To: cgbg
You are grossly overstating the situation. The vast majority of mortgages outstanding are fixed-rate loans. Countrywide has enough cash right now to take defaults on every single one of the ARMs it has, and that isn't going to happen. Most other lenders didn't get into the ARMs or subprime loans as heavily as Countrywide did, either. Countrywide still does the bulk of its business in Fannie Mae/Freddie Mac loans and those agencies are still buying everything they can.
People REALLY need to calm down about this situation. Investors have temporarily pulled back from mortgage-backed securities but they will be back.
34 posted on
08/10/2007 6:38:54 AM PDT by
Dems_R_Losers
(Thanks anyway, Nancy, but we already have a Commander-in-Chief!)
To: Dems_R_Losers
The only one panicking is the ones holding the paper. Liquidity has temp dry up.
To: Dems_R_Losers
Not everyone is freakin’ out. I mean, somebody’s buying CFC, and for good reason. Maybe it’s got more to burn, but with all that cash, the stock price is heading into giveaway status.
65 posted on
08/10/2007 8:12:37 AM PDT by
nicollo
(you're freakin' out!)
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