- Jun 2, 2016
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Mostly, I go about my day. But every once in a while, I'm like WTAF is happening?!Maybe I'm still stuck in the thought I will wake up and this will all have just been a nightmare.
Mostly, I go about my day. But every once in a while, I'm like WTAF is happening?!Maybe I'm still stuck in the thought I will wake up and this will all have just been a nightmare.
Same here. The problem I have trying to gauge the economic fallout is that our business usually has about a 2 month's surplus of loans that are waiting to close due to volume of the last 4 to 5 years. Right now were busy as usual and scheduling 2 to 3 weeks out, all of our processing racks are stuffed full, surveys are still taking 2 weeks because the Surveyors are still slammed and were still 2 weeks behind in title searches, (which might kinda be my fault for screwing around on this site too much).Mostly, I go about my day. But every once in a while, I'm like WTAF is happening?!
Everyone would be better off if we made a firm decision on this sooner than later and stick to it...Not my quote and I have to be honest. I have not heard of this CEO or the company but I give you his quote:
“It’s frankly frustrating and ridiculous that we do not have a solution in place,” said Jay Bray, CEO of the nation’s largest nonbank mortgage servicer, Mr. Cooper. “There is going to be complete chaos.”
Not my quote and I have to be honest. I have not heard of this CEO or the company but I give you his quote:
“It’s frankly frustrating and ridiculous that we do not have a solution in place,” said Jay Bray, CEO of the nation’s largest nonbank mortgage servicer, Mr. Cooper. “There is going to be complete chaos.”
People need to keep their eye on this and see if it spreads from "tiny Vermont"...
Bloomberg - Are you a robot?
The state on Tuesday ordered Walmart Inc. and other big-box retailers to halt the sale of “non-essential” products in their brick-and-mortar locations to reduce the potential spread of the coronavirus.
executive order from Governor Phil Scott that said state businesses should suspend in-person business operations. The order excluded retailers “serving basic human needs” such as grocery stores and pharmacies, recommending only that they conduct business online and through curbside pickup “to the extent possible.”
The list of restricted items includes clothing, consumer electronics, books and sporting equipment, according to a statement from the agency. Such items must be removed from the sales floor or be otherwise closed off to shoppers, who can still purchase them online or via curbside pickup.
Convenience stores selling Easter eggs are facing interference from “heavy-handed” officials trying to restrict the range of goods they can sell under coronavirus curbs, a trade body says.
Some shops have been told by police and local councils that the chocolate eggs are considered non-essential goods.
The attempt to restrict the kinds of goods sold in convenience stores drew a scathing reaction from retail analyst Richard Hyman.
"Quite frankly, it sounds bonkers," he said. "This is a time when being excessively pedantic seems rather absurd.
"It's certainly right that if restrictions are going to be applied, they should be applied to types of outlet, not types of product."
He said the current rules, which put no restrictions on the items essential retailers can sell, were common sense and pointed out that supermarkets also had Easter eggs for sale.
"Going beyond that, what difference does it make if they do sell some Easter eggs? I suppose they might argue that it's taking up space on shelves that could be used for other items," Mr Hyman said.
Some social media users shared the same opinion, with one saying that chocolate was "the only thing keeping me sane" during the pandemic.
@Detroitgator looking more and more like Nostradamus:
The Great Lockdown
The global economy has almost certainly entered a recession. The International Monetary Fund in a new outlook said the world economy is expected to contract by 3% in 2020 as the coronavirus pandemic causes nations around the world to close down, Josh Zumbrun reports.
“It is very likely that this year the global economy will experience its worst recession since the Great Depression, surpassing that seen during the global financial crisis a decade ago,” said Gita Gopinath, the IMF’s chief economist. “The great lockdown, as one might call it, is projected to shrink global growth dramatically.”
Newsletter: ‘Worst Recession Since the Great Depression’
Big banks predicting a very bad recession:
JPMorgan, Wells Fargo Profits Tumble as Banks Brace for a Recession
Might be time to go safe with money...
This is a good quick read on Cantillon: Richard CantillonGood write up @Detroitgator . I think the most important thing you said was: the MARKET is not the ECONOMY. so true. Often times the market sizzles while the economy slogs and vice versa. I wish Prez Tweeter understood that. I voted for the a$$ clown yet he can't figure that one out Only took 4 years for him to understand that ZERO interest rates and 20 dollar oil are both a bad sign.
Good to see a reference to the Austrian School of Economics. I am not familiar with the gentleman you cited, but I have followed Peter Schiff for a very long time and my guess is their views mirror each other as he is from that lineage.
The "short update" was the first sentence, it ended with "that's it"... the rest was "notes." ;)@Detroitgator too long, still read. You and I have different ideas about “short update”.
This is a good quick read on Cantillon: Richard Cantillon
As for Trump, agreed... and for a Wharton guy, everything he's saying about oil on a daily basis shows zero grasp of the most basic parts of "supply vs demand"...
I used to follow Schiff, up until about 2015. I didn't stop because I disagreed with him in any big way, I just didn't need him anymore and I got tired of worrying about the timing of things and of underestimating the Fed's ability to keep things going. My foundation was set, so I just put everything on autopilot and focused on other things, namely my kids and business, in that order.JFC @Detroitgator I knew you were old but not that old, . Were you friends with this guy Just kidding. That was a good read and I stand corrected. This gentleman basically founded the Austrian School so Schiff was merely a peon student 3 centuries later.
Throwing this out there without showing evidence of hardship was an outrageous move, outrageous,” said David Stevens, who headed the Federal Housing Administration during the subprime mortgage crisis and is a former CEO of the Mortgage Bankers Association. “The administration made a huge mistake bringing moral hazard in and thrust extraordinary risk into the private sector that could collapse the mortgage market.”
Stevens said borrowers should have been required to show at least some proof of hardship, which they had to do during subprime mortgage bailout. Moral hazard aside, he, too, contended a liquidity facility for servicers is essential.
“This is a crisis so easily correctable,” he said. “The GSEs [Fannie Mae and Freddie Mac] for years have always assured the servicing community that in the event of a major credit event, they’ll be there to make sure they provide the liquidity. From what we are hearing, and we can’t verify it, the FHFA director instructed the GSEs not to set up a liquidity or advance facility.”
But I thought the idea was to get rid of these entities or privatize them. I believe that our system of financing such is broken with way too much risk being held by the government, and too little by those that actually make the loans, or purchase them. If you can't afford the risk, you should not be in the game.