So, I would say this week was pretty bad for all of us in the mortgage business and all for you that need a mortgage now. 

 

The stock market and oil prices have gone up and down like a virtual rollercoaster. Prime rate gets cut a ½ a point but the mortgage rates go up. The banks raised their rates a few times this week and tightened the lending programs further.  They added another requirement asking for a second review appraisal on most loans which will add time and expense to the closing process.

 

Do not fear, Bernanke has another “great” plan up his sleeve for next week.  (I do not know how he has the time to work on the economy when he is working diligently on his resume!) 

 

I am not shocked or concerned by any of this and will be able to work with the twists and turns of the industry.  However, I have a burning question that is starting to really weird me out!  What is with that Piper kid?  This “Mini Me” Palin is starting to creep me out as much as her mother does.  What is with the waving, the outfits (who is paying for them) and why isn’t she in school! I can’t wait for this election to be over.  Not so much as they say the markets will stabilize (which I doubt), but so I do not (hope not) have to see this kid anymore.

Dale Siegel