Issue #7 - April 2026 North Star Briefing sails where headlines meet consequences. This issue charts the…
North Star Briefing March 2026
ISSUE # 6 – March 2026
Editor’s Note
This month:
- Is 5.98% the start of spring… or just one solitary swallow?
- The Fed can make the harbor safer. But it can’t make captains forget the last shipwreck
- Tariffs must travel through the right constitutional doorway.
- The politics inside Russia: support, fatigue, and “please make it end (but also win)”
- Protein matters—especially for muscle maintenance, recovery, and staying strong as we age.
- Do you actually live in a way that satisfies the requirements of the philosophy you claim to hold?
- Laughter is the best medicine. Need a steady hand?
I help bankable-but-not-bank-shaped clients identify and fix the root problem—then fund the right solution.
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Rate Radar – Mortgage Rates Below 6%: Is This Spring… or Just One Very Confused Swallow?
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Harbor Report – The Fed’s New Plan for Housing Affordability: “Banks… pretty please?”
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State Side Signal –SCOTUS to the Tariffs: “That’s adorable. Now show us where Congress said you could.”
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Open Seas Outlook – Russia’s “Special Military Operation”: The 4-Year Blitzkrieg That Forgot to Blitz
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Galley & Grit –Protein Mania: The Age of the Chicken Breast Has Arrived (Again)
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Moral Compass –Personal Theology: Everyone Has One — Most People Just Don’t Admit It
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Beacon in the Storm – Laughter
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Ready to move? Free coaching consult or capital options—your call.
858-229-7199 – jdevilliers@c2financial.com
Need clarity? Radar
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“Banks, Please Return to Mortgages.” — Said the Government, While Holding a Very Large Rulebook
Mortgage rates finally dipped into the 5% range again—5.98% on Freddie Mac’s survey—so you can almost hear America’s collective shoulders unclench.
And right on cue, the next move is less about rates and more about who is willing to make mortgages in the first place.
The Wall Street Journal’s Heard on the Street framed it bluntly: the administration’s affordability push needs banks to play ball, but banks have been… let’s call it “emotionally unavailable” since the last time the mortgage market set itself on fire.
Why banks drifted out of the harbor
Fed Vice Chair for Supervision Michelle Bowman says the mortgage business has migrated out of banks and toward nonbanks for years. Her numbers are striking:
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Banks originated ~60% of mortgages in 2008 → ~35% in 2023
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Banks held servicing rights on ~95% of mortgage balances in 2008 → ~45% in 2023
Her argument: parts of the post-crisis capital framework became over-calibrated, especially around mortgage servicing rights (MSRs)—the asset banks hold when they collect payments and manage the loan after it closes.
What the Fed is considering (in normal-person English)
Bowman previewed two targeted changes designed to make mortgages less “capital-expensive” for banks:
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Mortgage servicing rights (MSRs): remove the rule requiring banks to deduct MSRs from regulatory capital, while (for now) keeping the 250% risk weight—and asking for comments on whether that 250% should be recalibrated.
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Mortgage loan risk weights: make capital requirements more risk-sensitive, potentially using loan-to-value (LTV) instead of treating a lot of mortgages the same.
Translation: “If the loan is safer, the capital treatment should stop acting like it’s juggling chainsaws.”
The COVID sequel (because history loves a franchise)
During COVID, the Fed used its balance sheet aggressively—buying Treasuries and agency mortgage-backed securities (MBS)—which helped compress mortgage financing conditions in that period.
Then inflation arrived, the Fed tightened, rates rose, and affordability got body-slammed by the combo of higher prices + higher rates.
The big question: will banks actually come back?
The WSJ’s answer is basically: don’t bet the house on it. Analysts point out banks remember:
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compliance costs,
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litigation risk,
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reputational risk,
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and what happens when a mortgage book goes sour at exactly the wrong time.
The Fed can make the harbor more welcoming. But it can’t force captains to sail into a storm they still have PTSD about.
This isn’t “2008 again.” It’s more like: the Fed is trying to rebalance a mortgage ecosystem that has drifted heavily toward non banks—without repeating the greatest hits of the last disaster album.
Ready to move? Walk out of our first consultation with a 3-step plan that makes financing optional, realistic—and powerful when used.
With access to C2 Financials’ 100+ lenders and decades of personal experience in building, turning around and managing companies, raising capital, and running M&A I can help provide solutions to maximize your operations and secure optimal funding.
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Stateside Signals

Need a steady hand?
I help bankable-but-not-bank-shaped clients identify and fix the root problem—then fund the right solution.
Open Seas Outlook


With access to C2 Financials’ 100+ lenders and decades of personal experience in building, turning around and managing companies, raising capital, and running M&A I can help provide solutions to maximize your operations and secure optimal funding.
858-229-7199 – jdevilliers@c2financial.com

Protein Mania: The Age of the Chicken Breast Has Arrived (Again)
Somewhere in the last year, the internet decided we’re all protein-deficient Victorian orphans who might faint if we don’t get 40 grams before breakfast. And while the hype can be… a lot… the underlying point isn’t crazy:
Need a steady hand?
Free consult for strategy. Free consult for capital. Clear options, zero pressure.
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If your business is wrestling with growth, team, or cash-flow puzzles—or you’re weighing how to fund the next big step—bring me your mess. I’ll bring a map.
Two simple, no-pressure ways to start:
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Free Coaching Consultation
A focused 20–30 minutes to assess what’s blocking momentum and sketch 2–3 practical plays you can run this month. -
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No jargon. No hard sell. Just clear ideas from someone who’s been in the wheelhouse when the water wasn’t calm.
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