The Mortgage Order Mills (MOMs) will love the above chart. They have been praying at the altar of Satan for a long and deep recession. They want America back on hard times with lots of mortgage delinquencies and foreclosures. Today, mortgage delinquencies and foreclosures are at 8- year lows. The mortgage segment is dead. It is dryer than the butt of a camel in a sand storm. Non-bank servicer Ocwen … once a $60 stock is now a $2 stock. It operates at a loss! There is no money to be made with mortgage servicing during the current economic environment. DUH!
Factory orders plunged for the 20th month in a row – the longest streak in US history. What is bad for America is great for the Mortgage Order Mills (MOMs). US factory orders plunged 5.6% YoY – the worst drop since September 2015. This extends the period of annual contraction to 20 months – a record streak of declines in US history and one which has always, without exception, coincided with recession. Recession is great for the mortgage session. They make lots of money forcing people out of their homes … it’s called debris removal … couches, chairs, clothing, photos, mama’s ashes. The banks pay the bid price … the property preservation mechanic gets a lower negotiated price. During a recession, the MOM owners are picking up great deals at a Mercedes showroom.
Recession means good jobs will be lost. The unemployed will flood into the mortgage segment to pick up some of those $3 mortgage inspections. They will probably decrease to $2 inspections … hence more profit for the MOMs and maybe a reduced 50-cent total profit for the mortgage inspector. Recessions are awesome for the MOMs. They can also pay their staff less. The MOMs grow rich during the hard times.
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