|BSA! AML! CFPB! QRM! ALM! XYZ!....|
Wednesday, October 30, 2013
|This stinks !!|
Q: What's the problem?
A: Qualified mortgages (QMs) and non-qualified mortgages (NQMs).
Blame it on Dodd-Frank, CFPB, Elizabeth Warren, Countrywide, Standard&Poors, Fannie/Freddie, or "all of the above" - whatever - but, the recently approved QM/NQM rules are truly a "game-changer" in the world of mortgage lending.
A bit over-simplified but in theory, if a lender makes a QM, a strictly "by the book" mortgage, then the lender will be presumed to have made a prudent loan and will not be subject to suit if the borrower defaults. Conversely, if the lender makes a NQM and the borrower defaults, then the lender is potentially liable to severe penalties, fines, and possible regulatory sanctions for making an "imprudent" loan!
Safe harbor or confront the threat of "financial ambulance chasing" litigators?
It would appear that lots of lenders view this as a classic "Hobson's Choice" and will choose to only make QMs come January, 2014.
That's bad news for the average American working man and woman; that's too bad for many minorities, the divorced single parent, and lots of young folks....
Monday, October 28, 2013
Sunday, October 27, 2013
Saturday, October 26, 2013
Friday, October 25, 2013
|"What do you think about...?|
Our opinion poll, political "shepherds" are flocking to the people for direction.
Guess that makes sense, although...
Thursday, October 24, 2013
|Mitchell County, N.C.|
* "You know why the President and Congress don't sign up for Obamacare? Because they know it doesn't work - same as them."
* "I call my own phone number and get a message saying I'm busy and that for $2 the phone company will call me back and tell me when I have hung up - so that I can call myself again. I love the phone company."
* "I was glad to see Columbus Day; federal workers needed a day off."
* "Shelley Bishop won the iron skillet throwing contest last week at the County fair. Her husband William had no comment when asked how she developed such great skill."
* "The SPCA's Annual Fur Ball was held on October 11."
And, the one to really ponder this week...
Wednesday, October 23, 2013
Tuesday, October 22, 2013
Monday, October 21, 2013
Bankers Back In The Classroom
(Financial Times - 10/17/2013)
by Andrew Hill
|The Culture of B-oink-ing ??|
"As Banks Try To Change Their Culture Following The Financial Crisis, How Do They Retrain Their Staff?"
"Ask people outside financial services what bankers have been doing for the last few years and you will probably receive an unprintable response."
"In the wake of the financial crisis and a series of scandals and reputational blows all employees of Deutsche Bank, Goldman Sachs and Barclays' Bank are being taken through programs aimed at reinforcing codes, values, behavior, and a strong, positive corporate culture."
"Given the recent record of the banks, such programs invite skepticism. The fact such retraining is necessary is in itself an indictment of the banks' past
performance in this area."
Did someone say "indictment"? Perhaps a "state-sponsored training program" might be even more beneficial...
Saturday, October 19, 2013
Management - The devil is in the details:
|A breath of fresh air...|
"... also I believe we need to take a look at personal lending policy limits. And lastly, I would change the air freshener in the bathroom back to the original cinnamon scent."
Friday, October 18, 2013
Thursday, October 17, 2013
Wednesday, October 16, 2013
|Sign for the times...?|
As we await our fate, a note from the past:
"The exceptionally violent break in the market on Thursday was regarded, in high banking circles, as corrective of a technical condition, not a reflection of unfavorable business developments. Conditions are fundamentally sound!"
- A.P. Giannini,
President, Bank of America
Saturday, October 26, 1929
( The day after Black Friday, Mr. Giannini slightly underestimated the coming storm... )
Monday, October 14, 2013
|Fall in Mitchell County !|
From The Mitchell News-Journal:
* One of the drawbacks of reunions is that old flames keep getting older.
* It is so ironic that these numbskulls who shut down the government are folks we voted to represent us. They need to be put in time out !
* People need to figure out that the First Amendment doesn't guarantee you free speech in the press. Free speech doesn't sell newspapers.
* I finally realized why I don't sleep so good at night. When I doze off, I really begin to miss myself a lot.
And, this week's classic...
Sunday, October 13, 2013
Saturday, October 12, 2013
If former KGB chief Vladimir Putin can advise President Barack Obama on the nature of democracy in the NYTimes...
Then again, Keith just might be trying to get ...
Friday, October 11, 2013
|A major power outage or:|
About this little matter of gridlock in the halls of Congress, folks 'round here are pretty much unanimous in saying: " Boys and girls y'all need to slow-up a bit, you've gone too fer !"
And we all know what you get when you take a low brow political drama "too fer"...
Thursday, October 10, 2013
Wednesday, October 09, 2013
Many of you may have noted the recent merger between the North Carolina Credit Union League and its peer in South Carolina. This was an extraordinary feat of diplomacy and grace.
Tuesday, October 08, 2013
Sunday, October 06, 2013
|Fat Cat !|
It's funny how Fat Cat brings out the frolicking nature in even the oldest members. One of our elder members "got jiggy" with Fat Cat on the sidewalk..."
("Got jiggy" - with Fat Cat ????)
Saturday, October 05, 2013
"This month we held our annual member appreciation day - luau themed! Two Advisory Board members helped set up, were on hand the entire time to participate, and even stayed to clean up. "
|Roger that !!|
Friday, October 04, 2013
|No crash test dummy!|
Saying that there is no difference between a credit union and a bank ...... is like claiming that Ralph Nader and General Motors are both in the car business.
Don't think so...
(... and it sure wasn't our "gas tank" that exploded and "killed" the economy!)...
Wednesday, October 02, 2013
|"Cash and Carry!"|
|The Father of Wall St. Boinking:|
|Mergers and acquisitions:|
Buying a "pig"-in-a-poke"?
One fundamental difference between a not-for-profit credit union and a for-profit, investor-owned bank is as a cooperative...
We Can't Be Bought !
So, it's your choice.... credit union or bank?