Phil Grossfield's Blog


Lockdown at School; One Appraisal for $1.5m Jumbo

lockdownLockdown at School.  This morning our elementary school called with an automated message saying two unknown men were seen jumping the fence and are on campus…the school was on LOCKDOWN.  My instincts were to jump up and go to school…my daughter…I have to get to her and get her out of there.  My son is home sick, thank goodness.  But then the announcement continued…they are prohibiting anyone from coming to campus…stay away is the instruction.

So, my wife and I sat by the computer refreshing the page of the school’s homepage waiting for an update.  My wife is crying…I tell her everything will be okay.  Besides, these types of situations only happen by singles…they do these crazy things on their own…not in teams or groups.  My wife reminds me of Columbine…two there.  At this moment I am as uncomfortable as anytime I can recall.  I decide to go…screw the instruction…I’m going.

Then the call came…all clear…a sigh of relief…but still unsettled as the two unknown men were not identified or located.  But police are on campus and will remain.  We hypothesize…maybe it was two junior high school kids late for class and they jumped the fence so as not to be tardy.  My wife yelled, “I’m going to get her out of there” and she was out the door.

Everything is fine. Big sigh of relief.  Is it too early to have a drink?  What in the hell is going on in this world?

Mid-March.  I am scheduling appointments for mid-March.  If you’d like a visit, please let me know…

My Market Update – 02/10/2015

The 30-year Fannie Mae bond is trading down again -11bps this morning since yesterday’s close.  Generally a lender’s pricing worsens when the bond is being sold off.

Friday was ugly…yesterday was ugly…today looks to be ugly.  Simply, stocks are higher.  As you know, there is typically an inverse relationship between stocks and bonds.  That is, traders generally invest in bonds when stocks are not considered a good bet.  But when stocks are looking juicy, traders will invest money they pull out of bonds and when that happens our pricing worsens 99% of the time.  Let me know if this doesn’t make perfect sense…

Moments ago I put out an ALERT that Capital Markets is preparing for a reprice for the worse.  Although they haven’t yet pulled the trigger, and might not just yet, I advise you lock now if you were considering locking today.

My Disclaimer



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