A big hattip to Blown Mortgage for this one! ANNOUNCEMENT Due to severe dislocation in the secondary market, NovaStar Mortgage Wholesale is temporarily suspending approval and funding activity on all loan transactions that have not been locked via a NovaStar Lock In Confirmation until Tuesday, August 7th, at which time the policy will be reevaluated. Locked loans and loans with docs out will continue to fund as scheduled. This is effective immediately. New loan applications will continue to be accepted however will be held until the temporary suspension on loan approvals and fundings has been lifted. We apologize for short…
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After a long tough week of watching the mortgage market meltdown, it’s time for a laugh.  A big hattip to Immobilienblasen and Housing Panic for a great Jon Stewart video.  Keith said of this video: Politically incorrect and I love it. I have to agree. While you’re watching, we’d love any comments, links, ideas suggestions you might have on housing. Politically incorrect and I love it.

Folks, if IndyMac’s CEO Michael Perry is right- we all need to start paying a lot more attention to what is happening with the GSEs: [Fannie, Freddie & Co.]  [Currently] it’s “difficult” to trade even AAA-rated mortgage bonds that aren’t guaranteed by government-chartered Fannie Mae and Freddie Mac, or federal agency Ginnie Mae, Perry wrote. For this reason, HousingDoom would especially like to thank Bill Maloni for permission to reproduce yesterday’s post on his GSE blog.  Bill has impressive credentials, in an earlier blog post he states: I have worked in financial services and GSE issues for more than 35…
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