NOV 7, 2012

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What We're Hearing

Can Mortgage Bankers Work with President Christie?

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Republicans may’ve lost the White House last night -- as well as some Senate and House Seats -- but in the long-term they may’ve won. On Wednesday morning we found the stock market tanking by 300 points and interest rates falling. This isn’t necessarily about President Obama (though some may argue that it is) as much as it is about new signs of weakness in Europe – especially Germany. It appears that Europe will continue to be a basket case which means American exporters will continue to have a tough time selling their goods overseas. Luckily, America’s economy is not wed to Europe, though its never-ending financial crisis will continue to hurt. More importantly, for mortgage professionals, rates will remain low and home buying (hopefully) will continue to rise. Lenders can likely count on another nine to 12 months of refis. By then, Gov. Chris Christie of New Jersey will be ramping up to run for the White House and the mid-term elections will result in Obama taking a drubbing. Politics, after all, is a game of chess. Check doesn’t necessarily mean ‘Checkmate’ though the GOP needs to enter the 21st century on social issues including minorities and women.

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