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ParticleMan

Who Ate My Cheese

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Some idiot over on another thread pointed out this afternoon...

http://www.cml.org.uk/cml/media/press/2225
the CML estimates that home-owners still have around £2.1 trillion of unmortgaged housing equity

(this has shrunk £.3tn since their 2008 estimate - of £2.4tn)

Is anyone else amused by the uncanny similarity between the notional gap, and the notionals involved in the (now failed) UK mortgage securitisation market?

It's uncanny, it really is...

My prediction (that'll rile Noel for sure) for 2010's CML read - £1.75tn equity...

Edited by ParticleMan

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yes, but what does it mean ?

It means that without the benefit of having RMBS crammed down our neck like a fois gras goose, the notional value that can be applied to the assets in the housing market (entire, and individually) are going to go right back and rest on their fundamentals (and at this rate, it's really going to bruise a coccyx or two).

Literally - "willingness and ability to pay" - free of new sources of capital, the rate at which the market can recapitalise is now being set by an inverted demographic (and that, while the labour market is glutting globally).

"Oh bother!", said Pooh.

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