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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (67374)8/10/2007 7:17:30 AM
From: Yulya  Read Replies (2) of 116555
 
When it comes to residential lending, if you're not a bank and can't access the overnight window, you are GUARANTEED to have liquidity issues. And it will only get worse for CFC. Next year the first '03 vintage 5/1 prime ARMs are due to adjust. Many of these borrowers added HELOCs thru CFC at the peak in '05 and are now possessed of insufficient equity to refi out of a payment that will hurt. CFC as a single digit stock? Perhaps the only reason it may not happen is they are finally a player big enough that failure won't be an option for the Fed.

This is the one to watch.
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