KCAA: The Mortgage Voice with Jeff Barton (Sat, 27 Jul, 2024)

KCAA: The Mortgage Voice with Jeff Barton on Sat, 27 Jul, 2024

Episode Transcript

Speaker 1 (00:00):
Org.

Speaker 2 (00:05):
You're listening to an encore presentation of this program KCAA
the Inland Topics.

Speaker 1 (00:10):
For US.

Speaker 3 (00:18):
Mortgage Voice with Jeff Barton, your Voice in the Mortgage Industry.
Each week on this program, Jeff and his guests share
their expertise, personal antidotes, and the latest industry news to
keep you in the loop. Now to provide you with
insights and help you navigate the consistently changing world of
real estate lending. Here is your host for the Mortgage Voice,

(00:38):
Jeff Barton.

Speaker 4 (00:40):
Welcome back everybody. I'm Jeff Barton, your Voice in the
mortgage Industry, and thank you very much for tuning into
the show. We are here on a terrific day in
the middle of summer. Yes, it is summer, and I
know there's a lot of people running around with their
kids or looking for some place to live or rent
in the fall time. This is what they call the
heightened sweet spot. In the spring buying season turneding into

(01:04):
summer buying season. There is a window by which I
third or forty percent of the homes in our area
will get sold within this timeframe. It and it always
becomes the pressurized time frame for a seller because the
seller wants to sell now. They don't want to say, Okay,

(01:26):
this is where the market is, you're gonna have to
wait three six months before it sells. No, they want
to sell now. And because we've had such a demand
on housing in southern California over the last oh pick
a year, four years, five years, whatever it is, we've
seen prices rise, mortgage rates rise, and inventory's shrink. And
because of that, sellers have an out, you know, moded

(01:49):
look at the way it is in terms of how
quickly their house is going to sell. So if you're
one of these people, you've got kids, you got a
new job, you got to move, and you're looking around
for house, I really understand where you're coming from and
how you feel. Again, I'm Jeff Barton. This is the
Mortgage Voice. If you want to see and hear this show,

(02:10):
you can go to YouTube Jeff Barton. The Mortgage Voice
is our YouTube channel. If you want to hear on
Saturday and Sunday driving around in the IE, go to
KSEAA dot com. And that is our radio station affiliate.
We've been with them for all a long long time
and they do a great job at promoting what we
do for you. Which is bring you real time information

(02:32):
about what's going on in the mortgage market and the
hows and the whys of the situation and where we
are and how we got there and how we can
get out of that now. We also bring to the
show a lot of experts, experts in the field of
actual mortgages, actually a real estate agent, people who can say,
this is how I see it, this is my business today,

(02:54):
and these are the things I can do to help
you understand what's going on. You want to use me,
you don't want to use me, that's fine, but they're
gracious enough to come on the show and share the information,
whether it's the interest rates and where they've been stuck
like a rock in mid air on a throwout. You
can see seven percent as a persistent you six to

(03:17):
eight month mortgage interest rate. Kind of where we've been
and where we're going to continue to be, even though
we see some movement and I say some movement towards
interest rate cuts by the Fed. We're going to get
into a bunch of this stuff and we're going to
talk about exactly what the Fed's next move is. And

(03:37):
we've seen some new information come out the unemployment rate
we've seen inflation data coming out later, and by the
time of the airing of this show, we will have
inflation data. We're probably going to see slight decrease in
the inflation. We're going to see people getting excited about
the inflation being under control and at the same time

(03:58):
wanting the FED to cut interest rates, so tangentially, mortgage
interest rates follow as well. Now, in looking historically at
where we are in the interest rate climate, seven percent,
I said it's thirty year fix. I'll go through that way.
The six point seven six is the thirty year fix
a little bit better. In the fifteen years at five
point nine to eight, FAHA is at six point four

(04:19):
eight five to one, ARM is at six point five percent,
and the VA loan is at five point eight eight seven,
the two years at four point six two four, and
the ten years at four point two seven. Now we've
had that divergent in the two and the ten and
how the two is obviously worth more I'm sorry, yes,
is yielding more than the ten year and has been

(04:41):
for over two years, and why that may be significant
now as a pour ten to four coming recession. We
have a number of different indicators as the economy has
cooled because of the interest rates that the Fed has
higher for longer, and people now are more nervous about
slowing economy turning into recessionary mode, and that never bodes

(05:04):
well for anybody. So pick your poison. You want high
or at least somewhat high inflation, or do you want
the economy that somehow lessening in terms of the power
of what it is for you and me to be
able to go out there and buy a house. Unemployment, insurance,

(05:26):
social Security, other things that are there as a backstop.
We haven't seen really increases in any of these things
in terms of outlays for either the federal or the state,
in terms of how we're looking at unemployment. So yes,
all these things are to be considered. Let's go through
a few things that I have on my list here today,

(05:46):
rather than just riffing off the top of my head.
Sorry about that. Employment adds two hundred and six thousand
jobs last month. Now, that's right in line with where
they are in terms of the cooling of the labor market.
Jerome Pile had a number of different things he's talked about.
He's doing some testimony and you might catch some of
his testimony. You can either do it on YouTube or

(06:09):
look at some of your favorite financial channels and catch
some of the highlights. Two quotes I want to give
to you what Jerome Paul said, we now face two
sided risks. Now, what does that really mean? Two sided risks.
We've had inflationary risks, right obviously, and now we have
economy risks, meaning that, okay, if inflation is under control,

(06:30):
but we've seen the economy cool to a certain extent
that we may be sliding towards a negative growth, which,
as everyone knows, a couple of quarters in a row
negative growth, you're in a recession. Are we headed that way?
So there are two sided risks. As long as we've
been higher for longer, inflation has has come under control.
Beginning of the year not so much. But now we've

(06:51):
seen inflation, as I say, continue its downward trend, as
it has been after it reached its high of about
nine percent a couple of years ago. But there is
the danger that that will lead us into recession. So
the mandate for the Fed right is low unemployment and
growth with the economy. So are they achieving these things?

(07:13):
And that's where we are with Jerome Powell. The second
quote I want to quote to you is quote labor
markets appear to be fully back in balance. So if
we're talking about employment, where are you, You're driving around,
you're listening to me, you're seeing on YouTube, wherever it
is that you get this information. How's your job? How
secure do you feel where you're working. We see some

(07:35):
of the employment numbers of the two hundred and six
thousand that were hired last month, a lot of them
in government, and is that a good thing or is
that what we do when we're going into a recession?
Government ups their hiring and therefore tries to keep the
numbers of people unemployed as low as possible as we
go through whatever it is now. I'm not saying it's

(07:56):
a recession, but in terms of what they're talking about
in employment wise, and the people who are hired and
working in these sectors, everybody's a little bit nervous. So
that's why when we talk about these things right now,
is this the best time to buy a house? There's

(08:16):
several different factors in terms of buying a house, as
everybody knows. One, you have to have the money to
be able to afford it. Two, there has to be
availability of housing, and there is still a lack of
housing opportunity and availability here in Socow. We talk throughout
the year about all the exodus of people that go
from here to other states, and there's such a big thing. Oh,

(08:37):
it's this, it's that, you know what it really is.
People can't afford a house. That's that's the bottom line
of it. If you could afford your house, you probably
wouldn't leave here because it's a weatherwise, it's a great
place to live. Just the lifestyle itself, the way California
has a different mentality about itself and how itself presents

(08:59):
to the that live here. Now. You may not like taxes,
you may not like other certain things that the government does.
Heck I don't like them either. However, when it comes
to those statistics of people leaving California, it's really about
housing affordability, and we've had such a lack of it now. Conversely,

(09:19):
if you own a home, we always talk about it
your happiest heck and your happiest heck because your house
value has gone up forty percent in the last three years,
four years. That's amazing. You buy for millions now worth
a million, four that's pretty good in terms of you
know what your house is worth today and what you
can do with that particular equity in your home. We

(09:42):
talk about that. We'll talk about it again today. We'll
talk about helocks, we'll talk about seconds, we'll talk about
redoing your first if in fact, rates ever come down
around the six percent rate. If you have a five
percent mortgage, difference is one hundred bucks perth one hundred thousand,
So if it's a you know, one thousand dollars house,
she's gonna pay another three hundred dollars in mortgage interest

(10:04):
in terms of getting equity out of your house and
being able to afford a six percent versus five percent mortgage. Anyway,
I'm Jeff partner voice in the mortgage industry. Really appreciate
your listening to the show, and we will be right back.

Speaker 3 (10:16):
You're listening to the Mortgage Voice with Jeff Barton. We'll
be right back with more and just a moment for
questions or comments, send emails to info at Melogu Fundings
dot net. Now back to the Mortgage Boys with your
host Jeff Barton.

Speaker 4 (10:32):
Welcome back everybody on Jeff Bartn your voice in the
mortgage industry and thank you very much for listening to
the show. As you listen to us each and every week,
you can catch us on the usual suspects. But also
we have a number of different podcasts that you might
be able to tag into, especially if you already have
derely have a list of those.

Speaker 5 (10:49):
Please yes, I do, jeff It's Apple Podcast, Google Podcasts, Spotify, Spreaker, Stitcher, iHeartMedia, Odyssey, YouTube,
podclips dot io, and the Mortgage Voice dot com.

Speaker 4 (11:00):
Voice dot Com that's our website. Go there. You can
see and hear all the guests that come on the show,
and you can contact them directly. And podclips dot Io
I'm pitching them all the time. Great place to go
to get a central way that you can plug into
all your favorite podcasting wants and needs. And again podclips
dot io, that's a good place to go. Okay, So

(11:21):
we were talking earlier in a segment about what's happening
generally across a lot of what's going on in the economy,
of what's going on in terms of inflation versus unemployment
versus where are we standing with the interest rates? A
lot of good things. Let's get right to some news
to use section. Okay, This is a quote, and you
have to guess who said it. Unless there is a

(11:43):
significant surge in the rate of unemployment, which is currently
not in the forecast. Unless there is a significant surge
in the rate of unemployment, which is currently not in
the forecast. That means, if in fact we do get
a surgeon unemployment, we will definite, definitely see the Fed
drop interest rates. So where are we and who said it?

(12:04):
Lawrence Yun That's right. Nobody would have guessed that. He's
the chief economist for the California Association of Realtors. We
go to him pretty much when we're in these transition periods,
and right now we're in one. We've seen inflation really cool.
We've seen, as Jerome Paul said, the labor market has
really come back into balance. That would mean that it's

(12:24):
pre pandemic levels. And in that particular time period, where
were we What were we doing before pandemic hit and
all the unemployment and then the reemployment and now we
have a balancing out. Another thing to indicate the balancing out.
I don't know if people remember, but I harped on
what a cost of lumber was in the pandemic and

(12:48):
how it had gotten so out of whack. It really
is four hundred, four hundred and fifty dollars within that
range of a thousand board feet. That's what lumber costs.
So you're building a house, you got to figure that in.
So costs during the recession for building a house really
went out of whack with what traditionally they were, and
they went up to sixteen hundred feet per thousand board

(13:12):
feet sixteen hundred dollars when it was four hundred dollars.
So Mortgage News Daily came out with their chart, and
I just thought it was interesting to look at of
what the board feet costs today. In February and March
of twenty twenty one, sixteen hundred and forty dollars per

(13:33):
thousand square foot of board feet. Today four hundred and
forty dollars per thousand board feet. Now that's that's right
in line with where it was prior to and this
is where it is today. Now. We don't see a
reduction in that number, but we don't see it really
inflationary way above where it should be where it was

(13:53):
during the pre pandemic level. So this is pretty interesting,
and I think there's a lot of products out there
that are going to be like that. There, let's see.
I have a chart here as well about some of
the things that cost less and have come down in
prices to whereby we're looking and comparing them to pre

(14:13):
pandemic type of prices. Hotel prices have come down, Rental
costs for housing have really come down, and car sales
lower prices for them as well. This shows a weakness
in demand, which is why the actual economy, I mean,
the prices for these three things have come down, and
why we see things like you know, building materials for

(14:35):
housing has also come down. Where will we be in
six months a year really depends on what happens with
government spending, what happens with the inflationary nod Are we
going to go into one, are we're not going to
go into them? We're back to that again. And will
the FED reduce the cost of borrowing inner bank, which
in turn reduces the cost for mortgages, which of course

(14:59):
in t and unlocks all that equity which would really
spur demand. That's really where we're heading. I think, I
don't know if it'll be this year or next year,
just really depends if we have a change in writer
at the top of the presidential run here and we
get don Trump in again, well, that will spur certain

(15:20):
economic activity because cutting taxes and cutting regulation that's always
a Republican way by which they can stimulate. If we
get up a more of a Biden swing into this thing,
we will get more government spending. Both of these guys
are not going to do a thing about the debt
unless we get into the military versus social spending kind

(15:41):
of argument, which I don't know. You know, to me,
when you're bailing people out or you're helping people out
with contracts from the government, what's the difference if you're
spending on one versus another. I think one way to
look at it is that if we had a total
reduction in spending, that would be good long term. But
is it good for me who wants to buy a
house tomorrow? No, not really. I did see an article

(16:03):
today it was incredibly interesting saying that the people who
are gonna pay for the huge burgeoning, burgeoning I hate
that word, but the huge debt that the government has
thrown upon us thirty three trillion dollars, has gone up
about twenty trillion in the last fifteen years through the
Gulf War, war, Yeah, the Gulf War, Afghanistan War, the

(16:27):
tax cuts, you know, all these things have really added,
like doubled the deficit. But it's gonna come down to
baby boomers having to pay. Now what does that mean?
I don't know what that means. The article didn't say,
but my suspicion is the taxes on inheritance, taxes on
transferring wealth are all gonna go up, and this is

(16:49):
how these particular bills are gonna get paid. I, for one,
I'm in that age range. I don't know exactly what
exactly that means for me. Does it mean my property
tax goes up because that's not federal. What it means
would mean a age bracket kind of increase. I don't know,
but I do know according to this article, that's what

(17:09):
it said. So take it for what it is. Fifty
four percent of home prices rise. Okay, so fifty four
percent is the number I said. Forty percent Since twenty nineteen,
the average home in the US has risen in price
fifty four percent. That's a lot. That's that's that's not

(17:30):
the million to a million four, that's a million to
a million five. That's incredible, million five forty as a
matter of fact. So those people out there like myself,
maybe this is what the tax is going to be.
It's a tax on unrealized debt, I mean unrealized the
increase in the value of your home. I was thinking
a couple of weeks ago, just about okay, So if

(17:51):
we took half of the increase that people have gotten
in their homes, refinance our homes and paid it to
the government, attacks would that, in fact buy down the debt.
I think it would, And I think buying down the
debt for our kids and green kids is probably the
best thing we could do in order to ensure the

(18:12):
US has the economic legs to be able to withstand
whatever economic issues come up, whether it's a war, whether
it's weather. And weather is killing us by the way,
I don't know if anyone was watching Hurricane Barrel or
the fires in southern California. They are just burning really NonStop.
And apparently we have the fire department counting in my

(18:34):
house the other day and they were saying, look, it's
not the dryness per se, although that's bad. It's the wind.
You can't control the wind, and it's unbelievable. I know
from my own house. I can attest over the last
two or three years. When it blows, it's blown fifty
sixty miles an hour and you get caught up in
some kind of fire issue or the dryness and a spark.

(18:57):
That's what's pushing fires through not only here, but in Arizona, Utah.
A number of other states have experienced the same kind
of wildfire. We're lucky we got our insurance, and I
know we talked about the horribleness of having to cut
all our vegetation away from the house and being able to,
you know, get that fire certificate so that we can

(19:17):
bring it to our insurance company and say, hey, look,
we have this fire certificate from a third party country,
a company rather, and they've given us the ability to say, hey, look,
we've done everything we can to prevent fire. Give us
our insurance, which they did. But from the insurance standpoint,
oh my gosh, can you imagine trying to predict the
loss that you're going to get every time there's a fire,

(19:39):
especially in southern California where the population is dense. I mean,
some areas of California there's nobody there, so let it burn, right.
But in a lot of areas where there's a lot
of brush. Yeah, that's a problem anyway. I'm Jeff part
and your voice in the mortgage industry. Really appreciate you
listening to the show, and we'll be right back.

Speaker 3 (19:57):
You're listening to the Mortgage Boys with j We'll be
right back with more and just a moment. For questions
or comments, send emails to info at Melago Fundings dot net.
Now back to the Mortgage Boys with your host, Jeff Barton.

Speaker 4 (20:14):
Welcome back, everybody. I'm Jeff Barton, your voice in the
mortgage industry. Thanks very much for tuning into the show,
listening to us on a weekly We come to you
Saturday and Sunday, driving around all the things you do
in order to get those days done. Whether it's you're
going to church or you're going to the hardware store,
you're just driving the kids around, find something to do.
We are on CASEAAAM and FM signals. We're on the

(20:36):
big Hill and we have a signal that carries all
over the place out to Palm Springs and western Los
Angeles County, south to Orange County and north Inio, but
Sam Bernardiner and Riverside Counties. That's our bread and butter
and We like to bring to you each and every
week things that will help you decide whether you're going
to buy a house, whether you need to sell a house,

(20:56):
or whether you're just in the market or not in
the market. There's certainly a lot of signs is one
way or the other. But I'm not the expert on
this area. The guy I bring on usually to talk
about it is George Gonzalez, and I'm lucky enough to
have him again today. He works over at south Land Mortgage. George,
how are.

Speaker 6 (21:11):
You, hey, Jeff, Thanks for having me on. I'm doing excellent.
How are you over there at the beach?

Speaker 4 (21:16):
You know, Nan, you had to throw that out there.
You know, the beach is nice, except sometimes it's a
little cold, to be honest, you'd like to rub that in.

Speaker 7 (21:27):
Oh it's a slap in the face.

Speaker 4 (21:30):
I know, I know, I'm sorry, and that's not true.
I just said that because I knew it, all right. So,
speaking of hot now, we've gone through the spring buying season,
which according to you know, several sources, was kind of
a bust. Where are we right now in terms of
both inventory and houses available, and how is the market
out there in the ie?

Speaker 6 (21:49):
Well, those are those are awesome questions. So we can
start with the inventory out here in the Inland Empire,
you know, Ontario, Rench, Gucamonga, Fontana, rialto San Bernadino. All
these areas over here are okay, I mean it's there,
there are some there's more inventory, let's put it that way.
Because there's more inventory, I've seen in the recent a

(22:11):
few price reductions on properties. Okay, longer times to sell,
which means there, you know, more days on the market
before as you know, the last year two years, they
were flying off within fifteen twenty days, right sold. Now
I think we're up to somewhere averaging forty five to
seventy five days on the market, depending on you know,

(22:33):
on the area.

Speaker 4 (22:33):
Sure. Sure, the hot areas out there are where George.

Speaker 6 (22:38):
The hot areas are the northern part of Fontana area
and the northern part of Rancho Cucamonga area.

Speaker 4 (22:46):
Okay, And that's because the houses are great, and the
school system's great and all the infrastructure that you need
for you know, that kind of price. What what are
the prices they're getting for those houses out there.

Speaker 6 (22:55):
So if you're looking, let's say, a standard three bedrooms,
two bath in northern Cuckamonga's probably in the eight eight
hundred and fifty thousand range to start. The North Fontana,
which has the same quality of the houses, maybe a
little bit newer, same sizes and all that good stuff.
You're looking somewhere in the range probably seven hundred thousand ish,

(23:17):
so about a set of fifty about one hundred hundred
fifty thousand difference after the freeway that the freeway divides
the values, right right.

Speaker 4 (23:25):
Okay, all right, So now we talk about the real estate,
the real estate inventory and why it's gone up, and
that the affordability index here in southern California is terrible.
What is the magic mix that we have enough houses
on the market where prices come down, yet at the
same time, when we have lower interest rates, we don't

(23:46):
see a rush back into the market pushing the prices
back up. Is there sort of a then diagram I
can send people to to figure this out.

Speaker 6 (23:54):
Well, the thing about it is, you know, this is
the first time in history, as we all know, where
interest rates are high as well as housing prices are high.
Typically it's you know one or the other, right, yeah,
you know, and and balance it out.

Speaker 7 (24:08):
A little bit.

Speaker 6 (24:09):
So at this point the thing that I'm looking for,
is I'm telling my buyers is you know, I had
a few of them waiting for for such a long time,
and then finally I said, look, let's let's not wait anymore.
Let's just jump on something and get you somewhere in
something that you need now for your family, and you know,
later on down the line, hopefully when the rates come down,
we can drop your your payment, which will you know,

(24:32):
you'll still get the house you want, except you're just
paying a little more upfront for it, but you'll get
it back in the long run.

Speaker 4 (24:38):
And are you suggesting to people that they put more
of a down payment so that the payment between a
higher price house one you know they're paying with seven
percent mortgage or they're about thirty year fixed rate, or
are you just saying, look, let's just get in at
the cheapest amount and go for the longer term payment
like a forty.

Speaker 6 (24:58):
Year and again, well that those are the two options
I give them. It's case by case, you know, and
I just let them. I present them the payments in
comparison with each other, and you know, and they make
the decision on what's best for them. And so you know,
not every obviously not every scenario is perfect for the
next for the next person. So yeah, that's basically I do.

(25:20):
If they can afford it and they're comfortable, why are
they waiting. They have the money for the down payment,
there's no reason to wait. You know, you need to
buy a house. You need somewhere to live. It's not
like a car, it's not like, you know, a TV.
This is something that you know you're going to be
living in. And you know it's hard for people to
get that because of the last what we just went through,

(25:41):
all their families and friends bought them at three percent
and throwing it in their face, and so you know,
that's what's really really been the hiccup is the people
that got the low rate who are bragging, and the
people who feel left out don't know if it's time
or if they should wait their turn for three percent
rate again, which probably will never come.

Speaker 4 (25:59):
What is the hang over time on this three percent thing? Now,
we are almost two years away from having low interest rates,
and we've certainly seen seven percent pretty consistently for the
past I don't know, twelve to eighteen months. When do
people forget and say, you know what seven percent? I
can afford that let's go get it right.

Speaker 6 (26:18):
And that's where I think we're about right now. Okay,
As a matter of fact, Chief bernanke today, I think
I heard him the online saying that they're asking him
what's going on. I said, you know, they said, you see,
we're well into inflation here, people are struggling people of this.
What are you guys waiting for? You haven't lowered the
interest rate? That was one of the suggestions thrown at him,

(26:40):
and he basically said, I'm not going to talk about that.
I'm not giving nobody no needs of which way I'm
going to lean it to. So it was just basically,
shut up, is what he told them.

Speaker 4 (26:49):
Yeah, I saw some of that. Powell speaking, Jerome Powell
speaking at the Senate Subcommittee or wherever he goes to
give his biannual meeting notice, and what's going on at
the Fed and how they're planning to I think what
we're gonna see is probably September. That's what everybody's saying.

(27:09):
Seventy five percent chance say, lower FED interest rates. And
this you and I both know the FED interest rate
is not the mortgage interest rate, but they tend to
follow one another. If the fed rate goes down, mortgage
interest rates can probably go down to so September, and
so I don't know if that is what people here
out there in the world. I mean, I watch it
because I watch Bloomberg every day, But I don't know

(27:30):
if your average person out there who's looking to buy
a house listens to that stuff. What are you telling them?

Speaker 6 (27:35):
Well, this, as a matter of fact, this last month,
you're the vouchers came out for the first round of
vouchers came out for the Dream.

Speaker 8 (27:42):
For All programs.

Speaker 4 (27:43):
Oh, you're kidding. Did you know how many of your
people got one?

Speaker 6 (27:47):
I got out of eight applications, one of my clients
got one. Great, that's they're actually looking for a house
right now as we speak. They're going to go see
some properties tonight with one of my agents. But yeah,
so you're gonna notice in the next thirty sixty ninety
days there should be more closings right now because they
got these vouchers out there for these people to use them.
So those might, you know, take in an account for

(28:08):
some of the more coming upcoming sales that are about
to happen.

Speaker 4 (28:12):
Okay, loan programs, give me a quick rundown of what
loan programs are you currently using. I know you talked
a little about the forty year, but what else are
you doing?

Speaker 6 (28:21):
Just the conventional thirty years are the most popular. Twenty
percent down, ten percent down, five percent down, you know,
whatever they can can come up with in.

Speaker 7 (28:32):
Their credit score, you know.

Speaker 6 (28:33):
But there's no fancy loans out there, there's right, you know,
that's basically straight income docs. If you're self employed, then
you know, we can figure it out with twelve months
deposit bank statements to find some non QM financing. Different
there's other different ways for self employed, but if you're
employed with W two, the standard is going to be
either the FAHA the thirty years, or the conventional thirty

(28:57):
years or the VA thirty years because those are the
most popular loans.

Speaker 4 (29:01):
So if you're looking for a low down payment, it's FAHA.
And if you're looking for maybe you know, the best
rate possible, you're still going with a thirty year fixed.
You're just extending out the time you're going to pay
it from thirty to forty. That's correct, okay, And where
are we on all that? What does a forty year
payment look like in terms of percentage wise? Are you
looking at like still six and a half to seven

(29:22):
percent on the forty year.

Speaker 6 (29:24):
That's the thirty to forty I believe I haven't priced
went out lately because there's only a few banks.

Speaker 4 (29:29):
That are doing that, right, that's true, and.

Speaker 6 (29:31):
So I haven't priced went out in the recent but
they're a little bit higher, a little bit probably in
the mid sevens.

Speaker 4 (29:37):
I see. Okay, hey, listen, we're up against it. That's
a quick ten minutes. I love having you on. You
got a lot of good information, perfect person to give
a call. If you could let people know how they
can get in touch with you, that'd be great.

Speaker 9 (29:49):
Yeah.

Speaker 6 (29:50):
My direct number is area code nine to nine nine
zero zero nine five six ' five.

Speaker 4 (29:56):
Excellent. George, thanks very much for coming on. Always appreciated.

Speaker 6 (30:00):
Jeff appreciate too.

Speaker 4 (30:01):
Thank you very much. That's George Gonzales from Southland Mortgage.
I'm Jeff Barton, your voice in the mortgage industry. Be
right back.

Speaker 3 (30:08):
You're listening to the Mortgage Boys with Jeff Barton. We'll
be right back with more and just a moment. For
questions or comments, send emails to info at Melibu Fundings
dot net. Now back to the Mortgage Boys. With your
host Jeff Barton.

Speaker 4 (30:25):
Welcome back, everybody. I'm Jeff Barton, your voice in the
mortgage industry. Thanks very much for tuning into the show,
for listening to us. Each and every week we bring
to you some information that's going to help you in
your decision making process. I know we're getting to the
middle of the summer. I know spring buying season is over.
I know that you probably want a house, but you
want to wait until September when the FED might drop rates. Yes,

(30:47):
I know, however, there is always a good time to buy,
and every day is another day that you have an
opportunity to go out and find something you really like
in the marketplace, find a great lender, and find somebody
to be able to help you guide you through this process.
And when rates drop, you can always go back and refinance.
I know that's a staid and true explanation of what

(31:10):
you you do in the marketplace, but it is true.
I mean, the opportunities are still out there. We will
see inventories grow and we will see mortgage interest rates fall.
This is what's going to happen. Now, when it happens,
I don't know. I'm not the prognosticator. But I do
have somebody on the phone right now who may have
some answers. Jennifer Martinez from Sierra Pacific Mortgage joins us. Now, Jennifer,

(31:33):
how are you?

Speaker 10 (31:35):
I am doing well, Jeff, how are you?

Speaker 4 (31:37):
I'm pretty good?

Speaker 11 (31:38):
Well.

Speaker 4 (31:38):
You heard that bloated in introduction. Where do you think
we are right now in this cycle? I mean, I
don't know. You probably caught a lot of Jerome Pole's
explanation on the hill today. So what do you think?

Speaker 10 (31:52):
I mean, I do think that things are going to
get better, right. You know, I have seen production pick up,
so that's an awesome thing.

Speaker 4 (32:01):
Yeah.

Speaker 10 (32:02):
So you know, I think that probably the worst is
behind us, right, and so we're looking towards brighter days,
hopefully sooner than later.

Speaker 4 (32:11):
Right X and No, I agree it, And I think
the optimism is good. I mean, we in the mortgage
business have been hammered the past three years, and knowing
that business is going to get better when interest rates drop.
We always look towards the unemployment numbers and those have
not been great. I mean they've been rising unemployment, but
employment numbers are coming down. These are the kind of

(32:32):
things that we say, Okay, we're happy that mortgage intro
dates are going to be lowered, but some people are
going to be out of a job. So what are
we looking at in terms of product from Sierra that
we might be able to say can handle both of
those possible outcomes.

Speaker 10 (32:48):
Well, so you know, the California Housing Authority rolled out
the dream for all. Yep, they finally have issued the vouchers.
So I think that you know, with the sixteen hundred vouchers,
you know we're going to see a lot of first
time home buyers get into homes. You know, the saying
you date the right, you marry the house. I think
that's absolutely true. I don't think that people should be

(33:09):
sitting around waiting for these rates to drop. I mean,
if you can afford the mortgage payment at the higher
interest rate, I mean I would definitely get out there
and you know, get into homes because once those rates drop,
it's going to be a feeding frenzy again. So I
definitely have an opportunity to get into a house, I
would jump at it and then you know, refinance later

(33:32):
down the line when rates do drop down.

Speaker 4 (33:36):
Now, we got a ton of equity in most properties, right,
I mean I have in my house I'm sure that
you have in your house. Most people who own a
home are very happy because they've seen, you know, obviously
their equity rise by about fifty percent in the last
five years. What are you telling people who want to
tap into that but not mess around with their three
percent mortgage?

Speaker 10 (33:55):
I mean, some of them, you know, do the line
of credit, right, get a home equity line of credit,
and you know, try to pay off your you know,
because credit card debt is at the maximum it's been
in like twenty years, yep. So I think that if
you can tap into that equity, then do so. I mean,
in all honesty, if you look at what your credit

(34:17):
card payments are compare to you know, maybe a little
bit higher of an interest rate, and yeah, you are
going to have to get rid of that three percent,
but you're also going to get get rid of the
thirty three percent interest rate for your credit card debt.
So you've got to look at that, and maybe it
makes sense, you know, if you can't do a home

(34:39):
equity line of credit, just get rid of all that
credit card debt.

Speaker 4 (34:43):
So I agree, I agree with that one hundred percent.
I mean, you know, the credit card debt has been
choking on us for some time. And how do you
wean people off from spending money. I mean that's the
real issue here, Not that they shouldn't spend money on
a house, but should you spend money on I don't know,
some frivolous items that maybe not right now?

Speaker 10 (35:02):
I mean, this is yeah. I mean it's so if
you can get rid of those dements, I mean, it
may be worth getting into like a six and a
half interest rate on your first mortgage, right. So it's
and sometimes like they have to use their credit cards
because inflation is still high yep, So they're using it

(35:23):
to go buy grocery. You know, that's double than what
they were paying two years ago for grocery. So I
mean it's kind of a double edged sword. Right, But
if you have that equity, I mean I would probably
maybe contemplate getting, you know, refinancing your house, tapping into
that equity and getting rid of some of those debts
that you don't necessarily need.

Speaker 4 (35:42):
I agree. I think debt is killing us, and I
think the federal debt is killing us more. And at
some point somebody is going to say stop or we're
going to have an implosion. And the things that are
worth something now aren't going to be worth the same things.
And these are a problem. However, specifically today, what are
give me an example of a couple of programs that
you're having over at Sierra to be able to you know,

(36:03):
help people either first time home buyers or in you know,
thirty year fixed rate. What are you all offering? What's
the best programs?

Speaker 10 (36:12):
Well, So, I mean, I we just rolled out with
this W two wagering or Express. Basically it's a streamline.
It's a streamline loan. So we basically there's a couple
buttons that you can press in our system, and we
will pull a finicity report, okay, which basically pulls the

(36:35):
like an income verification as well as an asset verification.
I'm underwriting those loans in twenty four hours, you know.
It's a one two touch type of loan to where
we're getting them closed, you know, in less than twenty
one days. And for purposes, I mean, that's what I'm
getting a lot of is a twenty one day close.
So it definitely streamlines the process. I mean, we do FHA,

(37:01):
we do manual underwrights with FAHA. So let's say you've
got not so great credit. You know, we could definitely
work with you with certain guidelines and get you into
those homes. You know, we also have we rolled out
with thanks statement programs, a twelve month and a twenty

(37:22):
four month program, as well as a DSCR, which is
the debt service relief for the you know, the investment properties.
Right my investment pricing and second home pricing is off
the charts, it's on fire. So I'm doing a lot
of that, doing a.

Speaker 6 (37:40):
Lot of.

Speaker 10 (37:42):
Purchase purchases for investors.

Speaker 4 (37:45):
Okay, that's good. Now let's just sit down on that
for a second. Give us an overall really specific picture
as to your investment type purchases that you're saying. Is
it the rate on fire or is just availability of
funds or ease of transaction? What is it?

Speaker 10 (38:03):
I mean, it's the rate okay, in all honesty, it's
pricing better than actually a primary residence right now.

Speaker 4 (38:09):
And that's unbelievable. That's great.

Speaker 10 (38:12):
Yes, and so you know, and it's a streamline process.
So there are things that you know you can do. Yes,
you you know, we're putting the percent down, but you know,
for for people that want to build up their portfolio,
it's a great product to get into when you're you know,

(38:34):
getting a loan for seven in an eight, yeah, opposed
to seven and a half when you're purchasing a primary residence.
So it's definitely if you have the money and you
want to build your portfolio, it's a great product.

Speaker 4 (38:48):
It's it's almost mind boggling. I'm thinking, well, why would
the bank do that? So I'm trying to think of
questions to ask you about. You know, Okay, so you
have this ability to be able to offer a cheaper
rate on a second home. Is that because the second
homes have more value or if we have a downturn
in the recession, easily get unloaded quickly so you don't
have them on your books. What are you thinking at

(39:10):
in terms of you know, the reason why that would be.

Speaker 10 (39:13):
I think Wall Street has an appetite for them.

Speaker 4 (39:16):
Okay, that's right.

Speaker 10 (39:17):
So I definitely feel like, you know, that's a huge
part of it. And you know, second homes are usually
the ones that get offloaded first right up posting your
primary or an investment property right right. So you know,
it's a great product. It's a great way to build wealth.

Speaker 4 (39:41):
I agree one hundred percent. And I also like the
fact that you know, the rates are so attractive. You know,
if you're in the business and this is what you do,
absolutely you'd look at this because otherwise you go in
non QM. You know, all these investors that are paying
anywhere from eight to twelve percent in terms of a
yearly just to get into an investment property. Now you've
got something now that's a second home, so you're not

(40:03):
looking at it necessarily as an investment, but that's probably
what you're selling these people to.

Speaker 10 (40:08):
Well, so the second home order investment probably, So that's
pricing is yes, it's just it's I mean, I've brought
in probably a dozen this week, right right, I'm sure
purchases with this product, so I mean, yeah, there's definitely
deals being done.

Speaker 4 (40:28):
So absolutely, well, they should give you a call. You
want to shout out a way by which people can
get in touch with you, that'd be great.

Speaker 10 (40:34):
Yeah, absolutely, So you can either reach out to me
via email at Jennifer dot Martinez at SS Sam pas
and Paul MS and marycasncat dot com or give me
a call at six one nine five zero two zero
three seven seven.

Speaker 4 (40:53):
Excellent. Well, thank you very much. We've come to the
end of our little talk here, and I really appreciate
that's a lot of good information. Thank you well.

Speaker 10 (41:00):
I appreciate you, Joss.

Speaker 4 (41:02):
It's always a pleasure always. Thank you very much. Jennifer,
we'll talk soon.

Speaker 10 (41:06):
Okay, you have a great tak you too.

Speaker 4 (41:08):
That's Jennifer Martinez from Sierra Pacific Mortgage. I'm Jeff Barton,
your voice in the mortgage industry. We'll be right back.

Speaker 3 (41:15):
You're listening to the Mortgage Boys with Jeff Barton. We'll
be right back with more than just a moment. For
questions or comments, send emails to info at Melobru Fundings
dot net. Now back to the Mortgage Boys with your host,
Jeff Barton.

Speaker 4 (41:31):
Welcome back, everybody. I'm Jeff Bartin, your voice in the
mortgage industry. Thanks very much for tuning into the show.
Each week we come to you, we bring you this
information that we hope you act on. Sometimes it's a
wait and hold, sometimes it's a you gotta do it
right now. We are in and a time period between
the spring buying season in the middle of the summer

(41:51):
where people gotta go gotta do it now, and people
who can wait are going to wait to see if
September is the time when the Fed drops interest rates
and hopefully the mortgage interest rates will follow. I've got
the best person. He comes to the show all the time.
Charles Giscom joins us again from United Security Financial to
give us some answers as to really what direction you

(42:12):
might be able to go, what kind of loan products
are out there? Charles, how are you?

Speaker 7 (42:16):
I'm doing good, Jeff, thanks for having me again, my friend.

Speaker 4 (42:18):
Thank you, buddy, I appreciate it. And where are we
in this market? It's so confusing. I'm watched Jerome Powell
give testimony, I watch people bark at him for two hours.
I'm like, I still don't really know what he's doing.
How we're going to get there in order to satisfy
so much demand and yet so little product, as well

(42:38):
as mortgage interest rates, which are scaring a lot of
people out of California and maybe some other parts of
the country as well. Give us your overview as to
what's happening. That'd be great, absolutely well.

Speaker 7 (42:50):
You know, an interest rate today probably about seven point.

Speaker 12 (42:53):
Four on a thirty year, yep six on a fifteen year,
so you know, are still steadily where they are They
haven't moved too much. They'll fluctuate up and down, you know,
to increasing twelve basis points over the last seven days.

Speaker 7 (43:09):
But Jeff, guess what. The one thing that that doesn't
matter with that is that due to limited supply, the
home prices hold there's value. So the reality of it
is is with that happening, the values are still there,
which always means for Jeff and I when we're talking
to everybody out there, get in the game. There's still

(43:31):
value in the game. You still can make money. You're
not losing money. Obviously, our our rational head says, we
don't service upside down debt, but you're not going to
because the market's hold instead. And so for traditional lending
right now, there are no really great interest rates or
great interest rates that we were used to two years ago.

(43:54):
There's no more lows twos and threes and fours and
fives and sixes. Barely, but right we are still back
to where we work. You still can get into the game.
And even if a traditional rate is not attritional, mortgage
is not where your structure is, there are many other
alternative loan programs that can help you get into this game,

(44:14):
still help you have an opportunity to make some money
or at least to get into a steady investment so
that when things do correct themselves, you will be able
to make money and you won't lose money.

Speaker 4 (44:26):
So if these cycles and where we are now, we're
not really quite sure. But Powell said today, he said, hey, look,
we are in a normal employment cycle, meaning that we
are pre pandemic. Normal employment cycle meaning that you're going
to get numbers that are either going to indicate the
economy is growing because more jobs are coming into the market,

(44:50):
or that the unemployment rate goes up which means less jobs.
And that really affects how we look at a borrower
whether they got a job obviously right, But in the
realm of investment properties, what are we looking at different
than a traditional loan in a thirty year fixed rate
from Fannie Mac.

Speaker 7 (45:10):
Well, you know what, although the economy, Jeff has proven
itself to be more resilient than expected despite what everyone
else is saying and the uncertainties, I feel like the
investment market and getting into it will Jeff had mentioned,
is probably a better involved compared to the traditional way.

(45:33):
There are a lot of investment property programs fixing slip programs,
you know, holding rent DSCR loans. These are all loans
that individuals can get into without providing the full traditional
mortgage structure in both.

Speaker 4 (45:51):
Right, That's what I'm getting at, right exactly, and that.

Speaker 7 (45:53):
Means and that means two years of tax returns or
W two's I mean sixty days of bank statements, which
is too much. I mean thirty days of paycheck stubs,
which means four weeks too or bi weekly or so basically,
when you have that, when you when you're required to
have that, that is a traditional loan. What Jeff is
referring to is the ability to get into the investment

(46:13):
market if you have a capital that will allow you
to use less documentation and in most cases what they
call it is a no doc. I know people are
not you know, used the no docks were very a
long time ago. There was a no doc lowned and
everyone was using it, and then it went away. Well
now they're back. They're called stated stated loans, and they're
called no dock loans, and real quick, I'll tell you

(46:36):
they don't require W two's paycheck stubs, tax returns. They're
only require that you show the money that you have
in the bank as a down payment or reserves. And
it doesn't matter if the money is a seasoned or not.
You can utilize those funds even if they've got into
your account the day before. As long as they come
from you, your business account and your personal account, you're

(46:57):
allowed to utilize those funds as down payment and reserves.
The other thing is you can close in an entity name.
What an entity name? What we mean is an LLC
or a corporation, whether it's an ES corp or a
C corp, or even a trust. As long as it's
not in a revocable trust, you can close in a
revocable trust. The benefits of these is to create protection

(47:20):
for yourself. It also acts as as the guarante we
are on the loan, so now your bills come in
those entity names. The biggest and the biggest value added
service to a loan like this is that these mortgages
and liabilities don't show up on your personal name. Where
you can do that and I don't know, but we

(47:41):
can do it here, Jess. And the beautiful thing is
we would love to provide some of those things to individuals.

Speaker 4 (47:47):
What kind of a down payment and credit score you
need on a loan like that.

Speaker 7 (47:51):
Surprisingly, obviously, there are some programs that on these programs
that will start anywhere from sixty five percent LTV, which
is thirty five down, seventy five, twenty five down on up.
There are some of these programs that we can get
you into an investment property or fix and flip with
ten percent down, same type of loans. So there are
many different loan products out there depending on where you are.

(48:15):
Now Jeff said it. That's it's important for the credit
scores for these okay. So, but the minimum credit score
that we can work in and I'm gonna say this,
and I know the phones are gonna go crazy, Jeff,
but we can get into some of these loans dependent
on the LTV with a five eighty Fyco.

Speaker 4 (48:32):
Score, Okay, so five eighty non QM, you must have
what thirty five percent down? Is that the way they'll do.

Speaker 7 (48:40):
It well in this loan. You can have, yeah, thirty
five percent or thirty percent down, okay. And if you
have a Fyco score above six fifty, it's twenty five
percent down.

Speaker 4 (48:50):
Yeah, all that's really good. And I'm sure if you
have a seven seven forty in that range you get
even less down.

Speaker 7 (48:57):
You get left down, you get a better interest rate,
and you have more option.

Speaker 4 (49:01):
So all of this is designed to really help people
with you know, obviously challenges or they're looking at maybe
not a traditional type loan, but something to get into,
sink their teeth into, and with the different options that
they have, it becomes an attractive property, an attractive loan
for them to get into.

Speaker 7 (49:22):
Absolutely, Jeff, it's an attractive loan, and it's also built
for individuals once again that don't have traditional financial structures
or our traditional job. Someone that's home every day working
for themselves. It's more importantly to keep their money as
opposed to you know, it's not what you make, it's
what you keep. And in a lot of cases, you know,
if you're not providing your tax returns and different stuff,

(49:44):
the entrepreneurs look for these type of loans so they
don't have to provide that because I'll tell you, if
you're an entrepreneur, most times you're writing everything off and
so your income on tax return statements don't look as high,
even though you may be doing very well for yourself.
But guess will always look good your thanks state, whether
they're a commercial or personal, whether they're an LLC or personal.

(50:05):
Your bank statements show the real deposits that's coming through,
and that's a beautiful thing because as long as you
can show the ATR which we always talk about here,
which is the ability to repay right, you can show
that if there's a loan for you out there, and
this is a great loan that an individual who doesn't
have the traditional struct financial structure can get into a loan.
A lot of people feel like it's worth the down

(50:27):
payment to have the path of least resistance to get
involved with this market still and still having these properties
have value and not losing or being upside down.

Speaker 4 (50:35):
Listen, we got about a minute left on the refinance
of a loan like this, especially if it's an LLC.
Any issues would that come up later if somebody wants
to get out of the loan they're in and maybe
get a lower interest rate on a similar type loan
and say less than a year, Any issues.

Speaker 7 (50:52):
With that, No, there is really no issues. The one
thing about it is a lot of lenders that were
utilized they will have a prepayment penalty because a lot
of fees. They don't have a lot of fees up front,
so they're looking at you to stay in that loan
longer so that the interest payments that they make are
the money that they make. The beautiful thing is they
give you the option to buy the prepayment penalty down
to twelve months or less, and so that way you're

(51:14):
in this property. You use it as a strategy to
get into a property, but within twelve months or less,
you can refinance into a traditional loan or another loan
that may have a better interest rate when the interest
rates correct themselves. So this is another great strategy for
individuals to get into loans from a strategic standpoint on
a short term strategy, and then in the longer term strategy,

(51:34):
when the interest rates do correct themselves, you can refinance
into a traditional loan. Why you go refinance into another
loan similar to this with a lower interest rate. It's
all there for you. All you have to do is
reach out and make sure that you get an informed a.

Speaker 4 (51:49):
Loan of exactly like yourself. And speaking of that, could
you shout out a way by which people might be
able to get in touch with you. That'd be great.

Speaker 7 (51:56):
I sure will, absolutely, Jeff. You can reach me at
seven to five, five, seven, eight, seven sixty one again
at seven two five five seven seven eight seven sixty one,
or you can reach me at cegetscom at USF Wholesale
dot net.

Speaker 4 (52:10):
Charles, thanks very much once again coming on doing a
great job. Appreciate it.

Speaker 7 (52:14):
Thank you Jeff for having me always.

Speaker 4 (52:16):
Thank you very much, Charles Getscomb from United Security Financial One.
Jeff partin your voice in the mortgage industry and we'll
see you next time.

Speaker 3 (52:24):
You're listening to the Mortgage Voice with Jeff Barton. For
more on today's topic, visit www dot melible funding dot net.
Thank you Inland Empire for listening to KCAA Radio.

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Speaker 16 (55:08):
The Tri City Shopping Center in Redlands is serving up
some really cool ice cream at lemcho Akana. Then get
your chocolates and other delights from Seascandies. Moms and future
moms who visit the mall can cool off and relax
while they get treated like royalty at Shiny Nails or
Francis Nails and then pampered at Texter Hair. The Tri
City Center is filled with retailers who care about you.

(55:29):
Shop at the Tri City Center in Redlands and see
why they call it the mall with a heart.

Speaker 17 (55:37):
Hi everyone, this is Father Paul from the Sunday Mass,
a ministry of the Passionist community, inviting you to join
us each Sunday morning right here on KCAA ten fifty
am for the Sunday Mass.

Speaker 18 (55:52):
What would you do if you had a broken bone,
You'd go to the doctor and use your insurance right Well,
what would you do if you have a serious problem
with drugs and alcohol? Most people do nothing until it's
way too late. Your insurance can help you get clean
and sober with the assistance of a place like the

(56:13):
Detox and Treatment Helpline. Many times addiction treatment is fully covered.
So why not use your insurance to treat your addiction problem,
just like you would if you had a broken bone.
And with a family Medical Evact, you're allowed to take
time off by law and your employer doesn't need to
know the reason. So there are two good reasons. You've

(56:36):
got insurance you can use for your addiction problem. And
with the family Medical Evact, it's completely confidential. Call now
eight hundred three nine eight seven four one four. That's
eight hundred three nine eight seventy four fourteen.

Speaker 11 (56:52):
Empire talks back.

Speaker 19 (56:54):
The attitude that well, the little guy cannot win seems
to prevail. I think the fact that over time we've
seen that the little guy, if he is persistent, he
becomes the big guy.

Speaker 11 (57:07):
Empire talks back.

Speaker 19 (57:08):
No, it's because maybe people figure out a little knowledges,
like smoke, it leads to the fire.

Speaker 11 (57:15):
Empire talks back.

Speaker 19 (57:16):
I think this, this drive for equality, this drive for
justice d is gathering steam as opposed to fading out.
I think more and more people realize the importance of
the freedoms that America represents.

Speaker 11 (57:31):
Empire talks back with Wallace Allen and Friends Sunday mornings
at ten am on AM ten fifty KCAA.

Speaker 9 (57:39):
But it seems like things.

Speaker 18 (57:41):
All fine coming.

Speaker 8 (57:43):
Rokilustina CASEAA Lit. Melinda at one O six point five FM,
K two ninety three c.

Speaker 20 (57:49):
F Burrito Valley, NBC News Radio. I'm Tammy Trio. At
least ten people are dead after a rocket hit a
soccer field in the Israeli occupied Heights on Saturday. The
attack injured at least nineteen others. Israeli officials blame the
Lebanese militant group has the law which denies responsibility. The
victims were reportedly between the ages of ten and twenty.

(58:11):
Israel has vowed retaliation for the attack, which follows in
Israeli air striking Gaza. Palestinian officials say at least thirty
people were killed in dozens injured today when a school
being used as a shelter was hit. Former President Trump
plans to continue holding outdoor rallies despite the attempt on
his life earlier this month, Lisa Cartan reports.

Speaker 21 (58:29):
In a post on truth Social Today, Trump said the
Secret Service has agreed to substantially ramp up protection at
those events. He didn't provide any details on what additional
steps might be taken. Trump said Friday he plans to
head back to Butler, Pennsylvania, where the assassination attempt happened,
to hold another campaign rally. I'm Lisa Carton.

Speaker 20 (58:51):
California's massive Park fire continues to burn out of control.
It scorched more than three hundred thousand acres since it
started on Wednesday. The containment level is still at zero
at last check. Authorities call it the most intense fire
to hit California yet this year. They say it was
the result of arson. A suspect was arrested on Thursday.
The United States continues to show its dominance in the

(59:12):
pool at the Paris Olympics. USA won gold in the
men's four by one hundred freestyle relay Today Jack Alexi,
Kris Guliano, Hunter Armstrong and Kale Dressel finished with a
three oh nine twenty eight run, edging out Australia by
one point zero seven seconds. The women's four by one
hundred freestyle team finished with silver, while Australia took the

(59:33):
gold in that event, and the US women's water polo
team began their gold medal defense with a huge win.
They kicked off the Paris Olympics with a fifteen to
six victory over Greece in the opening round. Here listening
to the latest from NBC News Radio.

Speaker 8 (59:49):
NBC News on CACAA Lomelinde sponsored by Teamsters Local nineteen
thirty two, Protecting the Future of Working Families Teamsters nineteen
thirty two dot org uh H.

Speaker 2 (01:00:03):
You're listening to an encore presentation of this program. K
c a A The Inland Topics for