Wednesday, Sep 19, 2007
The cycle is buckled and broken
Firstrung: Mortgage market could shrink by 50bn over next twelve months
Mortgage funding is proving more difficult to originate and mortgage debt more difficult to sell on, resources are becoming stretched and forcing some lenders to up their rates and tighten criteria. With no end to the crisis in sight, the market it starting to brace itself that total lending in 2007 may not be what it was once hoped to be.
Posted by converted lurker @ 01:14 PM (367 views) Add Comment
2 Comments
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1. alan said...
As the credit crunch gets tighter, so a mortgage famine will develop.
The Banks and Building Societies have the cash, but are holding fast in case the depositors decide to make a run on them.
NR spooked a lot of Banks, make no mistake. Fear .....!
2. Flapjack said...
Its decisions at the margin that determine the direction of any market. If lenders tighten thier lending criteria and borrowers defer buying - the result will be a lot less demand for houses and falling prices.