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got a call from a banker yesterday

Scorpio

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#1
working on a couple of projects and we got to talking a bit,

stated that last Friday, their home loan dept exploded with activity,
up 9X normal daily volume

phones ringing off the hook, appraisers getting tied up in future business, etc.

spoke of how that reduction in rates hasn't been seen prior. Crazy low numbers for 30's 20's and 15's
even commercial paper, where I am playing is way down

just to give you an idea, here is what I watch, and it is the 10 year yield plummeting!
closing in on 1%

1%

1.png


HERE IS THE 30 YR YIELD,
mortgage base
Wow!

2.png
 

solarion

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#2
Equities down...bonds up(yields down). Gold and silver naturally taken to the woodshed because screw anything not denominated in fake currency. Now that the morons have gotten out of the GLD/SLV and have dry powder to buy up the equity dip...everything should be right as rain! lol

Wash, rinse, repeat. Right back to the NIRP/ZIRP policies of old...better crank up those "money" presses over at the FRBNY.
 

Scorpio

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#3
some people are pounding the table for fed action ie drop rates 50 to 75 basis pts over the beer virus,

which is bullshit of course, there is zero reason to lower rates by the fed,

none

the beer virus is a hoax as I stated long ago, nothing but a flu affecting old and sick people,
all this hubbub is sensationalist journalism and has nothing to do with reality

it is a poli play, nothing more
 

Curtman

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#4
Talking heads tell you what you want to hear even if the writing on the wall says otherwise funny part is it's consumed like a big plate of lasagna another joke.
Yes mr. Banker mortgage broker I would gladly stick my dick in a blender so you can get your margin.
 

Scorpio

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#5
With the fed where they are at, and markets where they are, would assume margins are appreciative fat

yet, doesn't really matter as persons can in fact save some much needed monthly funds by refi'ing their paper,

one thing they have to be careful on is time, the charge to play in fees/appraisal and the like have to be factored in for pay back period to refi. Sometimes, if planning to move in the relative near future, you are better passing and just keep paying your current bill.

each person is different, but for those that can take advantage, get after it, less interest cost is less interest cost

fyi, for now anyway, home mortgage interest is still deductible if you itemize

https://www.irs.gov/pub/irs-pdf/p936.pdf
 

Curtman

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#6
Ahh that's what I'm talking about it's very interesting and I would never tell anybody not to refi if they could get a couple of points off as long as they continued making a payment or double the payment to bring down the debt faster I wouldn't reply to get a lower payment just to lower interest rate.

Unfortunately most of the people and I don't leave out some of the members on the board do not have the luxury of not being able to cash out and carry no debt best thing they can do is get their interest rate dropped and double their payments. And learn how to live without carrying debt all of my credit cards paid every month a couple of days early I don't pay interest I don't mind getting it but I don't pay it and even when I get it I don't set people up for default I just did a property Out West commercial at 5% interest show them how to rent one building for 800 to a thousand a month their payment to me is $399 on a 15-
year. that building alone will service that debt and part of what they're the first position will be from the bank of 150 k I don't mind coaching people I don't mind helping people if they're you know determined look like they can service the debt and let me know if something is going haywire in there world I'm flexible unfortunately this case I do not hold the first position and I won't take a second so I have to have the lawyers draw up another contract that on the worst case scenario I would still get my payment or there able to work another arrangement.
Right now I'm looking for a new truck diesel I made up my mind which one because I haven't seen the dealers offering 0 interest yet when I do that will make up my decision hopefully it's a GMC Duramax but I could rock a Dodge with a Cummins diesel I may even be persuaded to take a Ford with the international turboed motor. Just killing time
 

Scorpio

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#7
Yep Curtman, what we do and how we view things isn't the norm anyway,
so if it helps the slaves out, so be it

The feds just announced dropping 50 pts on rates

For criminy sakes that one pisses me off, as there is zero reason for it,
In fact, the opposite should be happening,
 

Curtman

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#8
This is what I mean the FED moves half I can't understand it myself it's not going to end well we've gone through this with bernanke Oregon through it with yelling what are we going to do pay to take money. Bubble pushing on a pin she's going to splatter all over the f****** roof
 

Curtman

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#9
Again we just enable people to set themselves up for default .
They were in there buying yesterday now they're dropping interest rates prop the market again meanwhile Wall Street preparing for the short of a lifetime. The consumer cannot act responsible enough to keep out of that it here they are diving headlong into indentured servitude.
 

Voodoo

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#10
Great I can count on being chained to the desk for awhile and then watching the business completely disappear in a year or two.
 

Voodoo

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#11
It is an amazing view and I was just showing my employees these charts to let them know where we are going.
 

keef

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#12
I just got a call from a banker

"We haven't got everyone suckered into this next crash we are engineering quite yet, so here's some more lube."
 

Voodoo

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#13
Central Banks setting up their final destruction here. Well, it will be interesting. That is assured.
 

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#14

chieftain

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#15
My bank manager called this morning, telling me I've been approved to borrow AUD$2.5mil so I can build factories/warehouses. To which I replied with, "if I can't get tenants in the bastards, will you have a room for us at your place?".

He went quiet.
 

gnome

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#16
I just got a call from a banker

"We haven't got everyone suckered into this next crash we are engineering quite yet, so here's some more lube."
And we want a little more time for those in the know to get positioned before the crash.
 

Goldhedge

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#17
Central Banks setting up their final destruction here. Well, it will be interesting. That is assured.
They have to bring it down and point to 'something' as the cause because they sure don't look in the mirror very often.

Wash rinse repeat...

There are some deep-seated financial issues they've been plastering over with earnest for the last 10 years.

The chickens are coming home to roost and they aren't chicken farmers!
 

Curtman

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#18
This has all the makings of the big global meltdown. I'm not calling it yet but I got a feeling it won't be long.
 

Voodoo

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#19
Just in time to try and derail Trump. What a coincidence.:winks2:
 

Voodoo

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#20
Speaking of bankers. Just looking around at bank stocks and they are getting hammered. Worse than airlines. Can't say I feel to bad for them but this does not portend very good things, I'm afraid.
 

Irons

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#22
Central Banks setting up their final destruction here. Well, it will be interesting. That is assured.
Maybe this is how the US finally kills off the fed.


.
 

Curtman

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#23
Now you're talkin about the same people wall streets in charge here nobody else they're calling the shots. Quantitative easing unprecedented moves to boost the market
 

Zed

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#24
Great I can count on being chained to the desk for awhile and then watching the business completely disappear in a year or two.
I think this might just be the big one.
 

Curtman

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#25
Futures off 5% overnight circuit breakers cut in we're going down Central bankers Federal reserve will be in the market tomorrow trying to prop it up another unprecedented quantitative easing behold. Bonds are down oil plunged. Freight is not moving cruise ships are parked at docks airplanes are all but grounded out of the country and domestic travel is way down trains down going primitive around the globe or back to the horse and wagon pony Express hold on to your ass bro I'll see much waste let's get in but bad big bubble and sticking it from all sides the matter of time they blow the bubble up bigger then splat
 

<SLV>

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#26

Curtman

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#27
I'm on my sailboat the 40 Knot Gale. 4 days out of the hospital from cancer treatments, living on the edge.
 

Curtman

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#28

the_shootist

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#29
Trump is just as responsible for this. He owns it.
No he doesn't! How do you figure that? His mistake is pointing to it going up in the last 3 years. It's a bubble that had to burst and he should have known it would but it's not bursting today because of him. The DS is pulling out the stops and letting things fall. They tried everything else to get Trump removed and have failed. It will be interesting to see how Trump reacts to this latest move
 

Voodoo

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No he doesn't! How do you figure that? His mistake is pointing to it going up in the last 3 years. It's a bubble that had to burst and he should have known it would but it's not bursting today because of him. The DS is pulling out the stops and letting things fall. They tried everything else to get Trump removed and have failed. It will be interesting to see how Trump reacts to this latest move
Reading between the lines it seems like they did anticipate this move. So that means they would at least have some plan, I have no idea what that could be though.
 

keef

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#31
Tell it like it is, Bubbles

If you want to see malinvestment visit the mall of america some day (west entrance) and look at all these new bullshit startups that ALWAYS have more employees than customers.

My fav Italian restaurant there (which was once a local icon cuz bubbles and the trailer park boys once got kicked out at that very spot):
was tore down this past winter to build some bullshit hipster coffee/tea/clothing shop that caters to the Starbucks-next generation crowd.
I have rarely seen a customer in that place as everyone goes to the Holiday directly across from it for coffee. (and this holiday is so crowded often three staff can barely keep up checking out customers)

Banks are funding these new start-ups? No wonder they can't pump the repo market fast enough.

And now when I pass by that spot I can't even reminice about where the trailer park boys got 86'd out of the mall of A!

thank u banker hustlers, can I have another?

1583765165074.png
Try not to laugh, but this is the name of the new hipster coffee shop/clothing store that used to be an Italian restaurant.

I am counting down to their Chapter 8 as they won't last the summer. Oh, and I did see one Chinese business guy there at the coffee counter trying to look hip, but it was just sad.

"It was a bit fked if you ask me." ~ BUBBLES:panda:
 

<SLV>

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#32
What do you mean.. this is 100% Wall Street dude
Driving Powell to rate cuts... record level deficits... no fiscal responsibility from Trump.
 

Curtman

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#33
Driving Powell to rate cuts... record level deficits... no fiscal responsibility from Trump.
Come on dude been here long enough to know who's driving who cross streets driving Powell they're in position do they make more money today and ever been made in the market one day need nothing jump and do you can suggest but you know who's in the driver seat
 

Scorpio

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#34
email just received from a different bank,



xxx Bank has a long history of supporting our customers and communities in their times of need, and we are here to support you now and through the uncertainties yet to come.

Today we are introducing our COVID-19 Relief Program, which is designed to alleviate some of the financial hardships you may face as a result of illness or workplace changes. This program features:
  • The suspension of fees on a range of loan and deposit products for up to 90 days.
  • Payment deferrals for up to 90 days on consumer, mortgage and small business loans.
  • Temporary payment relief assistance and fee waivers for consumer and small business credit cards.
  • The suspension of foreclosure activity on homes and new repossession activities for 60 days.
Additional details, including information on how to receive these benefits, are available at xxx. Here you will also find information about your current banking options and answers to questions you may have about these services.

For the health and well-being of our customers, colleagues and communities, we temporarily suspended lobby access at our branch locations on March 17. We continue to encourage you to manage your accounts using online and mobile banking. These 24/7/365 services allow you to safely view transactions, check balances, make payments, deposit checks and more – right from the comfort of your home.

For our colleagues’ well-being, we are continuing to pay anyone affected by changes to our services. We have also expanded our leave policies to accommodate personal or family health circumstances caused by COVID-19.

On behalf of all the colleagues at xxx Bank, thank you for your patience and understanding during this time. We hope you and your families continue to be healthy and safe.

Sincerely,
 

spinalcracker

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#35
From my friendly bank

daily limit of $10,000.00

no bank runs here








As a locally owned Bank with deep family roots, our approach to banking has always been guided by our long-standing principle: Our success as a financial institution depends wholly on the success of our clients and our employees.

During times of unease, this approach and appreciation for family is especially important to us. Our Bankers and Clients are an extension of the Eastern Colorado Bank family. Maintaining the well-being of our Clients, Bankers and communities is our top priority. Therefore we have decided to close our Bank lobbies as of Friday, March 20.

Rest assured, closing our lobbies does not mean we are closed. We are taking necessary precautions to remain healthy and safe, but we are ready to serve our clients through other methods.

Electronic Banking
Access your Online Banking, or Mobile App to
o Check account balances
o View account activity
o Pay and schedule bills
o Find a Local Branch Phone Number
o Locate a Surcharge Free MoneyPass ATM

Effective March 23, 2020, a temporary increased Mobile Deposit
Daily Limit has been established of $10,000.00 per User ID.

Call our 24 Hour Telephone Banking

Lobby Alternatives
In our branches that have Drive Thru or Walk Up facilities, we encourage customers to interact in this manner. In all branches, we have night depositories that we will check three times per day during this pandemic to ensure your banking needs are met timely. Also, our branches throughout Colorado and Kansas will answer phone calls Monday-Friday 8:00 AM to 5:00 PM.

Lending Clients
For our lending clients, we encourage calling your Loan Officer to explore alternative ways to communicate and exchange information to ensure your lending needs are met. We recognize the pandemic is causing serious monetary implications for families and businesses. We will be working with borrowers who have been affected by this pandemic.

Avoiding Coronavirus Scams
As is true with most major news event, it’s important to safeguard yourself from opportunists and scam artists that use these situations for malicious intent. For more information about coronavirus scams, please read this alert from the United States Secret Service.

Your Friendly Bank keeping your money Safe Since 1944
In this current environment, we recognize that plans can dynamically change. Please know that our Bank will always maintain the highest level of quality, and our Banker family stands ready to serve you now and into the future.
We are here for you.

Your Friendly Bank

Greg J. Weed, CEO