Need a licensed appraiser? Not necessarily one that is going to be fast and give your borrower exactly what they need, but a licensed appraiser in some distant area? Try the following link is a good resource for licensed appraisers nationwide: http://www.asc.gov/content/category1/standardSearches.aspx?queryType=6

If you would like to see the text of the 2008 Stimulus package, including the verbiage on the conforming loan limits & FHA points, to http://thomas.loc.gov/cgi-bin/query/z?c110:H.R.5140 then enter “Economic Stimulus Act of 2008 (Enrolled as Agreed to or Passed by Both House and Senate)[H.R.5140.ENR]” HR 5140 was amended by the Senate and passed by both the House & Senate. This is the version that is cleared for Bush’s signature.

And if you have questions about MSA’s, check out http://www.whitehouse.gov/omb/query.html?col=omb&qt=MSA+list&submit.x=10&submit.y=10

For more MSA info visit http://www.census.gov/population/www/estimates/metro_general/2006/List1.txt.

In the text of the proposed law, it mentions section 302(b)(2) of FNMA’s charter. If you are curious, here it is: http://www.ofheo.gov/Media/Archive/docs/reports/fnma.pdf

The stimulus package will authorize the GSEs (government sponsored enterprises like FNMA & FHLMC) to purchase mortgages valued at $729,750, which is a 75% increase over the current limit of $417,000. The jumbo market offers the GSEs new growth potential and the ability to keep corporate profits flowing. In order to qualify for a full doc $729,000 mortgage, an individual would have to be earning above roughly $135,000, and critics say that low and middle income households will have no benefit from the plan. For a decent news story, take a look at http://www.washingtonpost.com/wp-dyn/content/article/2008/02/07/AR2008020703972.html?hpid=sec-business

How much lower can rates go? The Fed Funds rate currently stands at 3.00%. The next meeting is March 18, at which time Wells Fargo expects the Fed to cut another 50 basis points amid continued financial turmoil and more signs of slowing economic growth.

It is reported that Chase just hired the entire Wamu warehouse group and will be offering lines by next month to certain key accounts.

Although there is no news today or tomorrow, things pick up later in the week with Retail Sales & Business Inventories on Wednesday, Trade figures and Jobless Claims on Thursday, along with Bernanke speaking, and then on Friday with the Import Price Index & Empire Manufacturing. Currently the 10-yr is at 3.64%, and mortgage prices are slightly worse than Friday afternoon. Mr. Bernanke will deliver the Fed’s semi-annual testimony on the status of the economy Thursday, speaking to the Senate Banking Committee and market participants will watch his words very closely. The Fed Chairman is required to deliver this testimony twice a year, which is considered to be of extreme importance to the financial markets.

We were dressed and ready to go out for a New Years Eve Party. Preparing to leave, we covered our pet parakeet and put the cat outside in the backyard.
The cab arrived and when we opened the front door, the cat ran back into the house. Since the cat has a history of trying to eat the bird, I went back inside to get the cat while my wife went out to the cab.
Not wanting the cab driver to know our house would be empty for the night, my wife explained to the driver, “He’s just going upstairs to say goodbye to my mother.”
A few minutes later, I got into the cab. “Sorry I took so long,” I said, “That stupid beast was hiding under the bed. I had to poke her with a coat hanger to get her to come out! She tried to take off, so I grabbed her by the neck. Then, I had to wrap her in a blanket to keep her from scratching me. But it worked! I hauled her fat rump downstairs and threw her out into the back yard!”