|For the Week Ending September 26, 2014|
Please enjoy this quick update on what’s happening this week in the housing and financial markets.
A man walks into a New York City bank and says he wants to borrow $2,000 for three weeks. The loan officer asks him what kind of collateral he has. The man says "I've got a Rolls Royce. Keep it until the loan is paid off."
The loan officer promptly has the car driven into the bank's underground parking for safe keeping and gives the man $2,000.
Three weeks later the man comes into the bank, pays back the $2,000 loan, plus $10 interest, and regains possession of the Rolls Royce. The loan officer asks him, "Sir, if I may ask, why would a man who drives a Rolls Royce need to borrow two thousand dollars?"
The man answers, "I had to go to Europe for three weeks, and where else could I store a Rolls Royce that long for ten dollars?"
Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.
Special Thanks to and courtesy of:
Wholesale Capital Corporation
Sr. Loan Officer
NMLS 247485 BRE 01863760