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American Capital Agency Corp. Message Board

  • helenwaite12 helenwaite12 Jul 17, 2013 11:16 AM Flag

    REMEMBER THE FLAME POSTING ABOUT LIBOR, MORT. APPS DECLINE, AND BANKS NOT LENDING. HERE'S AN ARTICLE

     

    These reports don't surprise Chris Whalen, executive vice president at Carrington Investment Services, a firm that specializes in real estate investment and residential mortgage specialization. In an interview with The Daily Ticker, he argues that banking profits from a rebounding housing market have been dropping off for months.
    “The last couple of years have all been refinancing volumes,” Whalen says. “We have not seen a pick up in purchase volumes for homes. We’ve run out of customers in a sense of refinancing.”
    [Click here to check home loan rates in your area.]
    Banks have become hesitant about providing loans to individuals who are applying for new mortgages, according to Whalen, but are more willing to extend credit to Americans seeking auto and credit loans, short assets that won’t “penalize” them, he says.
    Related: Auto Sales Back to Pre-Crisis Levels, Housing Recovery Helps
    “The regulatory environment has tightened up the criteria for lending so banks are very reticent about lending to that bottom third of the total population,” Whalen explains. “If you don’t see credit on bank balance sheets growing, then you can’t get terribly bullish on the future.”
    Moreover, the lower number of mortgage applications has negative consequences for the housing market and potentially the broader U.S. economy, he says.
    “You haven’t seen the credit growth you’d expect,” from recent housing data such as the S&P/Case-Shiller Home Price Index, Whalen expounds. “We need credit growth to grow jobs.”

    Sentiment: Strong Sell

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    • These reports don't surprise Chris Whalen, executive vice president at Carrington Investment Services, a firm that specializes in real estate investment and residential mortgage specialization. In an interview with The Daily Ticker, he argues that banking profits from a rebounding housing market have been dropping off for months.
      “The last couple of years have all been refinancing volumes,” Whalen says. “We have not seen a pick up in purchase volumes for homes. We’ve run out of customers in a sense of refinancing.”
      [Click here to check home loan rates in your area.]
      Banks have become hesitant about providing loans to individuals who are applying for new mortgages, according to Whalen, but are more willing to extend credit to Americans seeking auto and credit loans, short assets that won’t “penalize” them, he says.
      Related: Auto Sales Back to Pre-Crisis Levels, Housing Recovery Helps
      “The regulatory environment has tightened up the criteria for lending so banks are very reticent about lending to that bottom third of the total population,” Whalen explains. “If you don’t see credit on bank balance sheets growing, then you can’t get terribly bullish on the future.”
      Moreover, the lower number of mortgage applications has negative consequences for the housing market and potentially the broader U.S. economy, he says.
      “You haven’t seen the credit growth you’d expect,” from recent housing data such as the S&P/Case-Shiller Home Price Index, Whalen expounds. “We need credit growth to grow jobs.”

      Sentiment: Strong Sell

      • 1 Reply to jakki_gleason
      • These reports don't surprise Chris Whalen, executive vice president at Carrington Investment Services, a firm that specializes in real estate investment and residential mortgage specialization. In an interview with The Daily Ticker, he argues that banking profits from a rebounding housing market have been dropping off for months.
        “The last couple of years have all been refinancing volumes,” Whalen says. “We have not seen a pick up in purchase volumes for homes. We’ve run out of customers in a sense of refinancing.”
        [Click here to check home loan rates in your area.]
        Banks have become hesitant about providing loans to individuals who are applying for new mortgages, according to Whalen, but are more willing to extend credit to Americans seeking auto and credit loans, short assets that won’t “penalize” them, he says.
        Related: Auto Sales Back to Pre-Crisis Levels, Housing Recovery Helps
        “The regulatory environment has tightened up the criteria for lending so banks are very reticent about lending to that bottom third of the total population,” Whalen explains. “If you don’t see credit on bank balance sheets growing, then you can’t get terribly bullish on the future.”
        Moreover, the lower number of mortgage applications has negative consequences for the housing market and potentially the broader U.S. economy, he says.
        “You haven’t seen the credit growth you’d expect,” from recent housing data such as the S&P/Case-Shiller Home Price Index, Whalen expounds. “We need credit growth to grow jobs.”

        Sentiment: Strong Sell

 
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