{"id":4545,"date":"2008-09-19T13:26:22","date_gmt":"2008-09-19T20:26:22","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=4545"},"modified":"2008-09-19T13:26:22","modified_gmt":"2008-09-19T20:26:22","slug":"mortgage-market-week-in-review-10","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4545\/mortgage-market-week-in-review-10\/","title":{"rendered":"Mortgage Market Week in Review"},"content":{"rendered":"
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I\u2019ve got to tell you, I\u2019d love to be able to write one of my Friday updates and tell you about some good news or tell you, \u201cYou know, the week was very non-eventful and everything just flowed on quite smoothly.\u201d\u00a0\u00a0\u00a0\u00a0\u00a0 That certainly didn\u2019t happen this week!\u00a0\u00a0\u00a0 To attempt to bring\/keep you up to speed on what\u2019s going on in the mortgage market, I\u2019m going to first attempt to tell you a bit about what has happened this week, then do a little question and answer session (I know, kind of scary when I answer my own questions!) and end up with some thoughts about what it means and how things look going from here.<\/span><\/span><\/span><\/span><\/div>\n

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So, what happened this week?\u00a0\u00a0 Well, frankly, the financial systems of the world almost had a total meltdown<\/strong>.\u00a0\u00a0 Let me explain.\u00a0\u00a0 There\u2019s essentially two \u201cmain parts\u201d to the financial markets.\u00a0\u00a0 There\u2019s the equity side (the stock markets) and the debt side (bonds, loans, mortgages, Fed Funds, and all other types of borrowings).\u00a0\u00a0 The equity portion of the markets got hammered, but it wasn\u2019t, with the exception of a few firms, a total meltdown.\u00a0\u00a0\u00a0 On the debt side, it really was very close to a nuclear reactor meltdown.\u00a0\u00a0 I could go on and on with details of how the Fed Funds rate (supposed to be 2.0%) jumped to 6.0%.\u00a0\u00a0 I could tell you how some treasury bonds were selling for less than what they were worth (meaning someone who bought them was guaranteed to lose money.\u00a0\u00a0 I could tell you how there were auctions for certain financial instruments and no one showed up (AT ANY PRICE.)\u00a0\u00a0 I could tell you the details about how AIG got basically an $85,000,000,000 margin call and the only way they could avoid defaulting on it and bringing down the entire financial markets was by giving 80% of the firm\u00a0to the government and paying over 12% interest on the money.<\/strong> AIG is basically paying credit card rates!\u00a0\u00a0 Let\u2019s put it this way, I\u2019ve had people ask me, \u201cWas it really that bad out there?\u201d\u00a0\u00a0 Short answer, yes, it really was that Read more<\/a><\/span><\/span><\/span><\/span><\/div>\n","protected":false},"excerpt":{"rendered":"

I\u2019ve got to tell you, I\u2019d love to be able to write one of my Friday updates and tell you about some good news or tell you, \u201cYou know, the week was very non-eventful and everything just flowed on quite smoothly.\u201d\u00a0\u00a0\u00a0\u00a0\u00a0 That certainly didn\u2019t happen this week!\u00a0\u00a0\u00a0 To attempt to bring\/keep you up to speed […]<\/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],"tags":[],"class_list":{"0":"post-4545","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","8":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":4267,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4267\/update-on-fannie-and-freddie\/","url_meta":{"origin":4545,"position":0},"title":"Update on Fannie and Freddie","author":"Tom Vanderwell","date":"September 8, 2008","format":false,"excerpt":"Well, it happened.\u00a0 In case you haven\u2019t heard the news, Fannie and Freddie were bailed out by the Federal Government over the weekend.\u00a0\u00a0 I\u2019m not going to go over all of the details but just try to hit some \u201chigh points.\u201d So, here goes: 1. The Federal government now owns\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":17208,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17208\/overnight-news-what-else-happened-yesterday\/","url_meta":{"origin":4545,"position":1},"title":"Overnight News: What ELSE happened yesterday?","author":"Greg Swann","date":"September 30, 2020","format":false,"excerpt":"Catch any TV last night? Catch up on what you might have missed: Housing Wire: Home-price index gains the most since 2018. CTRL-F 'riot'; not found. Forbes: The Housing Market Inventory Shrinks While Home Prices Climb. CTRL-F 'riot'; not found. CNBC: Mortgage demand falls nearly 5%, even as interest rates\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"Ya think it's easy?","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/08\/BHBNewTopImage-300x225.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":930,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/930\/interview-the-x-broker-jeff-corbett\/","url_meta":{"origin":4545,"position":2},"title":"INTERVIEW: The X Broker, Jeff Corbett","author":"Brian Brady","date":"January 22, 2007","format":false,"excerpt":"Jeff Corbett is one of the rising stars in Real Estate 2.0 . I interviewed Jeff last month in Laguna Beach, CA. Jeff is a remarkably shy person who bears little resemblance to the hard-hitting, on-line, pit bull who advocates transparency in mortgage brokerage and banking. He is unfailingly polite\u2026","rel":"","context":"In "Interview"","block_context":{"text":"Interview","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/interview\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5071,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5071\/mortgage-market-week-in-review-12\/","url_meta":{"origin":4545,"position":3},"title":"Mortgage Market Week in Review","author":"Tom Vanderwell","date":"October 17, 2008","format":false,"excerpt":"Well, here we are and it\u2019s time for another Mortgage Market Week in Review.\u00a0\u00a0 This week, we\u2019re going to talk about consumer spending, consumer confidence, the new normal, where\u2019s the bottom?\u00a0and why interest rates have had a 1 percent up and half percent down swing since last week Wednesday. Consumer\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":2280,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2280\/please-please-please-do-something-different\/","url_meta":{"origin":4545,"position":4},"title":"Please, please, please do something different!","author":"Morgan Brown","date":"November 28, 2007","format":false,"excerpt":"This dawned on me the other day as I was filling out my Inman Connect Speaker Information email that they've sent me 4 times now but I hadn't properly synthesized it until now and while it is an axiom as old as time it is something worth remembering every day:\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4219,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4219\/mortgage-market-week-in-review-jobs\/","url_meta":{"origin":4545,"position":5},"title":"Mortgage Market Week in Review – Jobs….","author":"Tom Vanderwell","date":"September 5, 2008","format":false,"excerpt":"Well, it\u2019s Friday again, everyone is back in school, my 18 year old is off to college (only 35 minutes away but still) and the mortgage world keeps moving on.\u00a0\u00a0 So what\u2019s this week look like?\u00a0\u00a0 Well, frankly there were a couple of other things going on, but the main\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\/4545","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=4545"}],"version-history":[{"count":2,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/4545\/revisions"}],"predecessor-version":[{"id":4547,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/4545\/revisions\/4547"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=4545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=4545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=4545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}