My Schedule…and A Little Extra: Short weeks are weird for me…it doesn’t feel like Friday. Not that I’m complaining, but it just feels off. On that note, get your rear-end in gear and do something…NOW…read My Market Watch below….
My Schedule: Available all day….
My Market Watch: The Bond market is improving this morning and currently bonds are trading up about +16 bps since rates were published this morning…at this pace we could see a price improvement unless something stalls or reverses the trend. Yesterday, the market made a correction – sometimes I have an affinity for stating the obvious, or so I am told. Three mid-day rate changes for the worse came on the discovery that the Fed was discussing backing off Quantitative Easement “QE” policy. In previous posts I mentioned that we are in an artificial market, that is, the Fed is employing a policy of buying lots and lots of bonds which artificially keeps rates/prices low. This statement below challenges the continuation of that policy…from the Fed minutes which were released yesterday:
“Several others thought that it would probably be appropriate to slow or to stop purchases well before the end of 2013, citing concerns about financial stability or the size of the balance sheet. One member viewed any additional purchases as unwarranted.”
So, bond traders freaked out and sold off bonds and when that happened rates/pricing got worse…three times worse yesterday. But even though bond traders freaked out, there’s no need for you to freak out…so don’t freak out…at least not about that. Just because the Fed had a discussion about the continuation of the policy does not mean they will change things anytime soon. From what I’m reading there is a consensus the policy will remain intact for most if not all of 2013. But this year is going to race by…and if you’re not making plans and strategizing on how to get new business, and purchase business, you will find yourself in trouble when rates eventually go up…this I am sure of. So, if you want to freak out about something, freak out about that and get your ass, I mean rear-end, in gear and do something about it…NOW. My Disclaimer
My Fun Stuff: collection of interesting and fun things
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My Schedule…and A Little Extra: “Unfortunately, they cancelled the camping trip because of the weather…just too cold darling,” is what I told my daughter. I just didn’t want to do it…doesn’t sound like fun…record cold temperatures with no compensating gear equals not the right trip. But on my way to LA this morning I spoke to my father who turned 80 recently and he lectured on living for today because the time will go by quickly. I listened carefully. I don’t know, maybe braving the cold weather and camping out in Joshua Tree with my daughter and a bunch of other dads and daughters would be fun despite the weather. Maybe stories will come of it and maybe it will end up being one of the best experiences of my life and my daughter’s too. “Hey Dad, remember that trip to Joshua Tree when it was so cold we practically froze to death?” What am I talking about? That’s insane! I’m out. My post on this from yesterday: 
My Schedule…and A Little Extra: I’m going camping on Friday with my best friend in a group of Daddies and daughters. So, my daughter and me, along with all the other Dads and daughters will head to Joshua Tree camping grounds where we’ll hang out for two nights. I’m freaking out. Why you ask? Well, its gonna be freaking cold! We were advised to get a sleeping bag specifically designed for 20 degree weather and hand warmers, etc. Are you out of your blanking minds?! I spent my first 30 years in Minnesota so I know cold…BUT I MOVED! Holy shivering Batman!
My Schedule…and A Little Extra: I am setting up new appointments for the next several weeks…please let me know if you’re interested in an office visit. I will be sharing my insight on how to get new business in 2013 and what to prepare for as the year progresses. ||| You’ve heard the term Qualified Mortgage, right? Well I know you’ve heard the term Safe Harbor. Qualified Mortgage or “QM” is a standard that lenders might need to adhere to…and if we lend outside of that standard we would not be within the safe harbor. So, what entails QM? You got me. The only rule I’m aware of at this time is the borrower cannot pay more than 3 points. What is included in the 3 points is at question. But if they further try defining what a QM is, meaning the borrower must have certain criteria in order to get a mortgage, its gonna create chaos. This is what Mitt Romney was talking about in the first presidential debate which I was happy to hear him bring up. No matter how hard or diligent they try to define a qualified mortgage, there are just too many variables at play. I mean, as it stands we have a pretty tight lending box with Fannie…even so, there are real life situations that should be taken into consideration. But most of the time we can’t because it’s too risky with the threat of a repurchase. I envy my friends at BOFI Federal Bank (Bank of Internet) since they can write true portfolio loans without concern for agency restrictions…in other words, they get to use common sense. Do we use common sense? Not if we can avoid it. So when I hear that someone might be trying to define a mortgage more than its already been defined, I get queasy. Check out 
My Schedule…and A Little Extra: My dog is killing my wallet. My problem is I love the damn mutt. That’s why I tossed out a couple thousand dollars to fix her leg when she blew it out. Now her food isn’t working, so I have to go with a prescription and man, its expensive! I’m telling ya, she’d better not blow out another leg or we might be having Penny for dinner!
My Schedule…and A Little Extra: I felt odd all day on Friday…I was up very early for a 5:45a spin class and then didn’t eat lunch until 1:30p. By 2:30p my head started to hurt so bad I went and laid down in my car for a while. I ended up driving home and praying for my head to stop hurting…it was debilitating. Now, I have had migraines in the past but usually they are brought on by sinus issues after I wake up in the middle of the night or early morning but I have never had something like this happen. It freaked me out. I’m fine now, but man, if you’ve never experienced a migraine then let me tell you…it’s a crazy thing. ||| On Saturday night my neighbor hired Steve Poltz of the Rugburns to perform in his living room…it was awesome!
My Schedule…and A Little Extra: Over the weekend we went to the movies with the kids and saw The Guardians. The premise is that Santa, the Sandman, the Tooth Fairy, the Easter Bunny and Jack Frost are “guardians” of children’s hopes and dreams. They fight Pitch Black (the bad guy) from depriving the children of their dreams and replacing them with only nightmares. In mortgage industry terms, Pitch Black is Congress. Anyway, this kid movie has frightened my kids enough that at least one of them has been in my bed every night since. But I continue to take these kids to movies like this so they will be prepared to deal with the frightening future of politics. They need to battle Pitch Black too some day.
My New Year’s Resolutions:
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