Countdown To Shutdown

April 8th, 2011

Sorry Were Closed sign

Countdown To Shutdown! Is the government going to shut down? We won’t know until midnight tonight I imagine. My guess is they will shut down, because they need more time to posture, cajole, point fingers and kick and scream. I thought we elected leaders, not cry babies in a sandbox. But at least the Congress still gets their paychecks during a shutdown! So we have that going for us…which is nice.

Did you ever wonder why the same Congress that spent us into oblivion and caused this problem now gets to perform poorly at their jobs, and shut down the government interrupting all our lives? Never mind. I’d need to start a separate political blog to complete that rant.

As far as how all this relates to the mortgage world, there is still a very real potential for serious interruption. However, it will be relatively painless and short lived. Why? Because there have been 16 government shut downs since the Carter administration, they usually end in less than 3 days. Not a big deal. But there have been longer ones. And the longest one was 21 days, when crybabies Newt Gingrich and Bill Clinton went head to head.

So if they shut down the government starting tonight, it might just be open again mid next week. Unless you are supposed to settle on a loan next Monday, Tuesday or Wednesday, this may just be a non-event.

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Brian Martucci is a loan officer for Capital Bank Home Loans, a division of Capital Bank, N.A. He has been in the mortgage industry since 1986 and has served in a number of roles, including loan processor, loan officer, mortgage broker, branch manager, and vice president. Brian Martucci – NMLS# 185421. His opinions do not necessarily reflect the opinions and beliefs of Capital Bank Home Loans or Capital Bank. Capital Bank, N.A.- NMLS# 401599. Click here for the Capital Bank, N.A. “Privacy Policy”.

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