Last quote by Paul Miller
Paul Miller quotes
I don't think we're there yet, I don't think the economy's there yet. What I would like to see is a GDP growth rate north of 5 percent, that's going to cure all the ills, and I just don't see that here yet.
We need a lot of rate hikes, not just one or two. You need four to eight rate hikes to really materially impact … net interest margins.
I just hope they're not on a witch hunt.
They have to retrain their entire sales culture going back years. It's a huge job.
I don't think Wells Fargo did a really good job in prepping for it or did a good job in defending themselves at all.
The bottom line is it's all about the yield curve and rates. If rates continue to stay here, the refi boom will burn itself out, and you'll be sitting with these things probably where they're trading today.
We were expecting lower guidance down the road, and the banks have pretty much said steady as it goes.
It's the insurance companies and other entities that own the securities that really get hurt. The banks will profit from it. Nonbanks are a bigger part of the originations today, but they still end up going through the big banks.
What guys are probably doing in the mortgage world is not really ramping up and seeing where the volatility shakes out. If they stay at these levels, you will see rates drop to the 3 ¼ percent range which will signal a material change.