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everything
2012 Nov 20, 12:50pm
Definitely! That 40 billion a month is finally hitting the streets. It took a little time, being government money and all but here it comes, like a flood.
Lots of cheap crappy homes, and even if it is expensive, with rates like this who cares how much it costs.
Home builder stocks are up as well, time to give that bubble a boost.
zzyzzx
2012 Nov 23, 1:17am
Banks are adding home loan staff after the top five companies reported a record $8.35 billion in income from mortgage banking during the third quarter, according to newsletter Inside Mortgage Finance. In contrast, the six largest U.S. banks have reduced headcount by more than 25,000 in the twelve months ended in September, as regulators demand more capital and global growth slows, according to data compiled by Bloomberg.
Huh?
"Those constraints are lifting after banks built up units to handle the highest level of refinancing since 2009."
We aren't talking about buying houses, it's refinancing current loans to lower rates. Someone explain to me how refinancing loans results in "Housing Rebounds".
everything
2012 Nov 23, 5:58am
If you track anything through the trulia's and zillow's they'll keep shooting you emails, every couple of months, oh this, and that has gone up, if you follow certain neighborhoods real close and look at comps you get a feel for what is going on.
Regarding housing rebound and refinancing? Prices being rejacked by the rebubble make more underwater homes now refinanceable and less underwater with the new LTV ratio they are getting from the rebound in home values.
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And, sure more buyers have come out of the woodwork with these insanely low interest rates combined with cheapening of homes, and right now, especially condo's.
"U.S. banks that have been earning record profits from home loans are adding or transferring thousands of staff to catch up with demand for refinancing after shortages blocked homeowners from getting lower rates.
Employment tied to mortgages rose 9 percent this year through September to 285,000, the most since 2008, according to the Bureau of Labor Statistics, as lenders responded to Federal Reserve efforts to push down borrowing costs, President Barack Obama loosened requirements, and housing recovered from a six- year slump.
Those constraints are lifting after banks built up units to handle the highest level of refinancing since 2009. JPMorgan Chase & Co. (JPM), the biggest U.S. bank by assets, has transferred 3,500 people from servicing to mortgage originations and Wells Fargo & Co. (WFC) has expanded its operations staff by at least 25 percent this year.
Banks are adding home loan staff after the top five companies reported a record $8.35 billion in income from mortgage banking during the third quarter, according to newsletter Inside Mortgage Finance.
To keep up with mounting application volumes, Wells Fargo added about 7,000 fulltime employees that process, close and underwrite mortgage loans since the second quarter of 2011, Michael Heid, president of Wells Fargo’s home-loan unit said this month at a presentation in Boston, which showed its hiring."
http://www.bloomberg.com/news/2012-11-20/banks-hiring-for-home-loans-as-u-s-rebounds-mortgages.html
#housing