Whether or not you think that climate change is real, you can’t deny that there is a climate, and that climate-related disasters occur… to the tune of $170 billion this year per one estimate. And given that state-specific foreclosure laws impact servicing values, and therefore rate sheet pricing, servicing values... Read more
Published on: 2021-12-28
I hope that you’re not reading this while stuck due to the thousands of cancelled flights or road closures in Northern California! Kudos to Carol K. who sent, “One thing nobody ever talks about being an adult is how much time you debate yourself on keeping a cardboard box because... Read more
Published on: 2021-12-27
When I was a kid, we’d trade baseball cards between each other… at least the ones that weren’t in the spokes of our bikes. The creativity, technique, and outcome has changed, and thank you to Indiana transplant Carol K. for passing along this tale of how a woman started with... Read more
Published on: 2021-12-23
Yes, you should know that today is a date palindrome. Of course people in Ohio, and Florida, know that Key West is farther west than Cleveland. Utah is farther west than both, and sometimes, when everyone zigs, one person will zag, and with good reason (thanks to Ken S. for... Read more
Published on: 2021-12-22
If you are a VA lender, or service servicemembers’ loans, you don’t want to be singled out by the Department of Justice or the CFPB. And the two of them sent out letters yesterday with one of the letters specifically addressing mortgage servicers regarding military borrowers who have already exited... Read more
Published on: 2021-12-21
W.C. Fields said, “Money will not buy happiness, but it will let you be unhappy in nice places.” Unfortunately, many people have much less of it, and here’s a quiz to start the week. What are -68 percent, -66 percent, -60 percent, -40 percent, -13 percent, and -2 percent? They... Read more
Published on: 2021-12-20
Are you afraid of the day that the Federal Reserve stops buying mortgage-backed securities? “Afraid” is too strong a word. (For many, this activity would define “afraid”… kids, don’t try this at home.) But the largest buyer, of Agency MBS, which now owns 30 percent of outstanding Agency securities, has... Read more
Published on: 2021-12-17
I work hard to live a very glamorous life. I mention this because yesterday, when I sent the Commentary out from the road at a glamorous McDonalds in Northern California (free Wi-Fi!), I noticed that the price of my usual glamorous Egg McMuffin meal (with OJ) has skyrocketed to $10.06... Read more
Published on: 2021-12-16
California has reinstituted its mask mandate. No one is interested in living in isolation again. Remember, “Your quarantine alcoholic name is your first name followed by your last name.”? Simple. Life doesn’t have to be complicated. What are the ingredients of Frito-Lay’s Corn Chips? Corn, corn oil, and salt. But... Read more
Published on: 2021-12-15
No CEO wants to hear from their secretary, “The CFPB is holding for you on Line Two.” Lenders who have different prices in the same MSA? Don’t even try. Got a clever idea about net branches that aren’t net branches? Give it up. A point bank, labeled something else? Let... Read more
Published on: 2021-12-14
Everyone has a plan until they get punched in the mouth. If you haven’t seen a video this one from a drone) of the destruction in the South and Midwest, especially Kentucky, take a look. The loss of human and animal life is terrible, and it will take years to... Read more
Published on: 2021-12-13
When the public sees headlines like, “A Black Couple had a White Friend Show Their Home and Its Appraisal Rose by Nearly Half a Million Dollars,” of course regulators are going to take note, as will the public. In response to the Better.com public relations nightmare, from Wyoming comes, “No... Read more
Published on: 2021-12-10
Want to know who’s in trouble for what? The Consumer Financial Protection Bureau (CFPB) issued its Supervisory Highlights report yesterday, which “shines a light” on legal violations identified by the CFPB’s examinations in the first half of 2021 as well as prior CFPB supervisory findings that led to public enforcement... Read more
Published on: 2021-12-09
“Dear Santa: This year I would like a) a slim body, and b) a fat bank account. Don’t mix them up like you did last year.” Ah, if only we could turn back time. Better.com CEO Vishal Garg's apology letter to current employees has been leaked on Blind by a... Read more
Published on: 2021-12-08
Today I head to San Diego for a California MBA board meeting, the home base of the Pacific Fleet. It’s been 80 years since Pearl Harbor, a “date that will live in infamy.” That was a terrible day. We all have bad days, but nothing in comparison to that and... Read more
Published on: 2021-12-07