With the current financial situation of the markets it will be interesting to watch the earnings reports come out. The real indicator will be the third quarter reports. I have to believe that there will be some interesting accounting going on at this time. Some kind of new math…
I am curious to see [...]
July 21, 2008
Let the smoke and mirrors earnings reports begin…
July 21, 2008
BofA Back Peddles on Countrywide Debt – Could Spell Trouble for Other Banks
No pun intended in the title…
I, along with a few others, were screaming about the BofA/Countrywide deal, saying there was no way in hell they would ever assume all of the debt because it would mean that BofA was actually paying $10s of billions for the troubled lender.
Now, we know the truth. It seems that [...]
July 21, 2008
Prospect Mortgage Moving Forward with Acquisition of Indymac Mortgage Retail Branches
Branches in Full Operation During Transition, Funding and Originating Loans, Unaffected by Federal Actions Toward Former Parent Company
Prospect Mortgage has announced that it is moving forward with its acquisition of the majority of Indymac’s retail mortgage branches by purchasing up to 80 of Indymac’s loan offices nationwide. Through this transaction, Prospect will hire at least 750 [...]
July 21, 2008
Wachovia departs wholesale…
Today Wachovia stated that they are leaving the Wholesale Mortgage business. It is unclear at this time if Wachovia is shutting down all of its whole operations or not. Representative’s at Wachovia owned Vertice did not feel that thier positions where in jeopardy.
Stay Tuned…
July 21, 2008
Mortgage rates are on the rise…
Investors in Treasuries turned more bearish as a report last week showed consumer prices rose the most since 1991 and the Federal Reserve increased its estimate of inflation, according to Ried, Thunberg & Co. The firm’s weekly sentiment index fell to 45 from 47 on July 14. A reading below 50 means investors anticipate [...]
July 21, 2008
Wachovia is leaving the wholesale mortgage business…
Our office was notified today at 9:54 AM that Wachovia will no longer be accepting wholesale loan applications. This is a major disappointment as the banks begin to put back wholesale operation. This will only reduce market completion by reducing options for borrowers.
Stay Tuned….
July 21, 2008
Rejuvenated Bolsa Chica wetlands flourishing
Two years ago, the saltwater oasis off Pacific Coast Highway was a desiccated oil field littered with drilling rigs.
Now, waters lap sandy shoals next to Bolsa Chica State Beach as thousands of terns squawk and flutter, jammed together in a wall of white feathers and gray chick fuzz.
With every spawning grunion and nesting sparrow, the [...]
D Fragoso