The implosion of the financial markets is predictably having at least some impact on the mortgage industry in Colorado Springs, if for no other reason than they both compete for the same funds. Generally when the stock market tanks, interest rates go down, however, this has not happened quite yet, as they are still hovering around 6% despite the Dow closing below 10,000. Mortgage guidelines continue to tighten, however, the new rules are not all unreasonable. They are simply bringing the rules back in line with what have been common sense rules historically. By paying attention to the percentage of income people are making in house payments, and requiring reasonable credit scores and documentation, it is a bit like closing the barn after the horses have already gotten out, but it has to be done. Most of these rules are not that strenuous, and will be good for the market longer term.

I am getting a chuckle (between bouts of nausea) out of the new court fight between CitiGroup and Wells Fargo over Wachovia Bank. Citi made a sweetheart deal with the backing of the FDIC, and Wells figured out it was worth a lot more than that, and moreover did not need federal funds to do it. Now CitiGroup wants a court to award them $60 billion to cover their "lost opportunity" to steal the bank. Is there no shame? As things like this develop after the passing of the "bailout bill", on top of the millions in last minute bonuses at Lehman Brothers before it went under, is it any wonder that people are disgusted with the banking industry in this country?

I am a sucker for mountain scenery. The top photo today is, of course, the famous Maroon Bells, near Aspen. The lower photo is Mount Sopris, taken at Carbondale. Both pictures are from Sunday, October 5, 2008.