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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: nextrade! who wrote (1140)12/9/2001 10:47:36 PM
From: patron_anejo_por_favorRead Replies (1) of 306849
 
That guy's views very closely mirror mine. I see the current mortgage finance bubble as ultimately intended to be a gigantic transfer of wealth scam, from taxpayers to less-than-qualified borrowers, using the mantle of "implied government guarantee" as a shield for risk. The resultant reduction in mortgage payments and reduced underwriting standards will lead to post Depression record rates of defaults. The goal is to induce the government to pick up the tab for the forclosures, allowing the delinquent homeowners to keep their homes while at the same time making the (foolishly reckless) lenders whole. The fact that C&I lending has continued to decelerate even as new mortgage applications hit new record tells you that the normal pricing mechanism for home loans has been dangerously (and perhaps fatally) circumvented. It will end very, very badly indeed.
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