‘Cause I gotta have good faith…
January 13, 2010
Remember in the 80s when George Michael sang about having Faith? Many experts think it was a song not about faith in a guy that was addicted to drugs and having sex in public restrooms, but rather a song referring to Good Faith Estimates that were difficult to understand. The good news is that our trusty government has stepped in and completely redesigned the Good Faith Estimate. The bad news is that it is now three pages instead of one, and more confusing than it used to be. While their intentions were in the right place, I have a feeling this is not the last of restructuring for this document. As usual, it’s best to call me with any questions regarding the new GFE and RESPA. You can also listen to our podcast about it at: http://perlmortgage.com/blog/podcasts/perl-podcast-new-respa-changes/
Inspirational Quote of the Day:
“Whether you think you can or whether you think you can’t, you’re right.” – Henry Ford
Wuss’up with Rates:
The interest rate roller coaster continues. Rates fell at the beginning of last week when the US Treasury increased Fannie Mae and Freddie Mac credit lines to a total of $400 billion. This was a signal to investors that these entities are ‘too big to fail’ (interestingly enough, my credit line was frozen at 40k which makes me ‘too small to succeed’). However, rates rose on Friday when revised Employment reports came out that showed things aren’t so bad – even at a 10% unemployment rate. Huh? I don’t know either, Mortgage Fans. All I know is that we are fortunate to still have ARM rates in the 4s and fixed rates in the low 5s.
Inspirational Quote of the Day 2:
“Why is he calling me meat? I’m the one driving a Porsche.” – Ebby Calvin LaLoosh (Tim Robbins), Bull Durham (1988).
Timeout for Trivia:
Congratulations to all of you last week who correctly guessed Nic Cage. Answer this week’s Who Am I? question correctly and be entered into a quarterly drawing to win something really cool. Good luck: “Yesterday I turned 59. People think I found my fame marrying one of the Hardy Boys in 1983, or starring in a movie with John Travolta in ’88. But I actually hit my peak in ’87 when I was hired I to boss around my employees which included an ex-major league baseball pitcher. Fame is a fleeting thing though. I make my mark these days by my very public battle with my weight gains and losses