8/30/2007

Well it is technically the end of the month. How did ya do? Oh I saw you roll your eyes! :) Don't worry, things are shifting around, BUT rates are getting better. I didn't Post yesterday, BUT some major things are happening.



Oh....by the way, rates dropped a bit today! On a second note, the FEDs I BET are going to Nationally drop rates. With the release of the FOMC minutes, the feds are not too concerned about the credit issues in the markets but on the other hand they are concerned that if the conditions continue to worsen, they hinted that lowering rates would be an easement. WOW! This SOUNDS REALLY FAMILIAR! Oh that is right, I wrote that a few weeks ago!



Option One Mortgage Corp (OOMC) MIGHT actually shutdown. The Mortgage company that is owned by H&R Block was talking about selling back in April 2007 for 1 billion. With the quarter losses of 302.6 million, 1 billion is a STEAL! I know that OOMC is dropping rates a bit in the next day or 2, but that may be to have a little last horraa! Last stand? More like last of the Mohican's!

Quote of the day was emailed. Countrywide with the silver tongue today apparently.

"...most difficult period on the history of mortgage lending".

The only other news that I have is that it is interesting to me that Indymac seems to be buying up branches. Something about American Home Mortgage branches put a good taste in Indymac mouth. They have purchased and taken over 90 branches thus far. I have 2 immediate questions.

1st: WHY?!
2nd: If you have the money to do that, and not be frugal with your money (assuming it's yours) what is it on the horizon that you see coming?


That is all for now!

Questions? Email me:

Corey.Mullin@gmail.com

http://mortgage-pro-opinion.blogspot.com/

8/28/2007

Sorry I missed yesterday, a bit under the weather i guess you can say. OK as I wrote over the weekend this week is ALREADY turning out to be something else huh? Why you say?.... here's the quick dip:

Mortgage IT (MIT) Halted ALL SUBPRIME, ALT A, and OPTION ARM production, and origination. Hmmmm... so you are telling me that the leader in option arm is getting cold feet? Maybe they are not big enough to ride THIS ride. Is MIT the type of lender that gets in while the gettin' is good?

CIT is no longer. I honestly can't say anything too much about them but too bad!

American Home Services Beat out Fannie Mae in court to continue servicing mortgages, even though they went Bankrupt this month. What does BK mean anyways right? I can refi someone 1 day out, keep the house, credit boost, SO what it stays on your record. I should probably stop talking about that. Shortly, BK is JUST a slap on the wrist! And should have NO bearing on your mortgage rate (unless you are late). It is EXACTLY like American Home Services states on their website; "restructuring".

It's going to be a bumpy ride this week, as you can tell already, but I truly believe that it will pan out for the best for us hopefuls in the business.

Inflation Report and New Homes Sales Report both came out today. I will most likely comment on those tomorrow along with the FOMC (Federal Open Market Commitee) meeting minutes.

Quick thought, remember.. when the Economy is GOOD, that is BAD for Bonds and Home Rates and visa versa. Some people asked me the other day HOW I know what rates are going to do or what they did, so that is why I am including that.

Sorry I seem a bit long winded today, most likley form missing Monday's gab-fest.

Questions?Comments?
Email me:

Corey.Mullin@gmail.com

http://mortgage-pro-opinion.blogspot.com

8/25/2007

OK, so I missed yesterdays posting due to mere volume of work that is coming in now. Want to know about the marketing strategies? Email me.

SO... this month California is up at a 93% jump in foreclosures WOW! Nationally it is up 3%

Ironically with 180,ooo NEW foreclosures THIS month in California alone, the luxury sales are still consistent. Even with the market as rough as it is, people still buy extremely expensive homes. Odd isn't it? Well no... if you have the money to spend, and you don't need the HUGE loans, then that would make sense. When I say luxury home purchases I am meaning OVER 2 million.

For the upcoming week:

Expect a VERY busy week in the market. 4 out of the 5 market days there are significant reportings. The FMOC is meeting, and the release of the minutes will help understand where each member is leaning.

On a side note: watch for a Etrade and TDAmeritrade merger

Good Luck to everyone this coming week, it is going to be an interesting one ....as usual.

Email me your Questions or Comments: corey.mullin@gmail.com

http://mortgage-pro-opinion.blogspot.com

8/23/2007

Well I was thinking about starting this out with WOW! But rather; "well ok, this makes sense..."

Bank of America this past LATE Wednesday announced that it would kindly fork over some pocket change to Countrywide so that a BK is NOT on the hoizon. Intristingly enough the mere 2 BILLION agreement (investment really) is being converted to Countrywide Stocks. Recently, things like this have happened honestly REGULARLY, but the interesting thing is the Federal Reserve released an offering to lenders to bail out really... UNLIMITED FUNDS AVALIBLE! Merely at 5.75%. Geez, that is better then MOST or even ALL mortgage rates now. Countrywide could have bailed THEMSELVES out of the mess, BUT being that Bank of America loaned the money, then in my opinion that shows that the "possible" merger that was suspeced in Janurary this year, might actually happen.

Thanks

Post or email your questions.
Picture: "Countrywide and Bank of America in bed together?"
Corey.Mullin@gmail.com
http://mortgage-pro-opinion.blogspot.com

8/22/2007

WOW... what a day today huh? BNC ...GONE!....who is next? I have ideas who I think will be the next, BUT why spoil the fun right? I can give you a hint... has something to do with JP Morgan. That is all that I will say right now.

Today we say the rates rise up anywhere from .125 BPS - .250 BPS. Not REALLY that bad. Because when it comes to pricing out loans, that could honestly just be the difference between a 660 credit score and a 680.

FUTURE predictions: I have 2.

1:) Rates are going to DROP come first week in September. Compare at the 3rd week of September versus the 3rd week in August, there will be a change.

2:) Rates are going to DROP SLIGHTLY and STABILIZE come NOVEMBER. I will justify this sometime in October.

Remember, this is my opinion ONLY. I offer an educated idea and side for your questions and market changes.

QUESTIONS? COMMENTS?

Email me: Corey.Mullin@gmail.com
Web: http://mortgage-pro-opinion.blogspot.com

8/21/2007

ok,

so everyone knows that the mortgage industry flat out stinks. If if not an appraisal coming in short, or an AVM is ran and they dont like your value. Rates have gone up (down) the tubes...

best thing to do....
Ask the pro.....

Give me a question, and you will recieve an honest answer, and educated answer, and answer that has "been there".

Corey.Mullin@gmail.com



"where your well-being, is my motivation"