This Should Be an Interesting Week.

This should be an interesting week. Aside from the FED meeting, it is a pretty light week.
One thing to watch are the earnings reports of some food companies. Ag commodities and the flooding will surely make their mark. How much of a dent will be reflected this time around remains to be seen. The FED meets this week and they are expected to take a tough stance on inflation. With the current state of the economy, it may be very tough for the markets to take such a stance because with this comes an interest rate increase! A rate increase is not expected this time around, however one is predicted in the Fall. It remains to be seen how such an increase will help things, but nevertheless that is what looks to be coming our way. Based on the way mortgage rates have been responding lately, such an increase could help us in this department. Inflation kills fixed assets like Mortgage Backed Securities and these are the primary indicator of mortgage rates! As far as the overall economy, who knows what will happen but it should be interesting to follow!

On a completely different note, I watched a news piece that was shocking!
Did you know that as many as 40% of all mortgages that are transferred are missing the actual note! That's right! 40% of you are paying on a mortgage and the lender doesn't even hold the actual document that says you owe them the money! Some people are actually using this fact in their favor when it comes to fighting foreclosure! They are simply asking the lender to produce the note. If they can't do it, the courts are holding up the foreclosure process entirely until one is produced. The courts are determining now how to proceed if one cannot be produced. It sounds like many times this is the case. When these documents and loans are transferred from place to place, they simply get misplaced or thrown away! Unbelievable! Here is a link to the story.

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Professional Mortgage Group, Inc.