Welcome to my first Linkage roundup—today we've got market misery, a YouTube prank as sponsored content, and Elon Musk's id. Enjoy.
Alan Greenspan
RIP Mark Haines whose legacy will live eternally in financial media
Saw this infographic on TheReformedBroker, it’s originally from MortgageRates. A bit of a stretch in its accusations but some of the quotes do justifiably incite Maestro madness. Click image for large size.
Saw this infographic on TheReformedBroker, it’s originally from MortgageRates. A bit of a stretch in its accusations but some of the quotes do justifiably incite Maestro madness. Click image for large size.
Rate Snapshot It’s quite surprising that rate volatility has been minimal for three weeks. As such, zero-point rates on 30yr fixed Conforming loans (up to $729k) held last week near record lows for a third straight week, and one-point rates on Jumbo loans (above $729k) remain steady in the low- to mid-5% range. Rates for
GM filed for bankruptcy a few days ago. A buddy told me, “This would be bad news if anyone had actually bought a GM car in the last five years. They say that the company will emerge from bankruptcy in three years or 36,000 miles, whichever comes first.” There are some witty folks out there.
In his March Investment Outlook, Bill Gross head of PIMCO, the world’s largest bond manager, does a mock Q&A as though he was testifying before Congress about the financial crisis, its origins, how long it will last, what needs to be done with the banks, and where people should invest their money. Required reading. Below
In the midst of a crisis, there’s rarely time to question what caused the crisis. But it’s useful to know who helped get markets to where they are so we can avoid mistakes as we get through the triage and begin formulating policy solutions. Below are two stories that discuss a key player in the
Former Fed Chairman and one of the world’s most seasoned economists said that this is the by far the worst economy he’s ever seen. Click link for full report and see video below. Greenspan says that this economy will not rebound until home prices start to stabilize:
Former Fed Chairman Alan Greenspan has been out in full force this week defending his monetary policies amidst growing criticism that his decision to keep the Fed Funds Rate at 1% from July 1, 2003 through June 30, 2004. He wrote a rebuttal to critics in the Financial Times, and then did an interview with
Fixed and ARM rates rose .5% two weeks ago, dropped .5% last week, then rose about .25% today following an ISM Index number that showed February manufacturing activity better than expected. Rates also moved up on public comments from Philadelphia Fed President Charles Plosser, a voting member of the rate-setting Federal Open Market Committee. He
Since the credit crunch hit emergency status in August 2007, Ben Bernanke has been put to the test. But the exam is nowhere near over. So what type of Fed chairman are we dealing with? This extensive Bernanke profile ran in the New York Times magazine last Sunday, and it’s a great education on Bernanke
Fixed and ARM rates are up slightly this week on mortgage bond weakness. Factory orders came in stronger than expected today, and bonds took this as a subtle sign that the Fed may only cut 25 basis points instead of 50. They’ve already cut 175 basis points in the past 4 months, and it typically
There’s a term called “common sense underwriting” in the mortgage industry. It means that lenders should only approve loans that make sense from a risk standpoint. If a borrower is more risky, they need to compensate lenders for this risk by providing more proof of their ability to pay. If a borrower is less risky,
Fixed and ARM rates open this week down by .125%, following a recession warning former Fed chairman Alan Greenspan made this morning. His warning was vague and called for the economic slowdown to come later in the year, but it was enough to give us a rate drop. The key focus for this week will
Fixed rates are even this week and ARMs are up about .125%, due mostly to a bond market selloff late last week. When bonds prices drop during a selloff, bond yields (rates) rise and so do the mortgage rates that are pegged to those yields. This week is full of consumer, manufacturing and housing data
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