Between all the yelling and screaming three points are compelling to me.

1.  The FBI is investigating every company that is ripe for or has already received a ‘Wall Street Welfare Check’ (aka bailout), for fraud.

Whats does this mean to me?  The politicians have called in the hounds to flush out a few scapegoats.  Considering there is a very fine line between a ‘high risk investment’ and ‘fraud’, there is a lot of chalk dust being kicked up right now, blurring those lines.  Yesterdays ‘investment’ looks to become tomorrows ‘fraudulent transaction’.

Politicians, never afraid to insert sharp objects into the dorsal side of public adversity (even if it was very recently a friendly opportunity), appear to be on a witch hunt, ready to burn the C-Suite executives that ran their personal beltway lobbyist cash machine Company’s on Wall Street at the stake in an epic public spectacle.

Seems to me that Washington will blame this entire mess on the ‘monsters’ they helped create and took gobs of cash from (legally of course), still profit from it all and then claim they did everyone a favor by cauterizing losses now instead of letting the bleeding continue at a far higher cost.

2. The S.E.C. has banned short selling on over 1000 different financial institutions.

Shorting stock is the equivalent of betting that a companies stock price will fall, and profiting from that fall, should it happen.  Short selling is the reason you hear people say that you can make money when the market is going up and down.   Heavy ’shorting’ tends to drive down the price, value and thus liquidity of a company.

Apparently a vast majority of the the recent ’shorts’ came from overseas, most specifically London’s and Dubai’s markets.  London has also initiated a similar ban.  Is it possible that there is a case of ‘economic terrorism’ here?  I’m not usually one for conspiracy theories, and usually brush off such notions for what they’re worth, but this one has me thinking…it is plausible.

The government could never lend credibility to this theory even if it were true or our entire economy would sink faster than the Titanic.  Consumers would withdraw all their money from financial institutions, go all 2nd Amendment and bear arms, looting and rioting would probably ensue.

A more likely explanation lies in the fact that if the Government is going to write a check to bailout a company, they don’t want anyone ‘riding down’ their investment any further.  In any case, banning a practice that’s been part of a capitalistic ‘free’ market almost since its inception is…interesting?

3. Warren Buffet is back in the game.  He made a $5B investment in Goldman Sachs which would lend one to believe that one of history’s savviest, fundamentally sound investors believes the market is at bottom or damn near close.

The deal was a sweet one for Berkshire Hathaway…Buffett paid a low price, got a high return (yield) and insulated it all with attractive warrants that are already well in the money, all for Wall Streets strongest name, Goldman Sachs.  Maybe the man with a name and credibility almost as big as his wallet can infuse some much needed confidence into our battered economy.

Whatever happens from here forward, getcha popcorn ready…it’s going to be great theater.

Aside: Someone better watch Lou Dobbs before he goes postal and starts ‘offing’ politicians.  Lou’s pretty pissed about all this.

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Political Fear and Loathing on Wall Street

No comment on why rates a slightly higher today even though Treasuries are lower…Maybe I need an abacus.

In any case, rates are still low but trending higher.

Conforming 3 Year ARM

Conforming 5 Yr ARM

Conforming 15 Year Fixed

Conforming 30 Yr Fixed

Wholesale direct Conforming rates and pricing shown are based on the variable factors below:

• Primary Residence
• Purchase or Rate Term Refinance
• Single Family Residence
• Loan To Value Ratio <80%
• Credit score <720
• Debt To Income Ratio <42%
• Loan Amount $100,000 to $417,000
• Fully Documentable Income and Assets

For a detailed explanation and definitions click here.

Information is derived directly from wholesale mortgage banks inter-daily program and pricing sheets and is deemed reliable but not guaranteed.

Mortgage rates and pricing may change up to 3 times daily, check often.

Rates and Pricing Provided by RateSpeed…

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Wholesale Conforming Mortgage Rates and Pricing 9/18/2008

Blood in the streets folks, watch your step…

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Yet Another ‘Black Monday’ on Wall Street

Rates bumped up considerably late today losing everything they gained yesterday afternoon.  Expect sideways adjustments for awhile as Wall Street gets its bearings back about it.

In any case, rates are still low low low…

Conforming 3 Year ARM

Conforming 5 Yr ARM

Conforming 15 Year Fixed

Conforming 30 Yr Fixed

Wholesale direct Conforming rates and pricing shown are based on the variable factors below:

• Primary Residence
• Purchase or Rate Term Refinance
• Single Family Residence
• Loan To Value Ratio <80%
• Credit score <720
• Debt To Income Ratio <42%
• Loan Amount $100,000 to $417,000
• Fully Documentable Income and Assets

For a detailed explanation and definitions click here.

Information is derived directly from wholesale mortgage banks inter-daily program and pricing sheets and is deemed reliable but not guaranteed.

Mortgage rates and pricing may change up to 3 times daily, check often.

Rates and Pricing Provided by RateSpeed…

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Wholesale Conforming Mortgage Rates and Pricing 9/16/2008

Wholesale Conforming Mortgage Rates and Pricing 9/15/2008

Rates continue to trend lower as Wall Street spins into the abyss.

Although I would like to offer some useful advice, insight et al…I’m at a loss for words, watching like everyone else as we move into uncharted territory. All I have is a little bit of personal opinion…

Lehman Bros found out that the government can’t/won’t bail out everyone.  Why were they ‘turned away’ while Bear Sterns J.P. Morgan, Fannie and Freddie were ‘backed’ by the Treasury?  Me thinks they had to start proving a point with someone.  Is this good?  We’re about to find out.

In any case we’re walking down the path of a fast truth rather than slow lies…

Conforming 3 Year ARM

Conforming 5 Yr ARM

Conforming 15 Year Fixed

Conforming 30 Yr Fixed

Wholesale direct Conforming rates and pricing shown are based on the variable factors below:

• Primary Residence
• Purchase or Rate Term Refinance
• Single Family Residence
• Loan To Value Ratio <80%
• Credit score <720
• Debt To Income Ratio <42%
• Loan Amount $100,000 to $417,000
• Fully Documentable Income and Assets

For a detailed explanation and definitions click here.

Information is derived directly from wholesale mortgage banks inter-daily program and pricing sheets and is deemed reliable but not guaranteed.

Mortgage rates and pricing may change up to 3 times daily, check often.

Rates and Pricing Provided by RateSpeed…

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Wholesale Conforming Mortgage Rates and Pricing 9/15/2008

So what have I been up to, where have I been, where am I going?

• I’ve been working with our tech team to push out RateSpeed beta applications to our initial users.  As with any type of tech-development, delays and wrinkles are to be expected.  I’m happy to say that yesterday the first group of applications actually went out.   I’ll be announcing over on RateSpeed.com next week who the initial users are, updating the interactive map so everyone may find them as well.  Over the next few days i’ll be helping them configure and integrating the apps into their sites.  Exciting times.

• I’m in three Fantasy Football leagues, so that takes up like 50 hours a week.  j/k

• I’ve been doing more ‘mainstream media’: radio, TV and traditional print.  Case in point, tomorrow I’m doing an interview with Money Magazine senior editor Marlys Harris.  Apparently some people consider me an authority on mortgage issues and related topics.  Really, I just make a bunch of crap up and throw in some 3 syllable words to sound smart…again, j/k.  (I’m actually pritty brillyant)

• I did pen an article about ‘What the hell does all this Fannie Mae Freddie Mac government takeover stuff really mean?‘  As I hovered my mouse over the Publish button, I remembered that I’m also a contributing author for Agent Genius and had only written one snarky introductory post since agreeing to ‘come on board’.  So I did the right thing and contributed the post to AG (Lani has since ceased her threats of castration and other unpleasantness to fall upon me).  As an aside, how long do you think before the witch hunt begins and executives at the two companies are burned at the stake?  Tick-tock tick-tock…

• September 19th-21st I will be at REBlogWorld in Las Vegas with a cast of characters.  I’m on a panel called The Pitch, doing my best to convince a separate panel of pundits and the audience why RateSpeed will be the best mortgage application since Loan Origination Software.  Buy your tickets here come heckle me and experience all the cool stuff in the world of New Media (aka social media, Web 2.0, etc etc.)   The conference is about more than just real estate and mortgage, its about meeting the thought leaders of the online world and learningfrom them.  I would be there even if I wasn’t presenting (a legit reason to go to Vegas!)

Finally, I’d like to point out that ‘blogging’ is a potent medium to advance yourself as a person and your career in general.  Almost every opportunity I have today stems from starting this blog a little over two years ago (well I did own 4 businesses too, my experiences there helped a wee bit).

Although my writing style and opinions don’t sit well with everyone (they’re not meant to), it allows people to identify with my brand: The XBroker…which is something too many people miss when venturing into the world of business and marketing.  **It helps to be slightly educated about the topics you write about too.**

BUILD A BRAND, NOT A WEBSITE, NOT A ‘BUSINESS’…A BRAND

I’d fare to guess that not nearly as many people know who Jeff Corbett is as compared to The XBroker,  JeffX, X-Man, X-Dude, or just plain X… Now that’s branding

So, I plugged my business, myself and a kick-ass conference…talked like an industry pundit, offered marketing advice, added a personal note or two and plugged myself again…..Done.

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A Post of Appeasement

…discussing the Fannie and Freddie Government takeover news…

Image Provided by AgentGenius (Probably Lani)

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I’m Over At AgentGenius Today…

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The Pitch:

Part A.  Talk about the nefarious ways mortgage professionals can, have and will dupe consumers.

Part B.  Enlighten consumers on how to avoid such practices and give advice on how to find and align with honest, ethical and transparent mortgage professionals.

The Reality:

Throw yourself under the bus and come across as a former deceptive con artist (decepticon?)…Shock and Awe, Bombs over Baghdad…

I was supposed to have ample time to cover these issues but instead got crammed into 3 minutes of self-vilification.

For example, question 1:  Whats the worst thing you’ve ever done?-  Ehhhh…

‘Talk about forging documents’-  Ummmm…

The Aftermath:

I received more than a few emails from mortgage professionals calling me names I haven’t heard since grammar school…including an uncomfortable call from my mom.

Nice.

Well it is TV, so the sensational story angle should’ve been expected.  It just felt like ‘Inside Edition’ more than ‘Help The Consumer’.

Anyone who knows me or has read this blog for even a modicum of time knows I am one the most outspoken advocates for industry reform to restore consumer confidence.  I’ve dedicated the last 18 months of my life to developing a product, service and ultimately a community of mortgage professionals who can restore said confidence to a shaken and disjointed industry.

I’m also of the mindset that (almost) any publicity is good publicity if it adds to your Brand.  Too many businesses and individuals fail to recognize how important Branding is, which is highly thoughtful and concentrated marketing.

Controversial, compelling and hard hitting has always been, and always will be, part of The XBroker Brand…Dirty ex-mortgage broker looking for forgiveness for past sins?..no so much.

The spot was extra ironic since two days prior I met Dan Green in Chicago, where over a fantabulous Greek dinner we discussed how important it was to rally the messaging back towards the positive in and around the mortgage industry.  Those who can differentiate themselves under this context will become this down markets shake-out winners.

There are myriad of outstanding mortgage professionals still in the industry and a ton of opportunity for those willing to adopt, adapt and integrate the ways of New Social Media (aka Web 2.0.) into their businesses.  Social media is a potent yet still evolving marketing strategy for the mortgage industry, its early in the game and many traditionalists don’t (can’t) understand it…Do not let that dissuade you!…Create, focus and grow your brand…reinvent, improve yourself and your business continuously.  Create the conversation and move the market.

Who else in and around the mortgage industry is executing a stellar New Media and branding startegy?

Dan Green and his Bring The Blog product and service.

Todd Carpenter, proprietor of Lenderama and pioneer of REBlogWorld

Daniel Martin of Mad Mortgage World

Do you know of any others?  Let me know!

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Mortgage Industry Shock and Awe

Not saying that there shouldn’t be advertisements, but if I’m taking the time to fill consumer quotes within their community, I don’t want to see this type of generalized, ambiguous, borderline misleading advertising from another lender usurping my time and participation…and it doesn’t coincide with Zillows process of:

Get Custom Mortgage Quotes

1. Create a Loan Request

You are anonymous to lenders — no name, phone, or SSN required

2. Receive Quotes

Get personalized mortgage quotes from confirmed lenders

3. Contact the Lender Review quotes, profiles, and ratings. Then you contact them, they don’t call you.

Click through on ING’s advertisement and they immediately want name, address, SS# etc:

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If you’re gonna talk it, you should walk it and make others who want to play walk with you…Just Sayin…and David likes this stuff

Photo courtesy of Agent Genius and Kristal Kraft…

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Apparently Zillow Wants All The Cake

My heartfelt condolences to Bill and the rest of Sheila’s friends and family.

From The Phoenix Real Estate Guy, Jay Thompson:

Some of us are chipping in money to help Bill and his son get through the next few days by setting up food deliveries from local Philadelphia area restaurants/deli’s. If you’d like to contribute, you can click on the donation widget in the right side bar (on Jays site).  Excess donations will be sent to the American Cancer Society.

Services for Shelia will be held on Friday August 8, at 10:00am Eastern time.

Goldstein’s Rosenbergs Rafael Sacks Funeral Homes
310 Second Street Pike
South Hampton, PA 18966

If you’d like to mail Bill a card, email me or leave a comment and I’ll get you his address.

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In Memory of Sheila Lublin