He sounds like a communist to me. Of course lenders will foreclose if you stop making payments......Duh!! The guy's an idiot! PS. You put in the "safeguards" he's proposing and most of the people he wants to protect won't be able to buy a house.
He's the only one that has said anything that wasn't backpedaling from what these guys have said in print outside of that room. You wouldn't know that though. You can be a baby if you want...but I don't think your commanding officer would like that.
13:51 CFC Countrywide: 60% of subprime borrowers unable to qualify for loan under proposed tougher standards - Reuters (35.94 -1.01) -Update- watch out belowwwwwwwwwwwwwwww :eek:
Yeah, it's being propped by someone...but earnings are going to sink this thing over the next few quarters. That is a BAD BAD statistic.
Well...I gleaned that the companies are going to be damned if they do, and damned if they don't. Either they're going to keep lending to people who they shouldn't be lending to, or they'll stop lending to who they shouldn't be lending to. Either one ends up being bad for their growth prospects in a slowing market. Now I'm much more interested in the legal aspect of the insiders selling out of so much stock. Hearing were okay...should have really had the first meeting and then waited a week or two to have this second leg so they could brush up on their knowledge. Will be interesting to watch this industry buckle on revenues decreasing, job losses , and write-downs of assets...it's going to get ugly and I'm pretty sure there's no real way out of it for the lenders. By the way they're selling stock I think they would agree with me.