Change is constant: How ‘bout U.S. Steel, the Pittsburgh steel producer that played a key role in the nation’s industrialization, being acquired by Nippon Steel in an all-cash deal valued at approximately $14.1 billion? (Let’s not forget that GM and Ford have been dwarfed by Tesla, Mercedes, Toyota, and even Volvo.) I had my share of “hard hat” jobs growing up, so I noticed OSHA announcing a switch from traditional hard hats to safety helmets. Is that the politically correct term now? Speaking of terms, “smishing” is a term that combines “SMS” and “phishing” where hackers try to get your personal and banking information through unsolicited text messages on mobile devices by pretending to be government agencies, companies that you might have done business with, or a package delivery service. They’ll say something to get your urgent attention like a text about a free gift that you have to pay a small
Studies have shown that women who have large backsides live much longer than the men who comment on them. Studies also show that there are three basic groups of people in the United States: homeowners with 3 percent mortgages who don’t want to move, wannabe homeowners who don’t want 8 percent mortgages, and renters who don’t care. A growing number will tell you that the actions of the Federal Reserve have had a huge impact creating those groups, and creating the hiring/firing roller coaster that our industry is on. Although there are exceptions, many lenders have gone, or are quickly heading, back to 2018 or 2019 staffing levels and there’s little use in not being aggressive from a bottom-line perspective, unfortunately. Anyone displaced can post their resume for free here, where potential employers can view them for several months for only $75. (Today’s podcast can be found here and this week’s is sponsored by Black Knight. Black Knight is an
Have to buy something for someone in your life who has everything? If they’re a basketball fan, how about food smoked with the same type of wood used by NCAA basketball courts? News can be thrown at our biz has no rhyme or reason. Yesterday was one of those days, including the FHFA’s temporary hold on DTI pricing, detailed below. If you’d like some thoughts on the housing market after Silicon Valley Bank’s collapse, here you go, care of MCT. Along those lines, this Friday, “The Rundown” features Keith Little, President of Centennial Bank (Arkansas) discussing the bank failures from a banker’s perspective. Were regulators, auditors, and examiners doing their jobs? Speaking of regulators, my cat Myrtle, who is not a big fan of the CFPB, no doubt took note of yesterday’s announcement that the Consumer Financial Protection Bureau has launched an inquiry into companies that track and collect information on people’s personal live
Now we have a butter shortage raising prices ahead of the holidays. Great. While margarine makers are licking their chops over the news, vegans and other readers should know that no animals are ever harmed in the making of this commentary! But speaking of harm, in the current environment, and probably for the next couple quarters, vendors and lenders working 30 percent harder to make 40 percent less. Or worse. If the Fed’s actions can push asset prices higher, it’s actions can also push asset prices lower, right? Indeed, many will argue that is what we’re seeing now, and despite the Fed making its future actions clear, I am reminded of the old saying, “Don’t fight the Fed.” So be cautious when seeing any rate move down. (More below in the capital markets section.) Many in our industry are using this lull in business activity to attend conferences (last week’s Mortgage Collaborative conference had over 400 registered; this week’s M
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