Chase Suspends Non-Conforming Mortgages

Mish's Global Economic Trend Analysis - "Chase Suspends Non-Conforming Mortgages" (8-2-08)

"Chase stops doing all jumbo arms AND fixed products with their wholesale lending business. This is what US Bank should have done instead of their ridiculous requirement of $250000 in liquid assets. US Bank is essentially saying that they don't want to do this type of product, but the important point is there are still more restrictions being placed on mortgage lending"

Bloomberg - "Treasuries Post Biggest Gain Since June as U.S. Economy Slows" (8-2-08)

"Treasuries posted the biggest weekly gains since June as government reports showed the economy slowing and employment falling, adding to expectations that the Federal Reserve won't raise interest rates this year."

New York Post - "THE FEDS HAVE COME UP WITH AN EXIT TAX!" (8-3-08)

"HERE'S a Yankee Doodle Doozy of an idea from the taxman: if you've had enough of the United States and choose to renounce your citizenship, you will now have to give up a large chunk of your assets. The same new tax also will hit foreigners who are living and working in this country legally - with a so-called green card - once they decide to return home."

The San Diego Union Tribune - "Buyer beware: Market's tight and down payments are back" (8-3-08)

"The chief advantage of a down payment today is simply that it allows a person to qualify for a loan, since very few so-called “zero-down” loan programs still exist. Yet down payments have other benefits, too. The more money you put down to buy a home, the smaller your monthly payments will be, explains Greg Gwizdz, national sales manager at Wells Fargo Home Mortgage in Des Moines, Iowa."

The San Diego Union Tribune - "Know when housing bill tax credit is due to expire" (8-3-08)

"Anybody who's been sitting on the sidelines hesitant to jump into real estate until conditions settle down should know these dates: April 9, 2008, through June 30, 2009. They mark the eligibility time span to qualify for the home purchase tax credit created by the massive housing bill approved by Congress. If you have not owned a house during the past three years – or are considering buying your first home – and can go to closing before the end of next June, you may be eligible for up to a $7,500 credit against your federal taxes for 2008 or 2009 ($3,750 if you file taxes as a single person)."