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To: Shack who wrote (133798)	11/9/2001 9:15:43 PM
From: patron_anejo_por_favor	Read Replies (2) \| Respond to of 436258

Yes, very good column by Noland. He also brought up the point that retail (ie, auto) sales have not weakened even in the face of rising unemployment...he feels due to mortgage refi's. The significance of that is that Americans aren't yet using this recession to "de-leverage" (reduce indebtedness) yet, as is typically seen during recessions. When that finally happens, look out! The danger is that each round of refis gets us closer and closer to the point where either interest rates start back up, or at least no further cash can be realized by consumers from their real estate. At that exact point the credit bubble (and the real estate bubble) will reach their apogee. As many analysts (including FNM's CEO) have said they believe mortgage rates are at the bottom, we may finally be "there". Have a great weekend Patron