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For those attending the Western Secondary, remember, it never rains in Southern California. Except for now. Here’s one person who won’t be seeing So Cal any time soon, and dare I say, every honest person in our biz is happy when this happens. Daniela Rendon, 31, was a Miami real estate broker but was sentenced to three-and-a-half years in prison for stealing $381,000 in COVID relief funds, wire fraud, money laundering, and identity theft. Rendon probably won’t care too much about what the Federal Reserve does while she’s working in the laundry room or serving up oatmeal, but the Fed will probably restate, through Chairperson Powell speaking at the end of the week, its intent to keep interest rates high for an extended period to make sure inflation does not flare up again. In other legal and compliance news, Freedom Mortgage’s RESPA Consent Order with the CFPB is getting some attention from Mortgage Musings author and attorney Brian Levy. (Today’
“I got stuck in a conversation with some wealthy people and one woman asked me how my investments were doing. I replied that both avocadoes should be ripe by tomorrow.” Food prices are an everyday reminder of inflation on the spending side of the equation, but on the flip side, plenty of people don’t know where to put their savings these days. One can pick up additional income on savings in places like the perfectly safe TreasuryDirect account and earn over 4 percent on as little as $100. (I would like to think that money won’t change me, but I won $5 on a scratch-off lottery ticket and used it buy name-brand aluminum foil.) The Fed has been, as usual, in the headlines this week by raising the target Fed Funds rate (what banks charge one another for overnight loans). Chris Whalen penned a piece titled, “FOMC Doubles Down on Market Risk.” One picture is worth a thousand words, and here’s a nice chart of Fed Funds to help keep things in pe