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It isn’t as if building or lending products, or ways of doing business, were handed down by Trappist monks. Change is always afoot, for better or worse. What is old is new again. Teachers are moving to oral exams to counteract AI and ChatGPT, similar to ancient Greek and Roman times. In the West and Southwest, adequate water rights and supplies have always been contentious but have resurfaced (get it?) with news that may impact other cities and towns: Arizona began limiting approvals for new developments within the Phoenix area. It’s hard to build large affordable housing developments or swaths of housing in general if there is no water. Or road or sewage capacity. For fans of tiny homes, what is old is new again, and the Sears catalog kit houses (sold between 1908 and 1942) of old are back at Home Depot: Here’s 837 square feet for $43,000, 540 square feet for $44,000, and 444 square feet for $32k. (Today’s podcast can be found here and this week’s is ....
If you’re staying here in Manhattan, space is at a premium. I don’t recall the last time my room had a bathroom where one could turn the shower on, flush the toilet, and brush their teeth in the sink, all for a nightly tariff that would more than cover the monthly rent in many places around the world. Although this conference is about all things capital markets, like screaming buybacks from the Agencies, especially Freddie Mac, the primary markets are also a source of conversation. “Good originators don’t always make good branch managers.” “Many LOs have high emotional IQs, so it is very difficult for them to let an LOA or processor go. If LOs were doing 20 loans a month, an LOA makes sense, but when they’re doing five?” “Forget volume: A roughly 67 percent drop in units in two years… How are lenders handling that?” Stay tuned for more topics from the hallways at the National Secondary! (Today’s podcast ....