Marc's Mortgage Matter's

Ok so yesterday I'm listening to 880CBS and I hear rates are 4.625 lowest in decades and everyone is refinancing. Little is said about most folks don't qualify, have scores over 740 or let alone have any equity to even breath in their homes.. Little is said about rates going up to 5% in hours after a 13 minute stint at 4.50% on Tuesday I believe it was - Yup I'm hearing voices too. Rates are really quite low though - many do qualify for under 5% so there is hope thank goodness...

Another angle; What is the agent/broker on the street saying? “The bigger problem that continues to persist is the expectancy of rates to drop. Last week after the meeting that is all you heard about. ‘Bernanke was a genius.’ ‘This will make the banks have to lend.’ The banks do not give two hoots. They are calling their own shots and probably laughing as they got what they wanted and no one regulated them. Now they still can not drop rates because they are under staffed and can not handle the volume. The big banks tell us to kiss their behinds because their books are more important than saving our economy. We should have let some more of the big banks tumble. This would have at least left some fear in the banking system that no bank is to big. So we are left with tons of people trying to refinance to save money and all they hear on a continual basis is that rates should be getting lower and we are left to tell them, no because the banks are not staffed well enough to handle the volume.”

Then we're followed by news of people flocking to Lord & Taylor to shop, and is the economy about to go North? Huh? Who is shopping now? Its amazing how news gets reported warped and reprocessed.

Hospital regulations require a wheel chair for patients being discharged. However, while working as a student nurse, I found one elderly gentleman already dressed. He was sitting on the bed with a suitcase at his feet, and he insisted he didn't need my help to leave the hospital.

After a chat about rules being rules, he reluctantly let me wheel him to the elevator. On the way down I asked him if his wife was meeting him.

“I don't know,” he said. “She's still upstairs in the bathroom changing out of her hospital gown.”