Wachovia has suffered an $8.9 billion loss due to the lingering mortgage crisis and has sworn off of wholesale lending discontinuing that sector of its business effective Friday.  What’s to blame?  Well in all actuality, Wachovia can start with itself.  The bank has been reckless in its expansion buying up all kinds of smaller lending […]

The announcement that inflation numbers were the worst since 1982 sure didn’t do rates any favors.  Along with the pressure Fannie and Freddie are under, rates climbed about 1/2 a percent this week across the board.  Historically, rates are still pretty good.  If you have one of those option ARMs it still may make sense […]

Last week was complete with dramatic events unfolding that suggested that the financial markets could be completely unraveling.  The top culprits were the two huge GSE’s (Fannie and Freddie) and of course Indy Mac.  Well the gubmint is going to rescue Fannie and Freddie and they took over Indymac but who is next?  I mean, […]

Over the weekend we moved to our new offices (2187 E. Teach Road Palm Beach Gardens FL 33410) Phone numbers are the same - fax number is changed to 561/776-9418.  Check out our rates today - with the fed window opening up for Fannie and Freddie - rates have eased about an 1/8th today.  Give […]

We’ve been buried under a tidal wave of bad real estate news especially down here in the Sunshine State.  Every day it’s this lender or that lender reporting massive losses as a result of laissez-faire (nay reckless) lending practices.  You can’t drive down a street without seeing one or two for sale signs, most of […]

Good ole Paulson comes out today and guess what, he says we need more power!  Well thank you Vladimir Putin.  Let’s face it Oil Goes Up - Stocks Go Down.  Last week the Dow officially entered “bear market” territory (losing 20% in two months) and fought it’s way back out today.  The average price for […]

Watching CNBC this morning, the term buck comes from colonial times when a poker marker was a buckskin later shortened to buck.  This transferred to currency and now means a dollar (buck).  All I know is that neither one of these will buy 1/4 of a gallon of gas. 
We may not technically be in a recession, […]

Did you notice today that Wachovia has canceled their “option arms”.  These toxic instruments, were more than any other thing, the reason for the housing and mortgage crisis.  They gave the borrower the option to decide whether to pay the 1.00% required payment, the interest only payment or the fully amortizing payment.  Well, most people […]