Want to see the housing version of f*ckedcompany.com? Just go to the data section at National Mortgage News

Thought you'd find these numbers and charts interesting. What's most amazing about the charts is how the MSM and NAR spin these housing numbers as "down slightly" or "bottoming" or even "improving". Man, my eyes must deceive.

Keep in mind on the lenders that in many cases, the lender is not the bag-holder. Take Wells Fargo, who makes the loan then gets rid of it as fast as they can like a toxic hot potato. So yes, now that these types of loans are no longer being made, their lending business will collapse, destroying their revenue and profits, but it's the bag-holders that are really gonna take it in the shorts.

Wells Fargo Home Mortgage, America's largest Jumbo loan mortgage lender, essentially throws in the towel and leaves the market

They just raised their 30 year jumbo rate available to brokers from 6 7/8 to 8% overnight, putting themselves out of business (by choice).

Man, I'd hate to be in a Wells Fargo Home Mortgage office on Monday. Set of steak knives anyone?


It'd also suck to be a McMansion builder (and Jumbo junkie) like Toll Brothers, or a new homedebtor trying to fund Jumbo. Or heck, it'd suck to be any homedebtor anywhere in America trying to sell a home to the sound of silence. Dead silence.

WHERE DID ALL THE BUYERS GO? FOR THE LOVE OF GOD WHERE DID ALL THE BUYERS GO?

From CNBC Realty Check:

Wells Fargo Raises Rates: Are Homeowners Out In The Cold?

"They’re pulling themselves out of the market to regroup,” is what one of my mortgage broker buddies told me on the phone this morning when I asked how in the heck Wells Fargo could raise rates on a 30-year jumbo fixed rate mortgage from 6 7/8% to 8% overnight. A jumbo is anything over $417,000, and given today’s home prices, that’s going to hit an awful lot of borrowers.

So, since Bank of America Bank of America, Sovereign and others are still at the old rate, no borrower in their right mind would go to Wells Fargo. My buddy says no biggee, Wells Fargo can afford to shut down its mortgage division for a while until all this shakes out. Well, I think it’s a biggee.