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The Creation of the Second Great Depression
The claim that the market caused all this is so staggeringly foolish that only politicians and the media could pretend to believe it. But that has become the conventional wisdom, with the desired result that those responsible for the credit bubble and its predictable consequences... Show More Summary
Sending the right message
We all heard yesterday about WAMU. We all have our own opinions about Option Arms, government bail outs and so on. This isn't about your opinion. It's about the message you may be sending out to your readers. I wrote...
Bankrate.com Mortgage Trend Index (September 25, 2008)
I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week's survey is now available. As a reminder: The survey is for conforming loans only. Send me email for personal purchase or refinance questions. I twitter market updates a few times daily. Show More Summary
The 2 Groups Of People That Benefited From Wall Street's 6th Largest Point Loss Ever
Yesterday, the stock market suffered its largest one-day point loss since September 17, 2001, and its sixth-largest point loss in history. Not everyone got punished, however. Two groups of people, in particular, welcomed yesterday'sShow More Summary
Signs That The U.S. Foreclosure Rate May Be Cresting
RealtyTrac released its foreclosure data for August 2008, its headline reading in the usual Armageddon-like style: FORECLOSURE ACTIVITY INCREASES 12 PERCENT IN AUGUST Activity Up 27 Percent From August 2007 But, as is also typical, the news isn't nearly as dire as the headline would make us believe. Show More Summary
What Is A "Conforming Mortgage"?
Lately, Fannie Mae and Freddie Mac have been in the news every day as economists and lawmakers question the future of conforming mortgages. But among everyday Americans, a more common question is: "What is a conforming mortgage?" A conforming...Show More Summary
Mortgage Rates Respond To A Rapidly-Devaluing U.S. Dollar
Monday, Wall Street made its verdict in the case of Government vs The Credit Markets, a knock-down, drag-out fight that may have ended last Friday. Government wins, but not without inflation. To an economist, inflation is the general increase in the price of everyday goods and services that occurs over time. Show More Summary
Why Mortgage Guidelines Are More Important Than Mortgage Rates
Shortly after Fannie Mae and Freddie Mac were nationalized, there was a lot of "Mission Accomplished"-like chatter on TV; as if suddenly-low mortgage rates were the answer to a national housing problem. Look, low mortgage rates don't...Show More Summary
Bankrate.com Mortgage Trend Index (September 18, 2008)
I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week's survey is now available. As a reminder: The survey is for conforming loans only. Send me email for personal purchase or refinance questions. I twitter market updates a few times daily. Get them on your mobile. Anyway, on to the group's predictions for the next 30 days:
How Mortgage Rates Are Responding To Lehman Brothers, Merrill Lynch, And AIG
After writing yesterday's blog post, my ThinkPad went blue. Cue the video above. It's a shame because the post went deep on Wall Street's recent troubles and how each piece of bad news actually helps everyday homeowners. When I went to publish, the post vanished. Show More Summary
Signs That The U.S. Foreclosure Rate May Be Cresting
RealtyTrac released its foreclosure data for August 2008, it's headline reading in typical Armageddon-like fashion: FORECLOSURE ACTIVITY INCREASES 12 PERCENT IN AUGUST Activity Up 27 Percent From August 2007 But, as is also typical, the news isn't nearly as dire as the headline would make us believe. Show More Summary
Bankrate.com Mortgage Trend Index (September 11, 2008)
I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week's survey is now available. As a reminder: The survey is for conforming loans only. Send me email for personal purchase or refinance questions. I twitter market updates a few times daily. Get them on your mobile. Anyway, on to the group's predictions for the next 30 days:
Explaining What The Government's Takeover Of Fannie Mae and Freddie Mac Means To Mortgage Rates (In 265 Words)
Sunday, the government announced that it will takeover Fannie Mae and Freddie Mac and assume their respective operations. Mortgage-backed debt is now government debt. But for all the front page stories today, there's suprisingly little coverage about how the news impacts homeowners in need of a mortgage. Show More Summary
It's Official: Fannie & Freddie are Not Dead Yet
I just received the official statement from the Federal Housing Finance Agency (FHFA)regarding the status of Fannie Mae and Freddie Mac. It has been announced that they are now in "conservatorship". FHFA has defined conservatorship on their handy Conservatorship Q&A...
Bankrate.com Mortgage Trend Index (September 4, 2008)
I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week's survey is now available. As a reminder: The survey is for conforming loans only. Send me email for personal purchase or refinance questions. I twitter market updates a few times daily. Get them on your mobile. Anyway, on to the group's predictions for the next 30 days:
There's Only An 18.60% Chance That A Morning Mortgage Rate Quote Will Be Honored By The Afternoon
If the changing mortgage guidelines don't bedevil you, changing mortgage rates will. The pie chart above puts it in perspective. The data from July-August is even more astounding when we compare it the data from April-May 2008. BackShow More Summary
Interview With First Business : New Fannie Mae and Freddie Mac Loan Fees
I spoke with Beejal Patel of First Business last week on Fannie Mae and Freddie Mac's new mandatory loan fees. The story is especially timely because mortgage servicing data showed that a greater number of "prime" mortgages defaulted in July 2008 than sub-prime ones. Show More Summary
Why Economic Weakness In Europe Is Causing Mortgage Rates To Fall
In the United States, tales of economic gloom in Europe barely register in our business newspapers let alone our local ones. But, for Americans in need of a mortgage, what happens economically across the Atlantic Ocean can have a big impact on mortgage rates here in the United States. Show More Summary
What Is A "Conforming Mortgage"?
With Fannie Mae and Freddie Mac all over the news, and the future of conforming mortgages in question, a common query I'm getting from clients: "What is a conforming mortgage?" A conforming mortgage is one that adheres to the mortgage guidelines set forth by mortgage securitizers Fannie Mae and Freddie Mac. Show More Summary
