Woe to your date! 

She needs to be a garlic lover, too.  Then it’s all good.

I was in a meeting most of today. I heard rumor at this meeting that new home sales for LA, Orange and Riverside counties totaled 116 for the last 30 days. This is the lowest 30 day total ever recorded.

yowzers!

Hmm…  Wonder what Bren thinks of that.

He probably bought all 11 properties himself

For all three counties?
How many years of supply does that equate too?  I can’t imagine the headline.  There is a 10 year supply of houses on the market.
 
 

Is that escrows opened or closed?  116 sounds optimistic.

OCRegister is saying that according to the latest sell pace registered Santa Ana will consume its inventory in 4 years.

That was closed escrows

This from Mr. Paulson. . . .

www.marketwatch.com/news/story/treasurys-paulson-calls-expansion-mortgage/story.aspx

Paulson calls for expansion of mortgage products

"Speaking before a meeting with mortgage-servicing companies, Paulson said the Bush administration is working to keep as many homeowners in their homes as possible.

He said that the administration is identifying borrowers who may face expensive mortgage resets and that "we need an expansion of mortgage-financing products."

Alright, let’s bring back the no-doc, teaser rate, ARM, negative amort loans so people can refinance their loan. ..

I give up. . . I don’t even know what to do with this comment.

But the true question remains….will these FB’s actually go through the motion of refinancing IF there is a bailout ....or just walk away because they see the hole they are already in financially.

I am betting they walk away.

If you read the first few pages of these posts. . . .
Wow, we have all learned a lot since Aug. 1st.
And Lending M, this was the most inportant post ever, for real.

What I did not realize when this thread started was how much the commercial paper market was also harmed by the residential loan problem. We are in a recession right now, and it is largely due to the inability of business to obtain financing.

Am I reading Tanta’s post on Freddie and Fannie this morning correctly?   Conforming loans are about to get more expensive, virtual limits on 2nds with conforming, etc.  Unless you’ve got pristine credit and the down payment.

Conforming rates are going UP!  That’s right UP.  Even thought the bond market was on fire in the last 2 weeks, depressing the yield to almost 4.2%.  WHY? Risk premiums continue to increase.

What is a 30 yr fixed at right now lm ?

My almost out of business mtg buddy quoted a non jumbo at 5 7/8th% today.

Dang, that’s not bad.   I’m sure it has a couple of points attached though.

Actually, I don’t think so.  His sister and business partner wanted to bunp it up an eight to get some yield spread premium, but he said no; was afraid to lose the deal.  See—there are brokers who are good guys.
He starts at a new job Monday, and will work at the brokerage nights.  Very sad.

That rate was probably rate-locked a while ago.  A 30 year fixed (417k or less and 80% ltv or less) is at about 6.375% w/ no points.  5.875 sounds <u>really</u> low..

Nope, don’t think it was.  Maybe rates differ across the country?  Don’t see why that would be so, but it could be.

From Bankrate:

30Y conforming: 11/16/2007:

5.699% APR 0 points with $8659 in fees or:

&#9;6.030% with $1264 in fees

For 30Y jumbo:

&#9;6.755% with $410 in fees

Pick your poison!

Bishie,
Bankrate.com is crap… the ‘rates’ posted are ACTUALLY advertisements!!! (<—- 3 exclamations!!!) from sponsoring brokers…
The 5.69% with 0 points is NOT obtainable.  I just checked the ultraprime, cuthroat ‘friends and family’ pricing I can make happen (keep in mind, this is making NOTHING), and that is about .25% below the PAR.
Just FYI.