It's all crazy now. TARPs funds rolling through the system, mostly being used by recipients to buy smaller banks on the cheap. Insurance companies are even getting into the "buy a bank cheap" fray. There is a total disconnect between the 10 year Treasury Yield and the Mortgage Backed Securities (MBS) market that seems to be here to stay. Jumbo rates are as high as they've been in years, conforming rates aren't that great either, frankly. Unemployment is shooting up, while retailers are telling us "no one has any money out there" with their declining numbers.
What's a lowly loan officer to do?