Phil Grossfield's Blog


I Flailed About Like A Fish; No Transcripts Required

irsInterbank Will NOT Require Transcripts for all conforming and High-Balance Agency loan transactions. In order to facilitate loan closings during the government shutdown, Interbank has amended its requirements for IRS transcripts, Social Security number validation, and verification of employment…email me for specifics.

backpainI flailed about like a fish fighting in the boat after being pulled out of the water…and then gasping…trying to breathe. You ever had that feeling? It’s awesome!  As I came into the house from grilling in the backyard to join neighbors and my wife, I attempted to sit on a bar-stool in front of the island in my kitchen.  I missed…  Falling down isn’t that bad if you’re even slightly prepared for it, you know, like when you can put your hand down to break the fall. But when you fall on your ass unexpectedly and with no way to break the fall, you tend to fall hard, very hard, and that’s exactly what happened to me. Yowza!

ninjaMy tail hit the floor and that hurt real bad. There was a slight hesitation…and then my back spasmed and I couldn’t breathe…it threw me into the flailing fish-like action. My daughter was screaming…based on my reaction I think she thought my torso was severed from a Ninja attack…no doubt she will require psychiatric treatments. My wife tried to hold back her laughter…she’s been tormenting me all weekend. Aaarrrggg. You know those movies where someone is shot in the legs six times but still manage to run five miles to save the day…yeah, apparently that’s not me.

My Market Watch:  Bonds Up – Gov’t Shutdown Remains – Fixed Pricing Improved Yet Again.  The The 30-year Fannie Mae bond is trading higher about +16bps. But it was up higher earlier when rates were published and now it’s fallen about -12bps since then. Although this is not enough to warrant a mid-day rate change yet, Capital Markets has been trigger happy with mid-day reprices…as a price leader that tends to be the case since hedging is so critical. Be on the look out…if bonds fall much further you should expect a rate change for the worse.

thankyouThe interesting thing is the government shut down has helped bonds tremendously. Why?  It’s indirectly helped because stocks have been affected negatively. When traders pull money out of stocks they will typically invest in bonds instead. And when traders invest in bonds the price improves and Capital Markets improves our rates. Watch out when the government goes back to work…my guess we’ll see a reversal and rates will climb fast.

Government Shutdown Remains. It is now day 7…I reiterate my point that Obamacare is a valid law, enacted by due process.  Again, if Republican leaders don’t like it, then they should work to change it using constitutional methods, not extortion. Whether you like Obamacare or not, and whether you are Democrat or Republican or otherwise, you should not excuse our leaders’ actions.



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One response to “I Flailed About Like A Fish; No Transcripts Required

  1. Bernie October 8, 2013 at 6:48 pm

    ok I 100% agree with you that our leaders should listen to the people. However, when the democrats had both houses and Obama was President, there were a great many voices that the democrats failed to listen to that did not want Obamacare. We begged, called, emailed showed up to Town Hall meetings and said do not say yes to Obamacare. Congress refused to listen to not only democratic voters who did not want Obamacare, but Republicans as well. Turned a deaf ear.
    The Tea Party was born from the anger stemming from American citizens who said vote No and congress once again refused to listen. November 12, 53% of Americans voted for Obama and 47% voted for Romney. that is not a landslide but the Tea Party and the Republicans now had control over the house. Now Obama cannot walk all over America and neither can the Senate. Americans took back the House because they are the only ones listening in Washington D.C. that America does NOT want Obamacare. They do not want to be taxed or penalized for not signing up for Obamacare. Obamacare is not affordable. So now Obama has to be a negotiator. That is #1 on the job description for President of the USA. You have to be able to negotiate. Standing on the White House Lawn and refusing to negotiate with Republicans is going against the #1 reason you were elected. You are suppose to be a great negotiator. Harry Reid has been in Congress a long time and he has put his foot down and said I will not negotiate. So who is holding who hostage?????
    The House has been working the last two weeks straight. Some of the House Republicans have given up their salaries to help those on furlough. Not one democrat has offered to do that. The Democrats in the Senate have taken the last two weekends off, including the President. Obama had the best golf game of his life over a week ago. I think that if both the President and the Congress when they reach an impasse like this, should be forced to give up their salaries, including their staffs, and the first lady must give up all her assistants until the situation is resolved.. I think
    that if people suffering is staring these people right in the face, they may work a lot harder to get
    it resolved faster…..

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