Recent Posts At Straight Talk

• Why I Don’t Like Bi-Weekly Mortgages….. March 19, 2010
  Since it’s only Thursday and I’ve had four people ask me about whether they should take advantage of a bi-weekly mortgage plan and I surprised all four of them with my answer, I thought I’d share with you why I don’t like bi-weekly mortgages. First, let me explain the concept of a bi-weekly mortgage and how [...] […]
  Sean Vault
• It’s Different This Time….. March 18, 2010
  Don Peck from the Atlantic Magazine has a rather sobering analysis of the current economic conditions and how it’s different this time than it has been the last few. We’ve been saying on here that there is a seismic shift going on in consumer thinking and spending.  What he has to say reaffirms that view. Well worth [...] […]
  Sean Vault
• Real Estate Owned by the Three “F” March 18, 2010
  This chart is courtesy of Calculated Risk. A few thoughts of mine below the chart…… Okay, a couple of thoughts: One can argue all you want about statistical noise, about how the housing crisis is getting better, but when you look at a chart like this, it clearly shows that the three “F”s (Fannie, Freddie and FHA) [...] […]
  Sean Vault
• Financial Reform – Hello? March 18, 2010
  I’ve really come to appreciate Jon Stewart’s irreverent take on the issues in the financial world…… The Daily Show With Jon Stewart Mon – Thurs 11p / 10c In Dodd We Trust www.thedailyshow.com Daily Show Full Episodes Political Humor Health Care Reform Are you sick [...] […]
  Sean Vault
• The Fed – Translated…. March 16, 2010
  What the Fed Said Last Time What the Fed Said This Time What Difference does it make….. Information received since the Federal Open Market Committee met in December suggests that economic activity has continued to strengthen and that the deterioration in the labor market is abating. Information received since the Federal Open Market Committee met in January […]
  Sean Vault
• The Latest Problem with Employment Verifications March 16, 2010
  Are you sick and tired of the lack of straight talk in the mortgage world?We are.   That's why we write here - even though we have to do it under a pen name - because our lending institutions don't like it......If you want to work with someone who will tell it to you straight, [...] […]
  Sean Vault
• More on Mortgage Delinquencies and the Shadow March 16, 2010
  I got this chart from my friend, Paul Jackson, over at Housing Wire. A couple of points that stand out on the graph: The number of 150+ day delinquencies is up substantially, like by 400%? The rest of the categories are up but not nearly as high. That says to me that we’re seeing a transfer of the [...] […]
  Sean Vault
• New Underwriting Guidelines March 16, 2010
  I just received these new underwriting guidelines by e-mail.   It didn’t say when they are effective…… NEW UNDERWRITING UPDATES All borrowers’ birth certificates will be required with pictures taken in the hospital with medical staff. Birth certificate with a live home delivery will not be eligible for first time home buyers. Marriage certificate with bridal […]
  Kenny
• The Fed Funds Rate and Mortgage Rates March 16, 2010
  Okay, we’ll be talking later today about what the Fed does and what it means.   I thought I’d share a chart that a friend of mine, Dan Green, pointed out to me.   What does it mean for mortgage rates?   Plain and simple: There is no direct link between mortgage rates and what the Fed controls. Technorati Tags: [...] […]
  Kenny
• Housing Starts – When Up is Down March 16, 2010
  Yeah, you heard that right.   Compared to February of 2009, housing starts were up.   Compared to January of 2010, housing starts were down.   Compared to what the market expected, housing starts were “less down.” You’re going to hear a lot of it blamed on bad weather.   I’m not so sure I buy that as being that [...] […]
  Sean Vault