Quick, hire back all those laid off "temp" workers that you fired in late August and early September!On Friday the 10-year was yielding 4.02% which means the refi boom is back! OK, maybe not, but things sure couldget interesting the next few weeks, especially if the stock market keeps tanking...
It may seem crazy -- but let's face it, it's been a crazy year for mortgage-related news -- but one currentFederal Home Loan Bank president wants to be the next head of Freddie Mac. To find out which gentlemencovets the position read the Monday, Sept. 29 edition of National Mortgage News. Call 800-221-1809...
One top five residential producer is going to sell more of its production to Freddie Mac. To find out whichone, read the Monday, Sept. 29 edition of NMN...
OK, now that my subscription drive is over, here's some more news to ponder: There were hordes of reportersat Thursday's congressional hearing on revamping the regulatory structure of Fannie Mae and Freddie Mac,but two floors up in a House subcommittee New York University prof Baruch Lev was giving hisviews on the "Doty Report," the internal probe of Freddie's earnings restatement scandal. Professor Levmade it painfully clear that the earnings "management" at Freddie is happening at other firms as well.He told legislators that 40% of the companies in the S&P 500 have exactly met the earnings estimatesof Wall Street analysts or beat them by a penny. "To meet by a penny an outside target without manipulationis an impossibility," he told subcommittee chairman Cliff Stearns of Florida...
During the subcommittee hearing, it was revealed that Morgan Stanley and Salomon Smith Barneywere counterparties on some of the questionable (my words) accounting transactions that former Freddie Mac officialsengaged in to dumb down their earnings. Morgan and Salomon also are big players in the GSE MBS market, the GSEdebt markets, and if memory serves me right, both these Wall Street giants follow their stocks and have been bulls.In the past, the folks at FM Policy Focus have argued that Wall Street always has been bullish on Fannieand Freddie because they make a ton of money off these two mortgage giants...
Something to think about for FM Policy Focus: if Treasury does in fact become the regulator of Fannieand Freddie, chances are Wells Fargo, GEMI and other FMPF financial backers will pull the plug onthe group. That means Mike House and company might be looking for a new assignment. Might I suggest theFederal Home Loan Bank System, which is looking creaky these days...
Meanwhile, one of the less creaky banks, the Federal Home Loan Bank of Chicago, is helping to fund theestimated $100,000 tab to have retired U.S. Army Gen. Tommy Franks speak at the upcoming annualconvention of the Mortgage Bankers Association...
According to the newly released National Mortgage News HMDA Database (rankings on 7,000-plus lenders),the now-defunct Capitol Commerce of Sacramento, Calif., sold none of its production to Fannie Mae and FreddieMac. Almost all of its $13 billion in production (2002 that is) was sold to "other" secondary marketinvestors. It appears that CapCom sold just one loan to Ginnie Mae...
Is it me or is it true that ever since Barry Diller bought LendingTree that it has been advertisinga lot less on television? Then again, I don't watch a ton of TV except the news, the New York Giants, The DailyShow and "Planet of the Apes" marathons. LendingTree, by the way, appears to have yet another competitor:MoneySearch.com...
Countrywide Bank, an affiliate of Countrywide Home Loans, is continuing its Northern Californiaexpansion with the opening of a new financial center in San Mateo...
WASHINGTON NEWS: When Fannie Mae sent out Franklin Raines testimony via e-mail, the subject headread "FDR Oral Testimony." FDR, of course, was the nation's much beloved president during WWII. Mr. Raineswas named after the president. Meanwhile, the word around Washington is that the nomination of former J.P. Morganexecutive Mark Brickell to head OFHEO is toast. Not that the White House doesn't want him, but Sen.Paul Sarbanes, the ranking Democrat on the Senate Banking Committee won't stand for it -- at all...
MORTGAGE PEOPLE: Zan Hamilton, who recently left Platinum Capital, is the new head of LimeFinancial Services of Oregon. W. Kimball Griffith has been named director of multifamily affordablehousing at Freddie Mac. Mr. Griffith was previously a partner at Ballard Spahr Andrews & Ingersoll LLP.
UPCOMING MORTGAGE MEETINGS: Thomson Media will hold its 5th Annual Mortgage EC Conferencein Las Vegas Dec. 8-9. The meeting will be held at the Mandalay Bay Resort & Casino. The Mortgage Bankers Associationwill hold its annual convention Oct. 19-22 in San Diego.
MORTGAGE DATA: National Mortgage News has just released its new Mid-Year Data Report (M-YDR.)Want top 100 rankings on residential lenders and servicers (and their channel breakdowns) in the first half? Formore information contact:
