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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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From: John McCarthy	8/30/2007 3:37:11 PM
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ANYONE have this Bank of America report? A recent research piece by Bank of America estimates that approximately $500 billion of adjustable-rate mortgages are scheduled to reset skyward in 2007 by an average of over 200 basis points. 2008 holds even more surprises, with nearly $700 billion ARMS subject to reset, nearly three-quarters of which are subprimes..." The housing market will remain sluggish far longer than most expect. $800 billion of ARM resets can only add to the supply of distressed sellers in 2008. This will further depress an already sluggish housing market that's having enough trouble working through a huge supply overhang. To say the least, this scenario will weaken demand for securities backed by residential housing. howestreet.com

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