{"id":48214,"date":"2009-11-25T09:13:34","date_gmt":"2009-11-25T14:13:34","guid":{"rendered":"http:\/\/mortgagenewsclips.com\/2009\/11\/25\/the-garrett-watts-report-thanksgiving-2009\/"},"modified":"2009-11-25T09:13:34","modified_gmt":"2009-11-25T14:13:34","slug":"the-garrett-watts-report-thanksgiving-2009","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/48214","title":{"rendered":"The Garrett, Watts Report (Thanksgiving, 2009)"},"content":{"rendered":"<p><a href=\"http:\/\/garettwatts.com\/\"><img loading=\"lazy\" decoding=\"async\" style=\"border-right-width: 0px; border-top-width: 0px; border-bottom-width: 0px; border-left-width: 0px\" src=\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2009\/11\/garrett-watts17.png\" border=\"0\" alt=\"garrett-watts1\" width=\"312\" height=\"68\" \/><\/a><\/p>\n<p>To Our Clients, Colleagues and Friends,<\/p>\n<p>\u00b7 Lots of you wrote in about the video of that monster wave, with many of you identifying it as being on beach in Maui .\u00a0 <a href=\"http:\/\/www.metacafe.com\/watch\/4684\/amazing_wave_surfing\/\">For those who missed it, go here.<\/a> Also, about 30 of you wrote it to correct us on how many years it was since JFK was shot.\u00a0 Our only <em>mea<\/em> <em>culpa<\/em> is that it\u2019s hard to edit your own writing.\u00a0 And finally we got lots of comments on those 10 things you\u2019d want people to learn in school.\u00a0 Most simply pointed out that there were 11 rules and not 10.<\/p>\n<ul>\n<li>If you\u2019re thinking of running for public office. think twice.\u00a0 These photos show Arnold Schwarzenegger before and after going into politics.<br \/>\n<a href=\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2009\/11\/joe13.jpg\"><img loading=\"lazy\" decoding=\"async\" style=\"border-right-width: 0px; border-top-width: 0px; border-bottom-width: 0px; border-left-width: 0px\" src=\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2009\/11\/joe1_thumb3.jpg\" border=\"0\" alt=\"joe1\" width=\"265\" height=\"199\" \/><\/a><\/li>\n<\/ul>\n<p>The hair style has improved, but let\u2019s not even talk about his waist.\u00a0 Still, as the bumper sticker says, \u201cMy governor can beat up your governor.\u201d\u00a0 <em>Sic gloria ex terminatorum. <\/em>By the way, do you think that when Arnold and Maria are feeling romantic, he refers to himself as the Terminator, as in \u201cCome here, Maria, and give your Terminator a big kiss?\u201d<\/p>\n<ul>\n<li>We wrote of a few lessons one should learn at college last week, and Jay Hughes of MGIC added #12:\u00a0 \u201cDon&#8217;t forget this college lesson that a cheese steak, eaten at approximately 1:00 PM the day after a rough night, makes all your troubles go away.\u201d<\/li>\n<li>We\u2019re writing an article on the back-office side of hedging.\u00a0 That is, a discussion of the controls you need if you\u2019re going to sell on a mandatory basis and hedge your pipeline.\u00a0 Even with one of the nationally known hedging services, you\u2019ll still\u00a0 need a series of controls to prevent any surprises.\u00a0 Many of you remember Capital Commerce, one of the more spectacular examples of a guy in secondary hiding his trades and\/or lying about trades he never made. For those who don\u2019t remember, this guy drove a hugely successful company right into bankruptcy by lying about his position, with tens of millions being lost.\u00a0 Whatever happened to Rod Pierce?\u00a0 Does anyone know?<\/li>\n<li>We plan to finish the article in a few weeks, and while we know the basic <em>sine qua non<\/em> on controls (this is Latin for \u201cwithout which you are really screwed\u201d), we suspect many of you have devised some of your own ways of staying on top of secondary marketing exposure and risk.\u00a0 We\u2019re very interested in what you might be doing, so send us a note about this.<em><br \/>\n<\/em><\/li>\n<li>The best writing about banking comes from Chris Nichols at the PCBB, and last week he noted that studies show that about 25% of customers leave their bank in the first year and 50% of those leave in the first 90 days.\u00a0 Discouraging, right?\u00a0 He also wrote that customers who sign up for two or more products are 37% less likely to leave than those with only one product.<\/li>\n<li>We just listened to a Reggae CD that\u2019s as good as anything Bob Marley ever did.\u00a0 It\u2019s <em>Moment in Time<\/em> by Beres Hammond.\u00a0 If there\u2019s any one minor criticism,\u00a0 it\u2019s that his voice might be <em>too<\/em> smooth, almost Frank Sinatra-Brook Benton smooth.\u00a0 Hammond does a great job, but there\u2019s something in his voice that says he could be a Las Vegas lounge singer, and a true reggae singer like Bob Marley would never be found at Caesar\u2019s Palace and would never be accused of having a smooth voice.\u00a0 But check out this CD.<\/li>\n<li>Most amazing movie of the year: <em>2012. <\/em> It was produced by the same person who did <em>Independence Day<\/em> and <em>The Day After Tomorrow<\/em>, but this one is much, much better, showing an apocalypse that is non-stop and unrelenting.\u00a0 You\u2019ll be sitting on the edge of your seat.\u00a0 The scene showing California sliding into the ocean is just flat out jaw-dropping.<\/li>\n<li>One of thing things we introduced in our FOCIS Reports awhile back was an analysis of Secondary Market Leakage.\u00a0 If you build in 200 bps margin on your FHA and are only getting, say, 175, there\u2019s a real problem there.\u00a0 It could be from missing commitments, mis-coding occupancy status and a dozen other things that need to be looked into.\u00a0 Leakage is rarely due to secondary marketing mistakes and is almost always the result of something going wrong in the operations, often doc draw or funding. Highly profitable companies have almost no leakage.<\/li>\n<li>FHLMC said it may lose $500 million due to the bankruptcy of Taylor Bean. We think someone may go to jail on this one.\u00a0 And his initials might be L.F.<\/li>\n<li>Did you notice how Germans didn\u2019t make a big deal about the November 9, 20<sup>th<\/sup> anniversary of the fall of the Berlin Wall?\u00a0 Hmm.\u00a0 Maybe it\u2019s because <em>November 9<\/em>, 1918 was when Kaiser Wilhelm abdicated, because on <em>November 9<sup>th<\/sup><\/em>, 1923 Adolph Hitler staged his Munich beer hall putsch, or because <em>November 9<\/em>, 1937 was Kristellnacht, when Nazi thugs attacked Jews and burned synagogues throughout Germany .\u00a0 Maybe November 9<sup>th<\/sup> is a date they\u2019d just rather not think about.<\/li>\n<li>For those of you who ask us about jumbo programs, we can\u2019t\u00a0 believe you\u2019re not selling to SunTrust!\u00a0 They offer (1)\u00a0 loan amounts to $2 million, (2)\u00a0 owner occupied 1-2 Units, (3) fixed Rates + 5-1, 7-1 and 10-1 ARMS, and (4)\u00a0 LTVs to 75%.\u00a0\u00a0 What more could you ask for?<\/li>\n<li>Good old Goldman Sachs has earned $8.5 billion for the first three quarters, and we just saw that they are paying their employees, on an annualized basis, an average of $717,000.\u00a0\u00a0 We know the senior people make millions, but it makes you wonder if it would be worth it to work there for a year or two as a janitor.<\/li>\n<li>We once commented on the opening sentence to Proust\u2019s <em>Remembrance of Things<\/em> <em>Past<\/em>, as being the longest sentence we\u2019d ever seen.\u00a0 We also remarked that we thought it was about the most over-rated book in history, so we were thrilled to see what Evelyn Waugh said when reading it, that \u201cI am reading Proust for the first time, and it is very poor stuff.\u00a0 I think he was mentally defective.\u201d\u00a0 YES!!!!\u00a0 We\u2019ve always thought that the best advice to give kids going off to college is to never take a class where you have to read <em>Beowulf<\/em>, and we need to add to that anything written by Proust.<\/li>\n<li>Did you know that students in China do twice the amount of homework per night as kids in the United States ?\u00a0 And looking at their overall economic strength, you need look no further than the Chinese phrase which is translates as \u201cHide your capabilities and bide your time.\u201d\u00a0 Does anyone\u00a0 doubt that they will compete with us to be the #1 superpower of the future?<\/li>\n<\/ul>\n<p>We have attached a little piece on Thanksgiving.\u00a0 We send it out every year, and we hope it resonates with you.<\/p>\n<p><a style=\"margin: 12px auto 6px; display: block; font: 14px helvetica,arial,sans-serif; text-decoration: underline; font-size-adjust: none; font-stretch: normal; -x-system-font: none\" title=\"View Thanksgiving (1) on Scribd\" href=\"http:\/\/www.scribd.com\/doc\/23132936\/Thanksgiving-1\">Thanksgiving (1)<\/a> <object id=\"doc_222431660183897\" classid=\"clsid:d27cdb6e-ae6d-11cf-96b8-444553540000\" width=\"100%\" height=\"500\" codebase=\"http:\/\/download.macromedia.com\/pub\/shockwave\/cabs\/flash\/swflash.cab#version=6,0,40,0\"><param name=\"name\" value=\"doc_222431660183897\" \/><param name=\"align\" value=\"middle\" \/><param name=\"Movie\" value=\"http:\/\/d1.scribdassets.com\/ScribdViewer.swf?document_id=23132936&amp;access_key=key-lvqwaollbm250msehza&amp;page=1&amp;version=1&amp;viewMode=list\" \/><param name=\"Src\" value=\"http:\/\/d1.scribdassets.com\/ScribdViewer.swf?document_id=23132936&amp;access_key=key-lvqwaollbm250msehza&amp;page=1&amp;version=1&amp;viewMode=list\" \/><param name=\"WMode\" value=\"Opaque\" \/><param name=\"Play\" value=\"-1\" \/><param name=\"Loop\" value=\"-1\" \/><param name=\"Quality\" value=\"High\" \/><param name=\"SAlign\" value=\"LT\" \/><param name=\"Menu\" value=\"-1\" \/><param name=\"AllowScriptAccess\" value=\"always\" \/><param name=\"Scale\" value=\"NoScale\" \/><param name=\"DeviceFont\" value=\"0\" \/><param name=\"EmbedMovie\" value=\"0\" \/><param name=\"BGColor\" value=\"FFFFFF\" \/><param name=\"SeamlessTabbing\" value=\"1\" \/><param name=\"Profile\" value=\"0\" \/><param name=\"ProfilePort\" value=\"0\" \/><param name=\"AllowNetworking\" value=\"all\" \/><param name=\"AllowFullScreen\" value=\"true\" \/><param name=\"bgcolor\" value=\"#ffffff\" \/><param name=\"src\" value=\"http:\/\/d1.scribdassets.com\/ScribdViewer.swf?document_id=23132936&amp;access_key=key-lvqwaollbm250msehza&amp;page=1&amp;version=1&amp;viewMode=list\" \/><param name=\"wmode\" value=\"opaque\" \/><param name=\"allowfullscreen\" value=\"true\" \/><param name=\"quality\" value=\"high\" \/><embed id=\"doc_222431660183897\" type=\"application\/x-shockwave-flash\" width=\"100%\" height=\"500\" src=\"http:\/\/d1.scribdassets.com\/ScribdViewer.swf?document_id=23132936&amp;access_key=key-lvqwaollbm250msehza&amp;page=1&amp;version=1&amp;viewMode=list\" allowfullscreen=\"true\" allownetworking=\"all\" profileport=\"0\" profile=\"0\" seamlesstabbing=\"1\" bgcolor=\"#ffffff\" embedmovie=\"0\" devicefont=\"0\" scale=\"NoScale\" allowscriptaccess=\"always\" menu=\"-1\" salign=\"LT\" quality=\"high\" loop=\"-1\" play=\"-1\" wmode=\"opaque\" movie=\"http:\/\/d1.scribdassets.com\/ScribdViewer.swf?document_id=23132936&amp;access_key=key-lvqwaollbm250msehza&amp;page=1&amp;version=1&amp;viewMode=list\" _cy=\"13229\" _cx=\"15319\" align=\"middle\" name=\"doc_222431660183897\"><\/embed><\/object><\/p>\n<p><a href=\"http:\/\/garrettwatts.com\/\">Garrett, Watts &amp; Co.<\/a><\/p>\n<p><em>Helping mortgage lenders increase revenues, control costs, and better manage risk.<\/em><\/p>\n<ul>\n<li>Mike McAuley\u00a0\u00a0\u00a0\u00a0\u00a0 281-250-2536<\/li>\n<li>Corky Watts\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 408-497-3135<\/li>\n<li>Joe Garrett\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 510-469-8633<\/li>\n<\/ul>\n<div class=\"feedflare\">\n<a href=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?a=v0Uj-kpnAK8:B58EC1a-_S0: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=v0Uj-kpnAK8:B58EC1a-_S0:D7DqB2pKExk\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?i=v0Uj-kpnAK8:B58EC1a-_S0:D7DqB2pKExk\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?a=v0Uj-kpnAK8:B58EC1a-_S0:F7zBnMyn0Lo\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?i=v0Uj-kpnAK8:B58EC1a-_S0:F7zBnMyn0Lo\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?a=v0Uj-kpnAK8:B58EC1a-_S0:V_sGLiPBpWU\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?i=v0Uj-kpnAK8:B58EC1a-_S0:V_sGLiPBpWU\" border=\"0\"><\/img><\/a>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/mortgagenewsclips\/qTBe\/~4\/v0Uj-kpnAK8\" height=\"1\" width=\"1\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>To Our Clients, Colleagues and Friends, \u00b7 Lots of you wrote in about the video of that monster wave, with many of you identifying it as being on beach in Maui .\u00a0 For those who missed it, go here. Also, about 30 of you wrote it to correct us on how many years it was [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-48214","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/48214","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=48214"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/48214\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=48214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=48214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=48214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}