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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Bid Buster who wrote (338712)7/19/2007 9:36:16 PM
From: stan_hughes  Read Replies (1) of 436258
 
I don't see it getting that bad here again but perhaps it will in Michigan and Ohio and a few other states

For JSP's sake I hope you're right -- those variable rate mortgages are already killing people, and rates haven't really moved up all that much compared to where they might go

I wrote this post this morning Message 23714418 although not many had much to say about it -- it shows subprime variable blowing up in spades, but subprime fixed is still hanging in, which I interpret as perhaps only a postponement of the inevitable that sets the table for a second wave of defaults in the form of subprime fixed failures

The extent of that second wave could be a dirty drawn out business, which would create your "from bad to worse" scenario

Not a good time to be selling appliances or granite counter tops anymore
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