Phil Grossfield's Blog

My Schedule…and A Little Extra:   It’s because I was up most of the night and I’m fighting a cold.  Yeah, I’m a little out of it.  I took my son to the emergency room last night because he couldn’t stop coughing, even after multiple asthmatic treatments.  He’s fine though, false alarm, just coughing a lot and really not much we can do about it.  Needless to say, I hardly slept last night and I feel much like I imagine Paula Abdul feels most of the time.  So, if I tell you we refinance 100% NOO SISA loans, I highly recommend you check my work.  Speaking of which, I remember as the branch manager of MortgageIT, after Deutsche Bank bought us back in 2007, my boss’s boss flew down to San Diego to tell us about some new products we were introducing, including a 100% NOO loan.  I remember asking if I could refuse to sell the product, since I felt it was nutballs.  Is that a real word, nutballs?  I remember being told that if I refused to sell a company product it would be considered insubordination.  To be fair, my superior also thought it was nutballs, but she had a responsibility to represent, nutballs or no nutballs.  I kind of like saying nutballs…has a nice ring to it.  Anyway, those were crazy times.  It was the beginning of the end…a desperate attempt by the powers-that-be to reach for more loans before the inevitable.  So, if I tell you we have a No-Doc loan, tell me I’m nutballs and to go lay down, alrighty? Cool.  Nutballs.  I like it.

My Schedule:  Cancelled my appointments and staying home.  Behind the computer all day with occasional naps I imagine. 

My Fun Stuff:  Humpback Whale Shows Appreciation After Being Freed From Nets  |||  All My Fun Stuff

My Market Watch:  Prices are a little better today after stocks started out slow, probably a result of traders taking gains from the last couple days.  With little in the way of economic reports, traders are looking to any tells on what is going to happen in the market, and when they do that they often look across seas.  This is actually a good thing for bonds, since financial issues over yonder impact global markets which of course impacts global markets.  However, that said, the bond is not trading favorably as I type and I will be watching it closely today, unless of course I am taking a nap.   My Disclaimer