{"id":3378,"date":"2008-07-18T07:47:31","date_gmt":"2008-07-18T14:47:31","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=3378"},"modified":"2008-07-18T07:47:31","modified_gmt":"2008-07-18T14:47:31","slug":"mortgage-market-week-in-review-2","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3378\/mortgage-market-week-in-review-2\/","title":{"rendered":"Mortgage Market Week in Review"},"content":{"rendered":"
Well, believe it or not, we’ve made it through another week.\u00a0\u00a0 And wow, what a week it’s been.\u00a0\u00a0 I’m going to try a little bit of a different “scenario” for this week’s Mortgage Market Week in Review.\u00a0\u00a0 Rather than trying to tell you everything that’s been happening this week (it would be a REALLY long story) I’m going to try to hit the highlights (or low lights if you will) of what’s been happening.<\/span><\/span><\/span><\/div>\n
<\/span><\/span><\/div>\n
So, here goes:<\/span><\/span><\/span><\/div>\n
1. Starting with last Friday afternoon, we found out that IndyMac Bank<\/strong> (in California) was closed by the FDIC. <\/strong> It’s the largest bank or savings institution that has failed and approximately 10,000 of their clients had more funds in IndyMac bank than was covered by FDIC insurance and will therefore lose a lot of money.\u00a0\u00a0 This started the week on a very negative note as the financial markets started getting a serious case of “Who’s next?” worries about the banking world.<\/span><\/span><\/span><\/div>\n
2. Chairman Bernanke <\/strong>of the Federal Reserve and Secretary Paulson <\/strong>of the Treasury\u00a0testified before Congress on Tuesday and Wednesday.\u00a0\u00a0 I’m going to give you an extremely abbreviated version (my opinion) of what he said:\u00a0 1) The economy is not out of the woods, it’s actually not even close to the edge of the forest.\u00a0\u00a0 2) Fannie Mae and Freddie Mac are very important to the health of our country’s economy and we are putting these “rescue efforts” in place not because Fannie and Freddie need it now, but strictly because we want the markets to be comfortable that they won’t fail.\u00a0 3) Right now the risks to the economy from the credit crisis significantly outweigh the risks to the economy due to inflation (meaning rates won’t go up any time soon – at least the rates that they control).<\/span><\/span><\/span><\/div>\n
3. The “it’s not so bad” syndrome <\/strong>started taking hold on Wednesday.\u00a0\u00a0 What’s that?\u00a0\u00a0 I guess I’d describe it this way.\u00a0\u00a0 You have a house with a very nice deck and a screened in porch on the back.\u00a0\u00a0 A storm comes through and a tree gets knocked down and it falls on your deck Read more<\/a><\/span><\/span><\/span><\/div>\n","protected":false},"excerpt":{"rendered":"

Well, believe it or not, we’ve made it through another week.\u00a0\u00a0 And wow, what a week it’s been.\u00a0\u00a0 I’m going to try a little bit of a different “scenario” for this week’s Mortgage Market Week in Review.\u00a0\u00a0 Rather than trying to tell you everything that’s been happening this week (it would be a REALLY long […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,5],"tags":[],"class_list":{"0":"post-3378","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"category-real-estate","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3330,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3330\/indymac-bank-to-close\/","url_meta":{"origin":3378,"position":0},"title":"IndyMac Bank To Close?","author":"Brian Brady","date":"July 7, 2008","format":false,"excerpt":"Depositors are fleeing because legislators are pressing. But depositors may have been spooked by a letter late last week from Sen. Charles E. Schumer (D-N.Y.) to the Federal Deposit Insurance Corp., the Office of Thrift Supervision and the Federal Home Loan Bank of San Francisco, saying he was \"concerned that\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4374,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4374\/mortgage-market-week-in-review-9\/","url_meta":{"origin":3378,"position":1},"title":"Mortgage Market Week in Review","author":"Tom Vanderwell","date":"September 12, 2008","format":false,"excerpt":"Well, it\u2019s Friday again, so it\u2019s time for another Mortgage Market Week in Review.\u00a0\u00a0 I\u2019m going to talk just a little about Fannie and Freddie and then deal with some of the other issues that are currently affecting the financial markets. First Fannie and Freddie: As EVERYONE knows by now,\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11371,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11371\/now-im-beginning-to-get-it-the-missing-brick-in-the-wall\/","url_meta":{"origin":3378,"position":2},"title":"Now I’m Beginning To Get It – The Missing Brick In The Wall","author":"Jeff Brown","date":"February 23, 2010","format":false,"excerpt":"My favorite Uncle, Fighter Pilot Dick, sent me this video the other day. I was flabbergasted, which is hard to accomplish lately. I then sent it to a couple of folks for whom I hold much respect, to gain their takes. Both of them are fellow Hounds, Brian Brady and\u2026","rel":"","context":"In "Dirty Laundry"","block_context":{"text":"Dirty Laundry","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/dirty-laundry\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3352,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3352\/mortgage-market-week-in-review-fannie-and-freddie\/","url_meta":{"origin":3378,"position":3},"title":"Mortgage Market Week in Review – Fannie and Freddie","author":"Tom Vanderwell","date":"July 11, 2008","format":false,"excerpt":"Okay, here it is Friday afternoon and time to write the \"Mortgage Market Week in Review.\" You know how some newscasts warn you to tell the kids to go in the other room because what comes on next isn't going to be pretty? Well, there aren't any pictures but what's\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1250,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1250\/a-farewell-to-arms-one-less-option\/","url_meta":{"origin":3378,"position":4},"title":"A Farewell to ARMs: One Less Option","author":"Brian Brady","date":"April 1, 2007","format":false,"excerpt":"Are Option ARMs the next casualty in the non prime mortgage meltdown war? Wall Street fired the shot heard 'round the world in the mortgage default war by demanding repurchases from subprime lenders. Lenders either closed their doors or waved the white flag and allowed the conquering army to annex\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2550,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2550\/helocs-frozen-preserving-american-homeownership\/","url_meta":{"origin":3378,"position":5},"title":"HELOCs Frozen: Preserving American Homeownership","author":"Brian Brady","date":"January 29, 2008","format":false,"excerpt":"Preserving the American Dream is a position paper authored by John Dugan, Comptroller of the Currency. \"Preserving American Home Ownership\" is the \"initiative\" rumored to be pondered by Countrywide Home Loans, IndyMac Bank, and Washington Mutual. N.B.: The following is rumor; something that was \"heard on the street\". Jeffrey Smith\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/3378","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=3378"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/3378\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=3378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=3378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=3378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}