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Today is National Beer Day (beer humor below), which made last night Beer Day’s Eve. Here at the CMLA event the talk is not about all of the craft breweries in Denver, but instead a portion of the chatter in the hallways revolves around how lenders stack up on extensions and renegotiations. Compass/Black Knight has some stats for you. The talk also revolves around layoffs (including a new round from Better.com reported by the WSJ), and the stock prices of those companies that have “gone public” in the last few years. Whether it is Guild, UWM, Rocket, Finance of America, or loanDepot, some with distributed retail models, they are all near their all-time lows. Hopefully, no employees put all their retirement eggs in the one basket of their employer! The violent move higher in rates is a discussion topic, of course. Mortgage rates, usually based on a spread to Treasury securities, and with the talk of the Fed aggressively lightning its balance sheet (more in capital m
Walking around Memphis yesterday got me to thinking, “I wonder what the part of my brain that used to store people’s phone numbers is doing now.” Maybe being used to store cool ads like the one in the joke section below, or lyrics of old songs? Thank you to VanDyk Mortgage’s Steve Richman who reminded me of Mott The Hoople’s “All The way From Memphis.” In 1973, when that song was released, the Fed Funds rate hit a high of 11.22 percent. Inflation can be harsh. Are you thinking about the price of food and gas a few months ahead of summer vacation season? You’re not alone. Millions of families are wondering what vacations are going to set them back this year, and possibly reconfiguring plans to spend less. Dramatic inflation can have that affect. I bring this up because, as was widely expected given the constant attempt to keep the U.S. economy stable, and battle against runaway prices, the FOMC raised the target range for the fed f