Realistbear Posted June 30, 2006 Share Posted June 30, 2006 http://www.mortgagemag.com/today/newsitem.php?item=5683 Mortgage Recession Is Here As interest rates continue to climb in light of the Federal Reserve's 17th consecutive rate hike, the mortgage industry is headed for a Mortgage Recession unlike anything seen in previous periods. National firms like Ameriquest and Washington Mutual have undertaken massive layoffs, and many in the industry feel things will get worse before they improve. The stock market has tumbled based on Fed Chairman Ben Bernanke's statement that ...there is no doubt the housing market is slowing. Coming here soon when everyone is up to their eyes in it and Gordon is forced to hike the rates! I like the sensationalist language: "unlike anything seen in previous periods." When this thing hits the rest of the world its going to be the best HPC we have ever seen. Roll on. Quote Link to comment Share on other sites More sharing options...
The Undertaker Posted June 30, 2006 Share Posted June 30, 2006 http://www.mortgagemag.com/today/newsitem.php?item=5683 Mortgage Recession Is Here As interest rates continue to climb in light of the Federal Reserve's 17th consecutive rate hike, the mortgage industry is headed for a Mortgage Recession unlike anything seen in previous periods. National firms like Ameriquest and Washington Mutual have undertaken massive layoffs, and many in the industry feel things will get worse before they improve. The stock market has tumbled based on Fed Chairman Ben Bernanke's statement that ...there is no doubt the housing market is slowing. Coming here soon when everyone is up to their eyes in it and Gordon is forced to hike the rates! I like the sensationalist language: "unlike anything seen in previous periods." When this thing hits the rest of the world its going to be the best HPC we have ever seen. Roll on. I was watching CBS news on Sky yesterday. They had a segment on a family, who had their house repossesed and was being auctioned off, following a mortgage increase from $2100 to $3000 pm. An estate agent talking to the program mentioned that there were "thousands of foreclosures every year". Quote Link to comment Share on other sites More sharing options...
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