What is seldom reported by our amazingly accurate media is that the NEW home sales figures do not include cancellations…which is what has been hurting big home developers recently.  The new home sales figures are bloated simply because they decide not to include deals that are no longer in contract…that makes sense.
Today, the National Association [...]

Well, I can smell blood in the water, and apparently B of A could as well. Yesterday’s late announcement that B of A would pick up $2B of Countrywide’s preferred stock (that means that if Countrywide goes under, preferred stock holders have access to assets) and the deal funded today.  Good pick up for BofA [...]

Just received this via email:
Due to continued uncertain market conditions, effective as of 1 pm EDT (10am PDT) today, August 21, 2007, 1st National Bank of Arizona (FNBA) will focus on Retail originations and has suspended Wholesale and Correspondent originations.
Wholesale and Correspondent locks received prior to 1 pm EDT (10am PDT) [...]

Looks like First Magnus Financial Corp. will be next to close up shop. An article in a local Arizona newspaper confirms the rumors I heard this morning and that is that First Magnus has stopped funding loans. Another victim of the credit crunch that should continue.
[tags]First Magnus, Lender, BK, Closing Doors, Sub Prime, Economy, Credit[/tags]

The US Department of Labor updated the Import Price Index this morning, up 1.5%. Here are some of the other vital economic stats that you frequently hear thrown around:

Consumer Price Index

+0.2%

Jun 2007

Payroll Employment

+92,000(p)

Jul 2007

Producer Price Index

-0.2%(p)

Jun 2007

Productivity

+1.8%

2nd Qtr 2007

[tags]Economy, Economic Stats, Imports[/tags]

It seems I get new emails every day from lenders that are either 1) offering what everyone else is no longer offering or 2) telling me that they no longer offer entire lines of product.  I received emails from a local lender about a month or so ago and they were much more aggressive in [...]

I just received an email from one of our parent company’s execs stating that Aegis Mortgage will be ceasing operations.  Another email I received shortly after from another lender stated that they have filed for BK. I cannot find any news right now on their website or on Google News, but I am confident that [...]

Well, the hits just keep on coming. If you are planning on getting a pay option ARM loan anytime soon, you better hurry or make sure you have 750+ credit, 6+ months of reserves (of the fully amortized payment), a good salary, and no debt. Otherwise, you can pretty much forget about it.  Wall Street [...]