Two days till the new year! …I hope you had a great 2013!
Mortgage Backed Securities are trading 1.8bps lower today than they were a month ago. …Hence, mortgage rates are higher.
Get used to it. Mortgage rates will likely creep higher as the new year goes on.
I want to pull back the curtain on the mortgage industry for a minute…
Question: If the company you work for told you the most you can make at your job is “x”, and you will never make more than “x”. …How would you feel about that? Angry? Yes.
That’s what the Federal Government is doing to the mortgage indsutry. New rules go into effect Jan 1 that limit the income mortgage companies, and loan officers can make on a loan.
We’ve been fighting it for months, but it is inevitable. It’s going to happen, and it’s not sitting well in the mortgage industry.
Imagine the government going to a car dealership and telling them the most they can sell their cars for? Ridiculous right?
That’s what’s happening in the mortgage industry.
The government is taking freedom of choice out of the free market. Anytime you remove competition and choice out of a market the public suffers.
The phrase “a more perfect union” is included in the preamble to the United States Constitution.
Lately it seems like it should read “a more perfect Soviet Union”.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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