Frozen sauna in Estonia shared by Elisa Peroni
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With respect to the future of Fannie and Freddie, each should remain as slimmed down and conservative government agencies restricted to serving low-to-moderate income borrowers, as originally intended. FHA needs a top-to-bottom review and overhaul to put its operations back on a firmer footing, with tighter underwriting standards and profit goals limited to growing reserves to adequate levels. Mark Riedy, former president, chief operating officer and a director for Fannie Mae http://www.housingwire.com/articles/27277-former-fannie-president-says-housing-programs-need-overhaul
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The Stock Market IS NOT crashing
Wall Street is forming a consensus around similar scenarios.
This would mean we avoid the apocalyptic consequences of default, but the shutdown is still a big problem. Bank of America Merrill Lynch economists Ethan Harris and Michael Hanson lowered their U.S. growth forecasts and others are doing the same.
Harris and Hanson had previously projected Q4 Gross Domestic Product would grow at a 2.5% annualized pace. They now believe the effects of the government shutdown will push GDP growth down to 2.0%.
They also raise a good point: The muted market reaction may actually extend the shutdown. If the Dow were crashing and Treasury rates skyrocketing, the public would put pressure on elected officials to settle their differences. (In tomorrow morning's edition, James DiGeorgia focuses on how the shutdown is shaping Virginia's upcoming gubernatorial election.) -- Brad Hoppman in Uncommon Wisdom Daily.
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What's bewildering is the federal government shutdown. It hasn't hurt the housing market yet, as mortgage lenders are still taking applications, locking rates, processing, and closing. But home sales could suffer if the shutdown drags on.
QUOTE OF THE WEEK..."Life is easy to chronicle, but bewildering to practice."--E.M. Forster, British writer Bill Bazzel at BrandMortgage
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"We are certainly not in a housing bubble," said Laurie Goodman who heads up a housing thinktank at the Urban Institute. Both Goodman and Fleming said housing could absorb higher interest rates and remain attractive. Goodman posited that even with a 6% interest rate, affordability would remain at 2000-2003 levels, which were pretty stable compared to 2006-2007.
"I don't see interest rates going to 6% any time soon," she added. http://www.housingwire.com/articles/27270-abs-east-panel-says-shiller-wrong-on-housing-bubble-call
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Great news! Now we can fund a conventional loan for a primary residence up to 95% and the down payment can be a gift. In the past the MI companies wouldn’t allow without the borrower having some of his own money in the deal. -- Dave Cooper <davecooper@hamiltonstatebank.com
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The new $100 bills are out. They are quite colorful.
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This is a rare meteorological phenomenon called a sky punch. Shared by Metta Siam
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One of my favorite groups.
http://www.youtube.com/watch?v=VBW4bZTRE4M&feature=youtu.be -- shared by Virgil Cowen
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Jill Pierce is Team Leader for RealEstateAuctions.com
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