A friend out in California asked me how much, on average, I spend on a bottle of wine. I replied, “About half an hour.” Plenty of wine is being consumed while watching Yellowstone and 1923, and while all the women are ogling Spencer Dutton in 1923, in some non-mortgage news to save the economy the Secretary of Homeland Security will announce next month that the Immigration and Customs Enforcement will start deporting seniors (instead of illegals) to lower Social Security and Medicare costs. A major study concluded that older people are easier to catch, offer less resistance, and, more importantly, will not remember how to get back home. In actual news, lenders who own servicing continue to peel it off because it either doesn’t fit their portfolio, or they need the cash. The owners of lenders continue to examine various business strategies as we start 2023, with some thinking that it doesn’t make sense to remain the size they are. There was a lot of mergers a
With the Fed set to end its MBS purchases tomorrow, removing free money from the MBS market, where do you think home affordability will go from here? Mortgage rates are already at their highest levels since 2008 and in theory, a large buyer exiting the space should push MBS prices down and thus mortgage rates up. As one California mortgage executive wrote to me, “Home prices ran up 20 to 30 percent for two years, as Fed Chair Powell could not figure how to get his foot off the accelerator. There are good borrowers and good LTVs out there, but most have been priced out of the market with home values rising 20 percent per year. Take the free money away, and none of this is sustainable.” There is debate about if the Fed’s actions have created some sort of housing bubble. It remains to be seen whether home prices work their way lower, we see no price increases for a couple of years, or the pace of appreciation merely moderates. Helping affordability, more lenders are r
Singer/actress Olivia Newton John AND author David McCullough, both dying to start the week? (I just finished “Mornings on Horseback.”) After I die, I want my remains to be spread over Disneyland in Southern California. But I don’t want to be cremated. (Think about it.) Brokers know that also involving Southern California is today’s loanDepot earnings call at 2PM PT. “LD” has made some very public pronouncements of cutbacks in recent months… Will today continue that streak? Stay tuned. One can only imagine. Follow the money… how ‘bout the budget reconciliation bill that include $80 billion for the IRS for audits and enforcement, among other things?! Capital markets staff certainly focus on money, and the current STRATMOR blog is titled, “Capital Markets: Protecting Margins and Assets.” Does your company offer a 2nd mortgage behind someone else’s 1st? Interesting… Independent mortgage banks (IMBs)
Florida Amateur Driving Club honors Leon Cable – U.S. Trotting News ustrottingnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ustrottingnews.com Daily Mail and Mail on Sunday newspapers.
Back for the ninth season at 1390 Granite City Sports with your weekly amateur baseball (Town Team) reports. Including game summaries, upcoming schedules, league standings, tournament summaries and an occasional special interest feature. The plan is to continue to include: Arrowhead West/Section 2B: Cold Spring Springers, Moorhead Brewers, Moorhead Mudcats, Hamel Hawks, EGF Mass and Brainerd Bees, Central Valley League, Sauk Valley League, Victory League South and Stearns County, New London-Spicer and Paynesville Pirates of the County Line League teams and the Foley Lumberjacks formerly of the Sauk Valley League, now the Victory League along with Sobieski Skis, St. Stephen Steves, Avon Lakers, St. Wendel Saints, Opole Bears, Freeport Black Sox, Royalton River Dogs and Nisswa Lightning, throughout their league playoffs, regional and state tourney games. Check out the Minnesota Amateur Baseball website for additional information: http://www.mnbaseball.org (June 27th thru July 3rd)