2 items worth reading – Loan Growth at Public Expense; Jack Sustman on the Vortex as Market Descriptor - Chris Whalen – The Institutional Risk Analyst  ———— The New Nostradamus – Posted by: Michael Lerner, Ethan Hill – Can a fringe branch of mathematics forecast the future? A special adviser to the CIA, Fortune 500 companies, and the U.S. Department of Defense certainly thinks so. - Good.is Magazine ———R... Read Full Story

  To Our Clients, Colleagues and Friends, · At mid-year 2009, the three top banks held 53% of all deposits in California .  Here are the top six, which collectively hold 65% of all deposits in the state. 1.    24.5%  BofA 2.    19.2%  Wells Fargo 3.    9.6%  JPMorgan Chase 4.    5.5%  Citigroup 5.    3.5%  Mitsubishi UJF 6.    3.4%  U.S.... Read Full Story

  One top ex-secondary guy wrote to me and said, “Things I sort of miss hearing in mortgage banking: “What are rates gonna do tomorrow?” “Why is IndyMac a point better than we are?” Anything associated with “Did you hear what they said on CNBC this morning…….?” “How come I’m losing money on the hedge?” And “See that rep over there? We ended up naked in a hot tub at a conference back in ‘94.” I t... Read Full Story

   Canadian Dollars – The US in Real Terms – … In Canadian-dollar terms, US GDP is the lowest it has been since the first quarter of 1998. While significant inflation has yet to show  up in US CPI numbers, it is apparent that the US ‘growth’ of the past decade was largely a money-illusion. ... – Plan B Economics ———— Welcome to the 2009 Worldwide Bull Market Rally – Mark Perry’s Carpe Diem Blog ——... Read Full Story

    When I talk to realtors in many parts of the nation, they admit that foreclosures and short sales continue to be a key part of the housing activity in their area. Many analysts feel that the pace of short sales is likely to increase, especially given market conditions and the opinion that short sales are an alternative to foreclosure that can benefit the borrower and the lender. The lender sees potentially lower losses on the loan, and the borrower avoids the stigma of having a foreclos... Read Full Story

  China’s Role as Lender Alters Obama’s Visit - By HELENE COOPER, MICHAEL WINES and DAVID E. SANGER – When President Obama visits China for the first time on Sunday, he will, in many ways, be assuming the role of profligate spender coming to pay his respects to his banker.  That stark fact — China is the largest foreign lender to the United States — has changed the core of the relationship between the United States and the only country with a reasonable chance of challeng... Read Full Story

Many observers believe that enacting specific federal legislation governing covered bonds will be essential to foster the development of covered bonds as a funding source in the U.S. The following story — hot off the presses — documents a potentially momentous step in that direction: WASHINGTON, D.C. — U.S. House Financial Services Committee Chairman Barney Frank (D-MA) gave assurances that covered bonds would be the subject of a Housing Subcommittee hearing next month, prompting Rep. Scott... Read Full Story

      The Federal National Mortgage Association, more commonly known as Fannie Mae, recently announced a new program designed to keep mortgage-challenged borrowers in their homes. The Deed for Lease (D4L) program allows qualified borrowers to relinquish the deed to their property and rent their home at the market rate for 12 months. Our team at Property Management Software Advice has broken down the program to show you what to expect for borrowers, tenants and property manag... Read Full Story

  HOUSING: Wachovia offers cash to spur homeowners into ’short sales’ – LENDER QUIETLY GIVING $2,500 OR MORE IN INCENTIVES TO AVOID FORECLOSURE – By ERIC WOLFF – Wachovia Corp. is offering its borrowers money for selling their houses short, rather than going into foreclosure.  Homeowners with Wachovia mortgages who are upside down on their property can get 1 percent of the price of their short sale, with a minimum of $2,500. The incentives only kic... Read Full Story

    My 86-year old Dad caught me taking a nap over the weekend. Not one to miss an opportunity, he said, “You practically invented lazy. People should have to call you and ask for the rights to the word “lazy” before they use it.” That’s my Dad… Lock Desk personnel are seldom lazy, and in fact are often the unsung heroes of mortgage banking since they are in the frontline on pricing and program issues. Last week they had a little more time on their hands, since the v... Read Full Story