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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Sam Sara who wrote (54078)1/4/2001 1:58:50 PM
From: pater tenebrarum  Read Replies (1) of 436258
 
the 'reason' officially cited is that there's now a danger of mortgage prepayments with rates going lower, and that will hurt their margins. imo it is a reflection of money shifting from one form of trash (government insured variety) to another. there are also scattered signs of the real estate bubble fraying at the edges (the rate cuts may or may not reverse that). a big top marker in commercial real estate was the recent sale of the Rockefeller building for $700m. below the original asking price.
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