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With Helicopter Ben giving the opening remarks this is definitely something I want to hear/see... Apparently his remarks and the luncheon keynote from the FDIC Chairman (Ms. Bair) will be webcast.
I think he's already made his case for Quantative Easing.......of which we have seen every talking head offer up their definition. I imagine anything he says next week will be a precurser to the Fed's action on November 2, lower rates, which the industry already has priced into the market.
Interest rates are like stocks, buy on the rumor, sell on the news.
I think he's already made his case for Quantative Easing.......of which we have seen every talking head offer up their definition. I imagine anything he says next week will be a precurser to the Fed's action on November 2, lower rates, which the industry already has priced into the market.
Interest rates are like stocks, buy on the rumor, sell on the news.
Most people seem to think QE2 is "priced in" and I couldn't argue against it... However, I think there is some debate on the logistics of how the monetization (printing) is done. Considering the foreclosure fallout, the MBS crumbling, putbacks, lawsuits - QE2 may just turn into TARP2.
This agenda is a screamer... every hot topic is on there and scheduled to be discussed by some of the "biggest" minds regarding the subject matter. For those who "wonder" and those who reply to posts here about "interest rates are a mystery, they have to go up and you better take advantage of them now" - this is where you can catch a first hand glimpse into what these folks will decide at the Nov 2 meeting. Nothing is random or unintentional and it amazes me when "Mortgage Professionals" (i.e. brokers) post here acting like they have no clue where rates are going.
I know where they are going... they are going either higher, lower or staying the same. One of those 3. but to say you know for certain which of those 3 is foolish as nobody knows for certain.
Some people are holding off on refi'ing or buying thinking rates will go lower. That is a bad strategy. Yes, rates can and probably will reapproach the lows set a few weeks ago, but by waiting you add the risk of life happening. What if you are waiting for a lower rate but then your company decides to let you go? What if you miss a payment to a debt and your FICO scores drops and you cant qualify? What if your property value declines further and you can no longer qualify? What if lenders decide to change qualifying guidelines? There are many things outside your control which can impact your ability to refinance in the future.
Here is a great example from a past client of mine. This was about a year and half ago. They didnt want to pull the trigger ona refi as they thought rates would fall further. So they waited.. had great credit, plenty of equity. Well, about a year later they called wanting to proceed as rates had declined. I thought, great...another loan... I ran credit and their scores had plummeted. I called them to give the bad news and they said that was impossible. I told them they had a car loan on their credit that showed multiple late payments.... It turned out they had co signed a car loan for their son and they had no idea the son was missing payments.
A bird in hand is worth more than two in the bush. If it makes since to refi now, dont wait for rates to go lower... you never know what might happen.
Here it comes, right on the agenda...more seeding to eventually stop the mortgage interest tax deduction:
3:30-5:00pm How Sensitive are Homeownership Decisions to Mortgage Interest Tax Subsidies?
Christian A. L. Hilber, London School of Economics
Tracy M. Turner, Kansas State University
No mystery in what the conclusion will be. These two have already published a study showing that mortgage interest tax deductions have "no statistically significant impact on homeownership attainment."
The Federal government is hemorrhaging money and they'll kill the mortgage interest deduction and legalize pot to make some money back. All their activities are pre-selling it.
I can't see them killling the mortgage tax deduction. Can you imagine the backlash for every politician that supported that?
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Kiss the Mortgage Interest Tax Deduction Goodbye
