Larry Morris's (larrym) Blog

According to MarketWatch, J.P. Morgan Chase & Co. reportedly has agreed to buy Bear Stearns Cos. for $2 a share in a stock-swap deal.  Evidently the set price will be $2 per share. It appears that both boards have approved the sale and are trying to put it together prior to Monday's Asian market ...

If you are adding seller paid concessions on top of the purchase price in an amendment do not be surprised if the loan doesn't close!! This "common" practice has been a borderline fraud issue for a while. CWBC, has now made it official that they will no longer fund loans where the Purchase Agreem...

In a thought provoking book, Bishop N.T. Wright states that the church is deceived in it's belief that when Christians die they immediately go to heaven. His belief, supported by his interpretation of scripture is that we enter a state of conscious rest until Christ's return. Before you dismiss h...

The US Senate passed an expanded version of HR 5140 - an economic stimulus package that includes a temporary increase in the conforming loan limits from $417,000 to as high as $729,750 in high cost areas.  It is expected to be passed by the House and signed into legislation. The emphasis here is ...

Wow, what a difference a day, or for that matter, a few hours make! Yesterday, shortly after my post the stock market rallied and we lost about .75 basis points on the mortgage backed securities, and so far today another .31 basis points. This means that while we were looking at a 5% rate on a 30...

FitPregnancy Magazine has listed Portland, OR as the top city in the nation for having a baby. Just another reason to live or move here. Portland, and the surrounding cities are considered some of the best places to live for many reasons, and according to a number of different sources.In this stu...

What was looking like a ho-hum week has turned into a block buster. While our markets took Monday off to celebrate Martin Luther King Jr's birthday, the European and Asian markets tanked in fear of a US/Worldwide recession. In reaction to that, our Fed cut the Prime rate by .75% in fear of a majo...

The markets are closed today in celebration of MLK Jr's Birthday. Mortgages rates improved last week due to weak economic news and the uncertainty of the future. This week we see 3 economic reports with a moderate impact on mortgage rates: Initial Jobless Claims, Existing Home Sales and Crude Inv...

Informative 6 minute video explaining the Home Buying process. This is basically a mini seminar. It explains the roles of the Loan Officer and Realtor, along with many of the steps along the way.If you are looking at purchasing a home, or if you have clients looking, please have them review this ...

What is a Reverse Mortgage, and who qualifies for one? How do they work? Will you lose your home? What about your Social Security benefit? Watch this informative video to get a better understanding. If you have any questions regarding how these programs work for you or your loved ones, please let...