Take a look at this news piece from the other today, it's more on looting from within - the latest hobby of many in corporate America (especially the thieves at Fannie) - but not my point today:

Another Fannie Director Resigns

"Fannie Mae director Donald Marron has resigned from the GSE's board, effective July 31, according to a filing with the Securities and Exchange Commission. Mr. Marron, an investment banking veteran, has been a board member since 2001. About two weeks ago Fannie also revealed that longtime director Ann Korologos would step down on July 31. Both directors are defendants in a shareholder lawsuit that accuses board members (and current and former executives) of profiting from the government-sponsored enterprise's accounting manipulations "via huge bonuses, improper stock sales and/or a web of lucrative personal and financial interrelationships…." Mr. Marron currently chairs Lightyear Capital, a private equity fund that controls DeepGreen Financial of Ohio, an online home equity lender. "

Many of you have hear me say over and over and over that YOU need to read regularly and MANY industry trade publications to do well in this industry over time (I sure have). This is a direct link example of that: pretend YOU have been focusing on doing second mortgages a lot recently (which BTW is very smart at this point in the 'cycle') and are gearing up to plop all the equity from your own home into your biz and you think it's home-run time for you ... now what if your primary funding source is DeepGreen? Now how do you feel?

Get the point on why it's smart to read a lot? This chump get's his ass handed to him by the FannieMae shareholders, they get a HUGE judgment against him (and his assets), one of them which controls DeepGreen - they then seize his Lightyear Capital (which controls DeepGreen) - next DeepGreen goes belly-up, and IF you were doing a lot of biz with them, and had just pumped a bunch of money into a marketing program (for the DeepGreen product) - then YOU would be what we call 'formerly employed' in the industry! Reading this story would keep you from sticking with DeepGreen since you might be caught in the cross-fire! CLICK HERE to tell us your views on our Discussion Board











COFI Breaks 4%
For the first time since August 2001, the Eleventh Federal Home Loan District Cost of Funds Index stands above 4%. According to the Federal Home Loan Bank of San Francisco, the index rose approximately 21 basis points in June, to 4.090%. The month-to-month change is one of the largest since COFI began its upward climb with the June 2004 report. In the past two years, COFI has increased 238 bps. The FHLBank-SF said COFI reporting members had $601.8 billion of total average funds and $2.05 billion of average interest expense. "Averages for a month consist of the simple average of the month-end balances for that month and the prior month for total funds, deposit accounts, advances, and other borrowings," says a note on the FHLBank's website. "The total interest expense is derived from interest expense reported on deposit accounts, Federal Home Loan Bank advances, and other borrowings, adjusted for the number of days in the month." CLICK HERE and give us your two cents on our Discussion Board






FDIC: Mortgage Performance Has Likely Peaked
The strong performance of residential mortgage loans has probably peaked, according to the Federal Deposit Insurance Corp., which says it expects delinquencies to increase over the next few years, especially for interest-only and payment-option ARMs. "Despite favorable delinquency and default trends so far, analysts fear that the current rising interest rate environment combined with cooling home prices will limit borrowers' options when faced with large monthly payment increases," the agency says in the latest issue of "FDIC Outlook." The FDIC also notes that the popularity of IOs and option ARMs and the easing of credit standards has moved the mortgage credit cycle into "uncharted territory," and says there is great uncertainty as to how these mortgages will perform. "Despite today's low loss rates, credit risk remains the most important long-term threat to bank earnings," FDIC chief economist Richard Brown said. "Bankers and bank regulators need to remember that rapid expansion in loan volumes often leads, over time, to declining credit quality." CLICK HERE and Tell us what You Think on our Discussion Board

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More and more in the industry press I continue to see one story after another about Buy-Backs increasing! Time to pre-empt the wholesalers, before they make you unhappy.

I recommend you contact the ones you do business with, and encourage them to let you help them with any collection problems they learn about from the servicer they're using on your former loans. This way, you'll have the chance to potentially save them from having to buy-back one of your loans from the secondary market and subsequently try and stuff it down your throat! Believe me, they'll find a reason why the delinquency is YOUR fault!

You should check with them around the 10th of each month, since by then they would know of any problems that developed at month-end the month before ... by following this advise, it could save you several hundreds of thousands of dollars! CLICK IT to discuss this item on our Board







In The News
Fed Wary of Further Tightening
While the slowdown in the housing market has been "orderly," members of the Federal Reserve Board's interest-rate-setting committee are concerned that further tightening could spark a "sharper downturn" in the housing sector. The declines in new-home sales and starts, along with higher inventories, order cancellations, and reports from homebuilders, suggest that this "weakness" will likely be extended, according to the minutes of the Federal Open Market Committee's June 28-29 meeting. Fed Chairman Ben Bernanke and his colleagues believe the slowdown in home sales and construction activity is "broadly in line" with the tightening in monetary policy over the past two years. In addition, they seem to take comfort in the fact that housing prices continue to rise and at a much slower pace than in recent years. "Participants observed that the evidence to date indicated that the slowdown was orderly, but were mindful of the possibility of a sharper downturn in the sector," according to the FOMC minutes of July 20.

Except I Think Ben's just teasing ... there's no way mortgage rates can plunge for more than 72 months and only rebound back up towards reality for just 6 months or so.He'll keep the peddle to the metal I think; the industry needs the upward adjustment in rates CLICK IT and tell us what this means to you








HIGHLIGHT: Our Latest CD Lesson
This past month we added a new educational and training CD Lesson to our catalog. It's titled "Emerging Mortgage Banker - 101" Broker to Banker - a time to focus. It contains valuable basics if you 're thinking about making this transition. Including an area on Orientation, In House Infrastructure, Warehouse Lenders as Educator, Wholesaler Dealings, along with thoughts on Outsource Option. CLICK HERE and check it out, it's at the bottom of page 3 of our educational & training CD lessons.