The Epic American Credit and Bond Bubble Laboratory Message Board

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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: John Vosilla who wrote (24951)	1/19/2005 12:13:41 PM
From: russwinter	Read Replies (2) of 110194

Yes, but the difference was that interest rates went down, not up, allowing these to be refinanced and the mortgage owner to get off the hook. That way the lenders just got to keep the fees and short term goodies that go along with these Old Maid Cards. Watch the duration of these mortgages explode over time, as people can't refi or sell their homes. Credit quality will quickly fall apart to boot. The first wave subprime types will just turn over the keys, and probably after a long foreclosure process. The Wizards of Oz let a pretty big temp mature today without replacing. Still no coupon passes. Audrey ought to scream. ny.frb.org

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