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“Why did New Jersey get all the toxic waste and California get all the lawyers? New Jersey got to pick first.” (Hey, I don’t write ‘em.) Quips aside, California accounts for 20 or 25 percent of the nation’s residential lending, depending on who you ask. The Golden State’s economy has been growing steadily while the global economy has at times faltered, and as a result it’s poised to surpass Germany to become the fourth-largest economy on the planet! It jumped seventh-place Brazil and sixth-place France in 2015, and in 2017 it passed the United K...

Forget about layoffs, salary cuts, revenue problems. There’s extra leftover candy in the lunchroom! Uh… do we still have lunchrooms? I hope so. And Thanksgiving will be here before you know it, and with it, pumpkin pie. (Yes, I know that this is a mortgage commentary, but even pumpkins have their share of regulation and controversy.) Pumpkin is a variety of squash belonging to the “Cucurbitaceae,” or gourd family which also includes melons and cucumbers. The FDA allows for sweet squash blends to be sold under the label of “pumpkin.” Libby’s, for...

For me, the next ten days includes time in Chicago, the Wisconsin Dells, and Atlanta. It isn’t a scary agenda. At the ready for tonight’s Halloween fun? Polls seem to indicate that the most popular treat is Reese’s Peanut Butter Cups, followed by Reese’s Miniatures, Twix, Kit Kat, and Snickers. Regardless of treats being handed out at doorsteps, there are “ticks” in an unfortunate affordable housing situation that is an example of the difficulty of implementing housing programs. About 5,600 people live in the ski town of Vail, Colorado. But during the ...

While investors who “jumped the gun” on establishing their own conforming conventional loan limits ahead of the official proclamation at the end of November by the FHFA are wondering if they “spoke too soon” as values drop, time is rushing by. Kids are back in school, learning about Cuba and having pizza. We’re losing about 3 minutes of daylight a day. Children are picking out Halloween costumes. There are fake Christmas trees in Costco. We don’t turn back the clocks (daylight savings time in all the states except Arizona and Hawaii) for another month,...

One can always focus on lending activity hitting a 25-year low, or the once mighty loanDepot reducing its own liquidity or handing raises out to executives, or Better.com’s CEO back in the headlines. So let’s veer off the mortgage track for a bit. Not everyone in residential lending is a baseball fan, but everyone in our biz knows a thing or two about money. Aaron Judge of the New York Yankees hit his 62nd home run of the season, a new record. The ball was caught by a fan, and the question has been raised that has not been answered: “What happens when you take possession o...