It’s Time…

Mortgage rates are low but applications and housing starts are down.

It’s time to understand that jobs are not back, mortgages are tough to get because of HVCC and ridiculous guidelines.

It’s time to have a new national policy to redo the entire industry so that people who can afford it and have good credit can refi WITHOUT an appraisal, monotize the tax credit (and make it so that you have to pay it back) and put the remonitization into jobs.


HVCC Needs a Mid Course Correction

How is the HVCC like the Apollo missions?

In case you have not had a transaction in the mortgage world since last May, the HVCC is not working (understatement).

Now, it’s time to explore how to make the fraud stay away in the financial world balance with people getting accurate values of their home.

Some have said, let’s do HVCC like VA where the apprasier is just chosen by a computer.

Others say that since the original reason HVCC was done was because of a company and loan officers that don’t exist anymore, so dump it.

The appraisers themselves have had their incomes slashed and the Management companies (some owned by the Lender themselves) have gotten richer.

To quote someone, “If it ain’t broke, don’t fix it.”  Well it is broker, so let’s fix it.

If New York Attorney General Cuomo is a real leader, he will take the lesson from NASA during the moon shots and make a mid-course correction and fix what is wrong or the HVCC capsule will end up in deep space!

Mortgage Licensing

Tools ‹ U S Loans Mortgage LLC — WordPress

Tools ‹ U S Loans Mortgage LLC — WordPress.

Worthless Pre-Approvals

Read my article on worthless pre-approvals.

Please click here.

Tax Credit Extension New Ideas

If you saw my CNBC interview last week (still available at ), you would see that I called for the repeal of the credit and to take that money and earmark it for jobs.

Well, after a bit more thought, 9 more cups of coffee (no, not at one time), a little discussion and putting on my diplomacy coat, I have come up with a compromise.

How about leaving the credit as is but changing it ever so slightly:

1. Monotize it so the buyer gets the money help as direct down payment.
2. Make them pay it back, with 6% interest over 10 years.
3. Use the recycled principal and interest to help fund the new health care bill.

Now, what did we just do?

Kept the status quo of the number of buyers who would have taken the credit anyway, brought the money back to coffers (a la TARP), lowers inflation (less dollars out there) and help reduce the tax burden we may have felt and made people better so they could get jobs and buy homes!

It is government assisted capitalism at it’s best!

Call your Senators, Representative and the White House today and let them know Fred Glick sent you.

Washington needs an MBA

I hope there can be talk in the Administration or Congress of changing the real estate tax credit so it would be paid back with interest and that money would help fund health care?

People will take the credit anyway, so we might as well stop giving money away when we could could be making money.

Since the government is in the business of business now, let’s do it right.

[MBS Commentary] – MBS LUNCH: Massive Correction Takes MBS Back To Green

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MBS LUNCH: Massive Correction Takes MBS Back To Green

Posted to: MBS Commentary
Thursday, November 12, 2009 1:28 PM

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As you’re aware, immediately following the auction, MBS prices shot down to 100-30, bringing things  in line with the worst levels of the week.  Tsy’s exhibited similar behavior with 10’s moving to 3.525.  The yield curve steepened further and looked to be inching toward the all time highs.  As you’re also aware, we were expecting a correction within the range.  But as you might not be aware until just now, we got it:

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The volume coming into the market at this point looks to trump Tuesday’s tally, especially with some afternoon data on the way (fed balance sheet, fed MBS buying etc…).  Of high importance is the fact that the post-auctions sell off only explored recent limits of the trading range.  This lets us know that today’s auction was not the massive market event that would prove responsible for deflecting the bond markets from their range. 

The yield curve remains slightly steeper on the day with 2’s10’s at 266.4 bps.  A bit worse that Tuesday, and still very high, but not within striking distance of all time wides as of yet.  This slight steepening correlates well with a slight preference for the higher end of the coupon stack.  Last week’s prepayment data led many analysts to identify opportunities in these premium coupons as well.  So it makes sense that a steepening curve would add fuel to that fire. 

Though stocks also lost ground following the auction, they haven’t made it up to the same extent as the bond market…  To whatever extent the stock lever has a bearing on the rest of the day, this could help bonds keep their head above water after the big "scare." Conversely, a stock rally probably wouldn’t be great for bonds, but recent rallies have been remarkably disconnected from necessary losses in bonds, so even that would not put a nail in the MBS coffin. 

Bottom line: the bond market is resilient, range-traded, still uncertain, and at the moment, moving higher  with a purpose (albeit, a SMALL purpose).  All that notwithstanding, the initial jolt downward was and potentially still is enough to prompt a few reprices for the worse.  But at this point, those are no longer justified and if you don’t get the pricing back today, a status quo for the rest of the session would likely bring them back by tomorrow’s rates…  Lenders that have not yet repriced are less and less likely by the second.  Dare we even say that if current levels are held, a reprice for the BETTER might be in order?  It all depends on the ongoing volatility situation.  If we manage to hold fairly steady, the indication is good for the rest of the day.


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Thank You Vets, Still Have 100%

A salute to all of those that have served and are serving our country in the Armed Forces.

We are all grateful for the sacrifice you make to represent the United States around the world.

Just remember, you can still do a 100% purchase for a new home as long as your credit is at least 620 and you qualify based on the income standards set by the guidelines.

As a matter of fact, these guidelines are very logical and the because of that the VA foreclosure rate is lower than those of FHA or conventional loans.

Mmmmmmm, a governmental agency that gets it! Nice!

I am now on

I am pleased to announce that has graciously allowed me to write for their site. is one of the most respected real estate blog sites that offer insights from many different perspectives in the industry.

Read my first post about mortgage fraud: