Global Credit Ocean Dries Up

Business Telegraph ^ | 2/24/2006 | Staff Writers

[presidio9]

Dun't beheebe be booying da US treesoory ubunds!!!

[presidio9]

this thread NEEDS MORE COWBELL!!!

[RegulatorCountry]

"The US Federal Reserve has since raised rates 14 times to 4.5pc in a belated effort to restore monetary discipline, with at least two more rises priced into the markets."

In other words, the 5.875% 30 year conventional mortgages with no points that are widely available will be unmoved by two more rate increases by Bernanke and the Fed, because they are anticipated and already priced in ... not exactly a doomsday scenario.

[AntiGuv]

I understand what you're saying completely, but as for me, my mortgages are paid off, so I would thank you kindly if you'd stop trying to hoist a new one on me! :)

[Citizen of the Savage Nation]

I think the answer is to keep renting. That's the best way to build wealth over the long run. Owning property is a mistake, because the market never goes back up. In fact, some people who bought years ago are in bad straits, their $300,000 equity may go down to $280,000. They should never have bought a house. Idiots.

LMAO!!!!! They were screaming "the bubble is bursting" back in 2000/2001 when I bought. If I had listened to them I would've lost a 300% return on my down payment and 5 years of tax benefits. In fact, if I had listed to the chicken littles at all during the last few years, I would be out a lot of money and then I would want to go looking for them...

[ex-Texan]

Lenders are trolling for foreclosures. No big deal, right?

[RegulatorCountry]

"Lenders are trolling for foreclosures. No big deal, right?"

Disreputable subprime lenders have always been trolling for foreclosures.

[redgolum]

Kind of noticed that there is a bit of concern among the money guys as of late. Whether it is because of something real or imagined, I don't know.

[sully777]

I've got the fever, and the only prescription is more cowbell. Give me more cowbell! Damn you made my day.

[.cnI redruM]

>>>>The housing boom is over


Damn I wish! Real Estate in No. Virginia has increased at an average rate of 7.8% a year since 1970. It has only had one 18 month period of time when the median price of housing went down. That was in the mid 1980's, when the S&L crisis hit the fan.

People who have been shrilling and shilling since 2000 that the housing boom would implode have probably also successfully predicted 46 out of the last three recessions.

[ex-Texan]

Well, true is true. But there are major, publicly traded, otherwise reputable saving and loans in that 'disreputable' group. I would name names but I'm not looking for a fight over free speech and 'fair commentary.'
You would not believe what is going on here in Oregon. But its very scary. I recommend every Freeper set up automatic mortgage payments with their bank.

[.cnI redruM]

>>>>>The cash machine that sustained a world boom is about to close, and it's going to get ugly, says Ambrose Evans-Pritchard

And I assume this man is about 30K shares short on Toll Brothers this am and is getting very itchy about having to cover.

[soloNYer]

I bet you were ridiculous enough to take advantage of the low APR's as well. All these people who bought homes should have waited until APR's go back up to 17%. As it is, I am advising my clients not to buy while the rates are still low and the homes aren't listing 20% over the last one sold...and still getting multiple offers.

By the way, lenders are just anxious for foreclosures. Nothing like holding real estate racking up taxes in lieu of being paid interest on a loan by a homeowner.

[.cnI redruM]

>>>>I would name names

You should name names. Consumers should warn one another when they smell a rat. Let's here who's out there trolling today.

[sully777]

Sweden's Finance Minister went on record this week saying,
"Hursh t heesh t hoort hort t hort." He added indignantly, "BORT BORT BORT!"

A massage from the Swedish Prime Minister: (Sounds of swedish massage) -- Monty Python

[soloNYer]

Hey, don't you want us to lose everything? Then we can finally go Commie!

[ex-Texan]

You would not believe who has been and is dumping their stock. Names Have Been Named . . . scroll down.

[.cnI redruM]

Hell, I'd just appreciate the chance to go condo!

[GovernmentShrinker]

What sort of "money guys"? Every FX trading group I've ever walked past was shouting expletives at the top of their lungs, non-stop, all day, every day. A "bit of concern" among that crowd would be hard to detect, unless of course they went quiet, in which case I'd assume that the financial system as we know it had already come to an end.

[Centurion2000]

Criminy, 5.875% is too high.