The below is set to Billy Joel’s ‘Moving Out,’ and has been making the rounds through trading desks today. Enjoy:
Anthony worked in a grocery store.
Took out 600K with an Alt-A.
Sherrif Leone left a note on the door
It said, “Sonny - you better pay up in a hurry.”
If Payin your mortgage can give you a heart attack ack ack ack ack!
Then you need a loan right now.
Who needs a 5/1 out in Hackensack?
Get 5% fixed with no money.
And it seems like a waste of time, but payin your mortgage is what its all about!
Obama, Give me a mod or I’m….movin out.
Mmmm, I’m movin’ out. Ooh-hoo, uh-huh,mmmm
Sergy O’Leary used to work down on Wall Street.
Now at nite he’s a part-time bartender.
He ran an allocation desk down on Sullivan... more»
PBS’ Charlie Rose hits a home run with this interview — all economists I tend to admire. Enjoy.
Below is the full text of Obama’s speech yesterday announcing a plan to address the nation’s housing crisis, courtesy of the White House Press Office:
Thank you very much. (Applause.) Please, everybody have a seat. Thank you. Well, it is good to be back in Arizona. (Applause.) Thank you. Are you excited? (Applause.) Thank you, thank you. And thank you for arranging for such a beautiful day. I want to stick around, but I got to go back to work. But it is wonderful to be here. And to all of you, I know that attending these kinds of events, oftentimes you have to wait in line and there’s all kinds of stuff going on. But I appreciate you being here very much. And to all the officials here at the school, the principal and the student body, everybody who helped make... more»
Am I the only one that thinks a partnership between Neighborhood Assistance Corp. of America and Fannie Mae is a little, well, odd? This story at the WSJ has been bubbling in the back of my head since I saw it last week:
Fannie Mae has reached an agreement to work with one of its former critics, Neighborhood Assistance Corp. of America, to prevent foreclosures by reworking home mortgages to make them easier to afford.
… The agreement with Fannie hasn’t been announced but was confirmed by the company and by Bruce Marks, chief executive of the NACA, a Boston nonprofit with a history of holding protests to pressure banks into cooperating with its efforts to provide mortgages on what it considers fair terms.
Here’s the thing about Marks and his crusade for long-term affordable... more»
After pushing and huffing and puffing for a 4 percent primary mortgage rate, it now appears that at least one homebuilder wants to play a game of limbo with the Feds and mortgage rates — as in how loooow can they go?
The Orange County Register, reporting on a breakfast held at UC Irvine’s Merage School of Business, finds Lennar’s chief investment officer pining for 3 percent mortgage rates:
Under a plan backed by the home building industry, government-sponsored enterprises would provide 3% mortgages for six months, followed by 4% mortgages. The program also calls for homebuyers to get $20,000 in tax credits.
If you give people 3% home loans, Haddad said, “they buy. … We’ve tested it.”
Sure. I get it. Haddad may as well have noted that if you give away a free breakfast... more»
