CNBC is now reporting some of the problems the mortgage industry is now having because of the virus, and Federal Reserve actions. This is a moving target. As I've been blogging about, this is much deeper than just an overabundance of refinances hitting the system at once, there are systematic ... » Learn More about Mortgage Issues are Now Hitting the Media
Mortgage System Issues Created by the COVID-19 Crisis and the Fed Response
The gov’t actions to force interest rates down to help the consumer, are having major unintended consequences in the mortgage origination and servicing systems. I’m attaching below an article from MBS Highway on how the mortgage system works (that 99% of the real estate professionals and ... » Learn More about Mortgage System Issues Created by the COVID-19 Crisis and the Fed Response
Fed Makes 1/2% Emergency Rate Drop
The Federal Reserve made a 50 basis point drop to the Fed Funds Rate to help try to stabilize the financial markets. The markets have been in a distressed mode since the Coronavirus has been expanding internationally. Interest rates have already been dropping as I've indicated on my prior blog Virus ... » Learn More about Fed Makes 1/2% Emergency Rate Drop
Virus Sends Interest Rates to Historic Lows
The Corona Virus had its way with the financial markets over the past week. The flight to safety of capital is going into fixed income (i.e. US treasuries, and mortgage backed securities). Mortgage rates generally mirror the moves of 10 year notes. As you can see visually the rates have dropped ... » Learn More about Virus Sends Interest Rates to Historic Lows
Meeting with Congressman Cardenas Recap
The other day I had an in-district meeting with San Fernando Valley Congressman Tony Cardenas (D-CA 29th District) with some of my associates from the Southland Regional Association of Realtors Government Affairs Committee. Even though the congressman works on the federal elements of the ... » Learn More about Meeting with Congressman Cardenas Recap