January 2008 - Blown Mortgage

January 2008

SunTrust is planning on closing their Denver, Dallas and Richmond wholesale branches within the next 60 days according to a highly reliable source. From the SunTrust Web site: SunTrust Mortgage, Inc. is a wholly-owned subsidiary of SunTrust Bank - a $180.3 billion financial institution operating in Virginia, the District of Columbia, Maryland, North Carolina, South [...]

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Mortgage Rates are…. UP!

You heard it right folks.  For those of you playing roulette trying to game the mortgage interest rate market in light of recent Fed activity let this be a good lesson.  The Fed cuts and mortgage interest rates go higher.  Don't be fooled in to believing that the interest rates you pay on your mortgage [...]

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Jobless claims surged and sent stocks plummeting in the opening minutes today as traders worried about the possible onset of the credit/housing-bust led recession.  First time claims rose by 69,000 to 375,000 smoking estimates of a smaller rise of jobless claims to 320,000. Even factoring in for seasonal volatility the number came as a shock [...]

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Citing a weakening economic environment the Federal Reserve cut interest rates 50 basis points in an attempt to soften the impending economic crash landing.  In other news the dollar was seen shooting glares of jealousy at its friend the Euro. From the Fed statement:  "Financial markets remain under considerable stress, and credit has tightened further [...]

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Market Watch is reporting that the FBI is scrutinizing 14 companies related to the mortgage industry at all levels of the securitization process as part of their investigation in to the mortgage meltdown.  Agents are looking into allegations of fraud in several stages of the mortgage securitization process, in which home loans are packaged up [...]

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