{"id":311440,"date":"2010-02-12T09:48:27","date_gmt":"2010-02-12T14:48:27","guid":{"rendered":"http:\/\/mortgagenewsclips.com\/2010\/02\/12\/the-garrett-watts-report-the-mid-atlantic-snow-storm-feb-11-2009-issue\/"},"modified":"2010-02-12T09:48:27","modified_gmt":"2010-02-12T14:48:27","slug":"the-garrett-watts-report-the-mid-atlantic-snow-storm-feb-11-2009-issue","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/311440","title":{"rendered":"The Garrett, Watts Report (the mid-Atlantic Snow Storm Feb. 11, 2009 issue)"},"content":{"rendered":"<p>\u00a0<\/p>\n<p><a href=\"http:\/\/garrettwatts.com\/\"><img loading=\"lazy\" decoding=\"async\" style=\"border-bottom: 0px; border-left: 0px; display: inline; border-top: 0px; border-right: 0px\" title=\"garrettwatts\" src=\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2010\/02\/garrettwatts1.jpg\" border=\"0\" alt=\"garrettwatts\" width=\"467\" height=\"73\" \/><\/a><\/p>\n<p>To Our Clients, Colleagues and Friends,<\/p>\n<ul>\n<li>We\u2019ve gotten lots of responses to our recent writings on secondary marketing leakage, our favorite one being that \u201cLeakage reminds me of the time I owned a convenience store.\u00a0 There are only three people that will steal from you.\u00a0 Customers, employees and suppliers.\u201d<\/li>\n<li>We read Bill Clinton\u2019s autobiography <em>My Life<\/em> when it first came out, and we just read that there are about 3 million copies in print.\u00a0 Remembering how thick it was (999 pages), we pulled it out of our bookshelf and weighed it, and it came out to about three and a half pounds.\u00a0 That comes out to a bit over 5,000 tons.\u00a0 If we assume that Kirstie Alley weighs around 350 pounds, the weight of all copies of <em>My Life<\/em> in print would be the equivalent of 30,000 of her.\u00a0<\/li>\n<li>Speaking of the Rotund One, whatever happened to the actress who originally played Kirstie\u2019s role on <em>Cheers<\/em>?\u00a0\u00a0 We really liked her personality.<\/li>\n<li>For all the mortgage-related topics we try to sound intelligent on, one of the bigger responses we get is when we run the original names of famous people.\u00a0 Here are some more:<\/li>\n<\/ul>\n<table class=\"MsoTableGrid\" style=\"background-color: #ffff99; border-collapse: collapse; margin-left: 41.4pt; background-origin: initial; background-clip: initial\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" bgcolor=\"#ffff99\">\n<tbody>\n<tr>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 207pt; padding-right: 5.4pt; padding-top: 0in;\" width=\"276\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\">James Garner (James Bruderlin)<\/span><\/span><\/p>\n<\/td>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 189pt; padding-right: 5.4pt; padding-top: 0in;\" width=\"252\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\">Tom<\/span><\/span><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\"><span class=\"Apple-converted-space\">\u00a0<\/span>Cruise ( Tom Mapother)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 207pt; padding-right: 5.4pt; padding-top: 0in;\" width=\"276\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\">Jane Seymour (Joyce Frankenberg)<\/span><\/span><\/p>\n<\/td>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 189pt; padding-right: 5.4pt; padding-top: 0in;\" width=\"252\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\">Traci Lords (Nora Kuzma)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 207pt; padding-right: 5.4pt; padding-top: 0in;\" width=\"276\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\">Jane Wyman (Sarah Fulks)<\/span><\/span><\/p>\n<\/td>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 189pt; padding-right: 5.4pt; padding-top: 0in;\" width=\"252\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\">Rocky M arciano (Rocco Marchegiano)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 207pt; padding-right: 5.4pt; padding-top: 0in;\" width=\"276\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\">Janis Ian (Janis Fink)<\/span><\/span><\/p>\n<\/td>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 189pt; padding-right: 5.4pt; padding-top: 0in;\" width=\"252\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\">Snoop Dog (Cordazer Broadus)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 207pt; padding-right: 5.4pt; padding-top: 0in;\" width=\"276\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\">Jerry Lewis (Jerry Levitch)<\/span><\/span><\/p>\n<\/td>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 189pt; padding-right: 5.4pt; padding-top: 0in;\" width=\"252\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\">M<\/span><\/span><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\">other Teresa (Agnes Gonxha Bojaxhiu)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 207pt; padding-right: 5.4pt; padding-top: 0in;\" width=\"276\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\">Walter M atthau (Walter Matuschankatasky)<\/span><\/span><\/p>\n<\/td>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 189pt; padding-right: 5.4pt; padding-top: 0in;\" width=\"252\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\">Stevie Wonder (Steveland Judkins)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 207pt; padding-right: 5.4pt; padding-top: 0in;\" width=\"276\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\">Tiger Woods (Eldrick Woods)<\/span><\/span><\/p>\n<\/td>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 189pt; padding-right: 5.4pt; padding-top: 0in;\" width=\"252\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\">Truman Capote (Truman Streckfus)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 207pt; padding-right: 5.4pt; padding-top: 0in;\" width=\"276\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\" lang=\"DE\">Tim Allen (Tim Dick)<\/span><\/span><\/p>\n<\/td>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 189pt; padding-right: 5.4pt; padding-top: 0in;\" width=\"252\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\" lang=\"DE\">Pat Benatar (Patricia Andrejewski)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 207pt; padding-right: 5.4pt; padding-top: 0in;\" width=\"276\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\" lang=\"DE\">Robert Blake ( Michael Gubitosi)<\/span><\/span><\/p>\n<\/td>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 189pt; padding-right: 5.4pt; padding-top: 0in;\" width=\"252\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\" lang=\"DE\">Pia Zadora (Pia Schipani)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span class=\"Apple-style-span\" style=\"widows: 2; text-transform: none; text-indent: 0px; border-collapse: separate; font: medium 'Times New Roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; -webkit-text-decorations-in-effect: none; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px\"><span class=\"Apple-style-span\" style=\"font-family: 'times new roman', 'new york', times, serif; font-size: 16px\">Tim Allen is a pretty bland name, but it\u2019s still much better than Tim Dick.\u00a0 And although you meet very few Bulgarians these days, you have to love their names. Bulgarian-born M other Teresa\u2019s original name was very typically Bulgarian, with the letter \u201cX\u201d appearing twice.\u00a0 Finally, there\u2019s Pia Zadora.\u00a0 When this fourth-rate actress married a very wealthy man maybe 20 years ago, he financed an off-Broadway production of <em>The Diary of Anne Frank<\/em> so his young wife could play the leading role.\u00a0 On opening night she was so horrible, and this is a true story, that when the Nazi\u2019s came knocking on the door looking for Jews who might be hiding, the audience yelled out \u201cShe\u2019s in the attic.\u201d<\/p>\n<ul>\n<li>We got absolutely tons of e-mails about Eagle Scouts.\u00a0 One we liked was \u201cMy brother and I are Eagle Scouts and my aunt\u2019s family had all 3 boys as Eagles. My Uncle was an Eagle too.\u201d\u00a0 And from David Wales at Gateway Bank:\u00a0 \u201cI told my son that being an Eagle Scout is the only thing that you can do as a kid that you will be proud to put on your resume when you become a man.\u201d<\/li>\n<li>Microsoft has a market cap of $245 billion.\u00a0 Does it surprise you that Apple is not all that far away at $178 billion?<\/li>\n<li>Capital Markets Cooperative chief Tom Millon wrote us about the baseball Hall of Fame photo last week.\u00a0 Tom\u2019s great great-uncle was Christie Mathewson who should have been in the picture.\u00a0 In 1936 Mathewson joined Babe Ruth, Honus Wagner, Ty Cobb and Walter Johnson as the first class of baseball Hall of Fame inductees. He would have been in that photo, but he was gassed while fighting in WWI and died shortly afterwards from damage to his lungs.<\/li>\n<li>Lots of comments about our comment about <em>The Who<\/em> singing about teen age wastelands and so on.\u00a0 The guy who figured out how to transition from being rebelliously young to getting older was 1960\u2019s \u201cactivist\u201d Jerry Rubin. The diminutive Rubin coined the phrase \u201cNever trust anyone over 30\u201d, and when he turned 30, he said \u201cIt\u2019s now don\u2019t trust anyone <em>under<\/em> 30!\u201d<\/li>\n<li>We\u2019re always fascinated by entrepreneurial businesses, and we just saw one that really impressed us. We were walking down College Avenue in Berkeley with Evan Stone , and when it started to pour, we ducked into a dress shop to get out of the rain.\u00a0\u00a0 It tuned out to be a place where you can rent (you meaning you women) the fanciest dress for 2-3 nights. Think about it: What if you got invited to the White House for a State Dinner?\u00a0 Do you really want to spend $1,000-3,000 for a gown you\u2019ll only wear once? Here a woman can rent it for maybe $150-200.\u00a0 Anyway, it\u2019s <a href=\"http:\/\/www.dress-sf.com\/\">www.dress-sf.com<\/a>.\u00a0 And if you do get invited to a State Dinner at the White House, can we be your date?<\/li>\n<li>A good test for someone who claims to have been hip in the sixties is to ask them to complete this sentence \u201cPeople try to put us down\u2026.\u201d\u00a0 The correct answer is \u201c\u2026. just because we get around.\u201d\u00a0 If there were SAT tests for Boomers, the creative writing part could have this:\u00a0 Compare and contrast the lyric \u201cPeople try to put us down, just because we get around\u201d by <em>The Who<\/em> with \u201cRound round get around, I get around\u201d by the <em>Beach Boys<\/em>.\u00a0 Extra credit for explaining what it means to \u201cget around.\u201d<\/li>\n<li>There was a time when smoking cigarettes was a sign of sophistication.\u00a0 There was also a time when magazines ran ads like this one.\u00a0 Times have changed.<br \/>\n<a href=\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2010\/02\/j11.jpg\"><img loading=\"lazy\" decoding=\"async\" style=\"border-bottom: 0px; border-left: 0px; display: inline; border-top: 0px; border-right: 0px\" title=\"j1\" src=\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2010\/02\/j1_thumb1.jpg\" border=\"0\" alt=\"j1\" width=\"189\" height=\"241\" \/><\/a><\/li>\n<\/ul>\n<ul>\n<li>This is from a mortgage analyst at a large bank: \u201cLet\u2019s look at your comment on Warren Beatty:\u00a0 Born in 1937; that makes him 73 years old.\u00a0 Let&#8217;s assume he had no sexual activity until he was 15\u2026..\u00a0 that gives him 58 years to accumulate his total of 12,775 women (more or less). He married in 1992.\u00a0 Assuming he stayed faithful all those years (a stretch, I know), that gives him 40 years to bed 12,774 women, plus 1 Annette Benning. 12,774 \/ 40 years = 319 per year.\u00a0\u00a0 This ignores time spent in other long-term relationships where he spent at least some time attempting monogamy (Julie Christie, Natalie Wood, Madonna, etc.).\u00a0<br \/>\nJust to make it round, let&#8217;s say he spent the other 46 days per year in monogamous relationships over 40 years- that equals 1800 days, or about 5 years worth of his adult life in his 37 years of adulthood prior to getting married.\u00a0 So he&#8217;s saying that he basically slept with, on average, a different woman almost every single day for 40 years straight.\u201d\u00a0 We changed a few words for the sake of propriety, but this is one analytical mind at work.\u00a0 It\u2019s not a surprise that this guy is a well respected mortgage analyst at a well known Wal Street firm.\u00a0\u00a0<\/li>\n<li>As we deal with banks around the country, it seems that if they have just one non-performing loan, if the rest of the portfolio is performing fine, that one bad loan is always a participation.\u00a0 At least it seems that way,<\/li>\n<li>More from clients on re-purchases: \u201cWe have only had a few repurchases.\u00a0 Our experience has been that we lost 20% of the loan balance.\u00a0 I expect that if we had one today the loss would be much larger as prices have dropped.\u00a0 We have foreclosed or taken a deed on lieu on all our repurchases.\u201d<\/li>\n<\/ul>\n<ul>\n<li>From a client on leakage: \u201cWe track leakage on each loan\u2026.we\u2019ve done it for ten years now, and as the owner, it\u2019s one of the numbers I really focus on.\u201d<\/li>\n<li>Wells Fargo isn\u2019t just great at loan production, but they also make money on their loan servicing + the valuation of their servicing portfolio,\u00a0 Last year, Wells picked up $6.3 billion in the valuation of that portfolio, and to make it even sweeter, they made additional millions on their servicing hedge.<\/li>\n<li>In about 90% of all FOCIS-<em>plus<\/em> Reports, we comment that the company needs to have a regular, ongoing and formal process for reviewing counterparty risk with all the vendors and entities with which it does business. How often do you review your counterparties? Do you have criteria you use to assess them? Anyway, the <em>American Banker<\/em> article had an article this morning on TierOne Bank and their problems. The bank is \u201csignificantly undercapitalized\u201d, has struck a deal to sell nearly half its branches, and is suffering from a high level of non-performing construction loans. We hope for the best with TierOne and think they\u2019ll probably raise capital and be just fine, but \u201choping for the best\u201d is not a strategy, and if you have a warehouse line with them, you really need to assess their situation.<\/li>\n<li>Among the mortgage insurers, there\u2019s MGIC, PMI, Radian, Old Republic , Genworth, Triad and United Guarantee.\u00a0 But what about those that no longer exist? Let\u2019s see, there\u2019s Verex, Tiger IMI, AMI, and Ticor, but that\u2019s all we can remember. Which other ones did we miss? Anyone?\u00a0 Anyone?<\/li>\n<\/ul>\n<p><a href=\"http:\/\/www.scribd.com\/doc\/23713698\/Laws-of-Lending\">We love the attachment, Laws of Lending<\/a><em><\/em>. Some of these \u201claws\u201d can make you laugh, but they can also make you cry. And all of them are true.\u00a0 A favorite is #3, that <em>Collateral always liquidates for less than it should<\/em>.\u00a0 Good luck with <em>all<\/em> your collateral!\u00a0 See you next week.<\/p>\n<p><a href=\"http:\/\/garrettwatts.com\/\">Garrett, Watts &amp; Co.<\/a><\/p>\n<p><em>\u201cHelping <\/em><em>lenders increase revenues, control costs, and better manage risk.<\/em><\/p>\n<ul>\n<li>Mike McAuley\u00a0\u00a0 (MMcAuley@GarrettWatts.com)<em><\/em><\/li>\n<li>Corky Watts\u00a0\u00a0\u00a0\u00a0 (<a href=\"mailto:CWatts@GarrettWatts.com\">CWatts@GarrettWatts.com<\/a>)\u00a0<\/li>\n<li>Joe Garrett\u00a0\u00a0\u00a0\u00a0\u00a0 (<a href=\"mailto:JGarrett@GarrettWatts.com\">JGarrett@GarrettWatts.com<\/a>)<\/li>\n<\/ul>\n<p><\/span><\/span><\/p>\n<div class=\"feedflare\">\n<a href=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?a=mIrURq3eU0M:Xe5ppk_cK3c:yIl2AUoC8zA\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?d=yIl2AUoC8zA\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?a=mIrURq3eU0M:Xe5ppk_cK3c:D7DqB2pKExk\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?i=mIrURq3eU0M:Xe5ppk_cK3c:D7DqB2pKExk\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?a=mIrURq3eU0M:Xe5ppk_cK3c:F7zBnMyn0Lo\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?i=mIrURq3eU0M:Xe5ppk_cK3c:F7zBnMyn0Lo\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?a=mIrURq3eU0M:Xe5ppk_cK3c:V_sGLiPBpWU\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?i=mIrURq3eU0M:Xe5ppk_cK3c:V_sGLiPBpWU\" border=\"0\"><\/img><\/a>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/mortgagenewsclips\/qTBe\/~4\/mIrURq3eU0M\" height=\"1\" width=\"1\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 To Our Clients, Colleagues and Friends, We\u2019ve gotten lots of responses to our recent writings on secondary marketing leakage, our favorite one being that \u201cLeakage reminds me of the time I owned a convenience store.\u00a0 There are only three people that will steal from you.\u00a0 Customers, employees and suppliers.\u201d We read Bill Clinton\u2019s autobiography [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-311440","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/311440","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=311440"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/311440\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=311440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=311440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=311440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}