pat will likely also be on the table. Fed fund futures imply a 90% chance of a 25bp cut with a 10% chance of no change. Looking further out, futures show a 19.8% chance of a second cut at the June 25 FOMC meeting, unchanged from a day earlier."

These improvements take some time to factor into the long term fixed mortgage market. Initially, these reductions in short term rates create higher long term fixed securities. The markets have been continuously rocked by credit crunch and the housing bubble.

On the day mortgage bonds are down and rates are up. They are testing the new floor at the 200 day moving average.

Thank you for listening to http://www.contactherrick.com/ We will have another report for you your family, your friends and your important business contacts. Please check back

This is a quote from James Joyce.

"Mistakes are the portals of discovery."

Roger Herrick

http://www.contactherrick.com/

Mortgage Broker

Mortgage Market Report for Tuesday April 22nd, 2008

Mortgage Broker — Tue, 22 Apr 2008 09:57:31 -0500

Mortgage Market Report for Tuesday April 22, 2008

The volatility continues this morning, on the heels of yesterday's incredibly wild session.

Yesterday Bonds were extremely volatile. Providing additional challenges for all of us attempting to navigate through these wild times, which include both enormous price swings as well as rapid directional changes in the market.

Yesterday's rise in the Mortgage Bonds was an announcement from The Bank of England, allowing Banks to swap Mortgage Bonds for government bonds, which creates greater value and stability for mortgage backed securities. Since this announcement did not effect Treasuries, they did not participate in the rally. This further illustrates the pitfalls of watching incorrect indicators like the 10-year Treasury Note.

Existing Home Sales for March was reported. It was not a great report but it was not worse than the market had expected.

McDonald's Corp 1st quarter earnings beats estimates. AT&T, the biggest US phone company, inline with analysts 1st quarter expectations. Oil hits yet another record high of $118.05.

Yesterday's move higher pushed Bond prices above both the 50 and 100-day Moving Averages, which may now serve as a floor of support.

Thank you for listening to http://www.contactherrick.com/ Please check back often for another report for you, your family, your friends and your important business contacts.

This is a quote from Maria Edgeworth,

"If we take care of the moments, the years will take care of themselves."

Roger Herrick

California Mortgage Broker

www.ContactHerrick.com

Mortgage Market Report for Thursday April 17th, 2008

Mortgage Broker — Thu, 17 Apr 2008 18:04:52 -0500

Mortgage Market Report for Thursday April 17, 2008

Today the bonds started weak and ended strong. The daily swings are wild. After an ugly open bonds received a soft jobless claims report.

The mortgage bond market spent most of the day fighting its way back from far lower levels while the stock market mostly fizzled instead of sizzled due to "mixed" corporate earnings reports and poor economic news. Bonds also had to deal with comments made by noted inflation hawk Richard "Loose Lips" Fisher. The Dallas Fed President and voting FOMC member cut loose with a new warning "against inflating our way" out of the credit crisis and stated additional interest rate cuts "may just compound the problem."

However, the bond market successfully contended with a supply issue today as the Fed auctioned $25 billion in 28-day credit through its Term Securities Lending Facility (TSLF). This Fed financing tool provides banks with an option to pledge their illiquid mortgage-backed securities as collateral in exchange for US Treasuries that can sold and used for new loan funding. The major stock market indexes ended mostly flat but "mixed" with the Dow Jones Industrial Average gaining a measly point.

The next clear level of support is at the 200-day Moving Average, which lies about 70bp below current levels.

Thank you for listening to http://www.contactherrick.com/ Please check back weekly for another report for you, your family, your friends and your important business contacts.

A quote from George Burns

"You can't help getting older, but you don't have to get old."

Roger Herrick

http://www.contactherrick.com/

California Mortgage Broker

Mortgage Market Report for Friday April 11th, 2008

Mortgage Broker — Fri, 11 Apr 2008 13:22:44 -0500

Mortgage Market Report for Friday April 11^th, 2008

Trading slows for stocks and bonds as the week draws to a close. Mortgage Bonds off the highs from this morning. Stocks still underwater but trying to battle back.

University of Michigan's Consumer Sentiment gives a snapshot of whether or not consumers feel like spending money. It came in much lower than expected at 63.2 vs consensus estimate of 69 - the lowest in 26 years.

Bonds have improved slightly on these reports on the decline in the stock market.

Thank you for listening to http://www.contactherrick.com/ Please check back weekly for another report for you, your family, your friends and your important business contacts.

A quote from Herbert Spencer

"The great aim of education is not knowledge but action."

Roger Herrick

http://www.contactherrick.com/

California Mortgage Broker

Mortgage Market Report for Monday April 7th, 2008

Mortgage Broker — Mon, 07 Apr 2008 15:53:58 -0500

Mortgage Market Report for Monday April 7^th, 2008

Merrill Lynch says the worst of the credit crisis is over and Washington Mutual set to get $5 billion injection. Goldman Sachs bullish on mining stocks. . Bonds fall on the news while the optimistic attitude is spreading throughout Wall Street. However, the stock market rally fizzled. Bond players nervous as gold, crude and assorted commodities move higher citing inflation fears.

We recommend floating as again we are devloping a floor of support. Be prepared to lock if this floor of support is tested.

Due to technical difficulties we were unable to post your report on Friday.

Also, after further study of traffic patterns and client input I believe a weekly wrap up report will be posted and distributed. While this market changes I will have reports as needed. I appreciate your support as this mortgage market develops.

Thank you for listening to http://www.contactherrick.com/ Please check back weekly for another report for you, your family, your friends and your important business contacts.

A quote from Herbert Spencer

"Science is organized knowledge."

Roger Herrick

http://www.contactherrick.com/

California Mortgage Broker

Compliment Others Freely!!!

Mortgage Broker — Mon, 07 Apr 2008 11:20:32 -0500

Compliment Others Freely

Remember the last time you were paid a sincere compliment? Remember how good it made you feel? Remember how you immediately wanted to do something in return for the person who complimented you?

Paying someone a sincere compliment is a great way to build a relationship or begin a conversation. It makes the other person feel important and acknowledges their uniqueness. We all need to feel this. We all like to hear complimentary comments to help reinforce our self image.

A compliment costs you nothing to give and can be the most rewarding gift you can give to another human being. There's a wonderful story from one of the old time sales trainers, Willie Gale, who was speaking about compliments to a group of salesmen back in the 1950s.

One of the men of the group, a door-to-door salesman asked Willie what he would do if he rang the doorbell and the woman who answered was all disheveled, dressed in a housecoat, looking absolutely awful. (Remember, this was the 1950s). Willie responded I would just stand there and keep looking until I found something to compliment her on.

A compliment must be sincere. People see right through false ones and ones without sincerity. Many a clothing sales person lost a sale by saying something looked good when instinctively it did not.

Make a habit of freely offering sincere compliments to people you encounter. This is so important, especially in our hurried, harried and seemingly impersonal society. There will be times when the compliment a person receives from you, a total stranger, is the only nice comment they hear that day. You can make a persons day with a simple nicety, spoken with caring and sincerity.

I was looking for a new article that is happy news among all of the press that this business is now involved. I hope it helps someone in todays' market.

Roger Herrick

California Mortgage Broker

www.ContactHerrick.com

Principal Residence, Second Home or Investment Property???

Mortgage Broker — Mon, 07 Apr 2008 11:04:14 -0500

Principal Residence, Second Home or Investment Property?

A conventional mortgage may be secured by a property that is a principal residence, second home, or investment property. Any special eligibility criteria that are based on the occupancy status of a property are discussed below.

Principal residence properties. A principal residence is a property that the borrower occupies as his or her primary residence. If there are multiple borrowers for a regularly amortizing mortgage, only one borrower needs to occupy and take title to the property.

Parents who want to provide housing for their physically handicapped or developmentally disabled adult children who are unable to work or who have income that is not sufficient for them to qualify for a mortgage on their own have special home financing needs. In recognition of this, we will consider a residence that parents purchase or refinance for such children to be a principal residence for purposes of satisfying our mortgage eligibility requirements even though the parent-borrower will not be the occupant of the property. We will extend this same flexibility to children who want to provide housing for elderly parents who are unable to work or who have insufficient income to qualify for a mortgage of their own.

Second home properties. A second home is a property that is located within a reasonable distance from the borrower's principal residence and which the borrower occupies for some portion of the year. We limit our purchase of mortgages that are secured by second homes to those properties that have one dwelling unit. The property must be suitable for year-round occupancy (and can, in fact, be occupied by someone other than the borrower-as long as the occupancy is not under a timeshare arrangement). The borrower must have exclusive control over the property; therefore, he or she must not enter into any rental agreements that require the property to be rented or give a management firm control over the occupancy of the property. When a property is classified as a second home, rental income may not be used to qualify the borrower. Conventional second mortgages may not be secured by a second home.

Investment properties. An investment property is a property that the borrower owns, but does not occupy. A mortgage loan that is made on an investment property that is secured by manufactured home is not eligible for purchase or securitization.

Roger Herrick

California Mortgage Broker

www.ContactHerrick.com

Mortgage Market Report for Wednesday April 2nd 2008

Mortgage Broker — Wed, 02 Apr 2008 18:21:12 -0500

Mortgage Market Report for Wednesday April 2, 2008

Providing market turmoil was a Congressional Joint Economic Committee hearing. Bernanke stated the economy may be headed into a brief recession during the first half of this year, but he was more optimistic about the economy over the second half of the year as the full effects of the Fed's interest rate cuts begin to stimulate economic growth.

Bonds were hit with some additional selling pressure at this point and stocks were cruising along a little higher until the release of the Energy Department's Energy Information Administration report of an unexpected decline in gasoline inventories due to higher demand. This news did not sit well with the stock market as it suggests retail gas prices will increase to levels this summer that will create a far greater financial burden on consumers while impacting corporate earnings.

As stocks then retreated on this news, our benchmark mortgage bonds staged a late session rally and bounced back from a deficit to reclaim the 50-day MA support level.

Thank you for listening to http://www.contactherrick.com/ We will have another report for you, your family, your friends and your important business contacts tomorrow.

A quote from Will Rogers

"The best doctor in the world is the veterinarian. He can't ask his patients, what is the matter?-he's got to just know."

Roger Herrick

California Mortgage Broker

www.ContactHerrick.com

Mortgage Market Report for Tuesday April 1st, 2008

Mortgage Broker — Tue, 01 Apr 2008 17:47:06 -0500

Mortgage Market Report for Tuesday April 1^st, 2008

Stocks, led by the financial sector, are sharply higher on the optimistic outlook. As a result, Mortgage Bonds are being sold off.

While it is difficult to say if this the last of the bad news on sub prime, for today at least the markets are celebrating it. Their thinking is the only place to go from here is up.

This news is also being taken as a sign that the damages to major banks caused by sub-prime woes and the ensuing credit crunch may be nearing an end.

Prices are down thus far, after both favorable economic news and a strong stock market. But the Bond did dip down to the floor of support and has since rebounded slightly. This level will be important to watch today, as it has acted as a firm floor for the past couple of weeks. Let's see if this floor does hold.

Thank you for listening to contactherrick.com and we will have another report for you your family your friends and your important business contacts tomorrow.

However beautiful the strategy, you should occasionally look at the results.

Sir Winston Churchill

Mortgage Market Report for Monday March 31st, 2008

Mortgage Broker — Mon, 31 Mar 2008 11:56:00 -0500

Mortgage Market Report for Monday March 31, 2008

Mortgage bonds are trading slightly higher today.

Housing and Urban Development Secretary Alphonso Jackson resigned Monday, amid multiple ethics investigations and criticism from top lawmakers.

Jackson said he will step down on April 18. He did not mention the allegations in his brief statement Monday, saying only that he wanted to attend to personal and family matters.

The resignation came after criticism from members of Congress that Jackson has refused to respond to inquiries on financial and friendly favortism for various government business contracts.

Mortgage bonds are trading in a wide area of floor and support. We recommend floating for now but things can change quickly. Again this has been and continues to be a volitile financal market .

Thank you for listening to contactherrick.com . We will have another report for you, your family, your friends and your important business contacts tomorrow

A quote from Thomas A. Edison

"Results! Why, man, I have gotten a lot of results. I know several thousand things that won't work."

Thank you.

Roger Herrick

Mortgage Broker

Mortgage Market Report for Thursday March 27th, 2008

Mortgage Broker — Thu, 27 Mar 2008 13:39:36 -0500

Mortgage Market Report for Thursday March 27, 2008

Bonds are testing the floor of support. The Initial Jobless Claims are were reported slightly better than last week. The four week moving averages remain at levels see prior to each of the past two recessions.

The stock prices are dictating the movement of bonds and they compete for investment dollars. The bonds have a floor of support at the 50 day moving average. Hopefully, we will remain above this important support level.

We will keep you advised as this new conforming jumbo loan limit is released.

Thank you for listening to contactherrick.com . We will have another report for you, your family, your friends and your important business contacts tomorrow.

This quote is a Japanese proverb

"One kind word can warm three winter months."

Roger Herrick

California Mortgage Broker

www.ContactHerrick.com

Mortgage Market Report for Wednesday March 26th, 2008

Mortgage Broker — Wed, 26 Mar 2008 13:41:56 -0500

Mortgage Market Report for Wednesday March 26, 2008

Today New Home Sales for February were as expected lower and now the number of sales is the lowest level in 13 years. The stock market is sagging and again placing favor on bonds.

Later today, Chicago Fed President Charlie Evans and Dallas Fed President Richard Fisher is scheduled to speak at 1:30 Eastern Time. Mr. Fisher did not agree with the Fed cuts and has rocked markets with his warnings in the recent past.

The bond market is being moved by the stock market as investment dollars try to find their comfort level.

The new conforming limit is in place but the lenders are tangling with this Conforming Jumbo pricing. It is no were near the actual conforming rates. I will keep you advised as this is investigated.

Thank you for listening to contactherrick.com . We will have another report for you, your family, your friends and your important business contacts tomorrow

A quote from Eleanor Roosevelt.

"People grow through experience if they meet life honestly and courageously. This is how character is built."

Thank you.

Roger Herrick

http://www.contactherrick.com/

Mortgage Broker

Mortgage Market Report for Tuesday March 25th, 2008

Mortgage Broker — Tue, 25 Mar 2008 11:32:05 -0500

Mortgage Market Report for Tuesday March 25, 2008

Bonds are getting a boost as consumer confidence falls to the lowest level in 5 years. Home prices in 20 of major cities in the country were down a record 10.7% in the past year.

Stocks are falling and this pressure is helping bond prices increase. As you know as bond prices increase the interest rates decrease.

A gallon of regular gasoline hits $3.28 on average across the country.

Thank you for listening to contactherrick.com . We will have another report for you, your family, your friends and your important business contacts tomorrow

A quote from

Oliver Wendell Holmes

"Man's mind, once stretched by a new idea, never regains its original dimensions."

Thank you.

Roger Herrick

Mortgage Broker