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A jumbo problem
Friday, August 03, 2007
Wow, I can't wait to see what happens on Monday after buyers failed to show up today, right about the time they did on Wednesday and Thursday.
More importantly, what's going to happen with the housing market with jumbo interest rates skyrocketing. CNBC (only marginally tolerable on down days) reported that all the big mortgage lenders are hiking jumbo loan rates - can anyone afford a McMansion at these rates?
Wells Fargo hiked their jumbo rate from under seven percent last week to an even eight percent today. They say that lenders are "starting to price for the risk that is inherent in home loans, unlike what we saw in the last couple of years."
What was that they used to say about the housing market being just fine as long as interest rates don't go up to eight percent?
Hmmm....
10 comments:
Oh yeah, I forgot...Jim Cramer is calling on the Fed to get out in front of this and at least start talking about cutting rates.
What does this mean for oil prices?
My jaw dropped when I saw Cramer demand that Bernanke drop the rate a full percentage point, and then go on to say that US companies are great take over candidates by foreign firms because the dollar is worthless, without even the slightest hint of irony.
tom r. thank you for the 1bit of rational economics logic i've heard online all year.
i love how kudlow is now begging the fed to bailout all of wallstreet! what happened to the goldilocks economy? what happened to all those profits...............man these people can change their tune in a second!
It's Friday. No one wants to hold stocks over the weekend in a market like this ... and a political climate like this .... and an international climate like this. Wouldn't surprise me to see a bounce Monday.
Cramer on Armageddon
he wasn't so bad when it was kudlow and cramer, but ever since he got his own show and there is a financial term named after him, cramer bounce, in investopedia.com he's just a little too arrogant.
Cramer on Armagedon....Now that was so informative. He totally lost it! He unintentionally shows his "true" self. He blasts Bear Sterns for being honest, for telling it the way they really see things and then Cramer goes on to tell ALL OF US that by talking to people behind the schenes that things are even worse then even most of the bears think. He actually said that huge institutions were on the brink of disaster! It sure seems he was aware of this weeks ago when he was talking such trash about anyone that said that there were problems in credit or there was even a housing bubble. What a fake to all those that watch his TV show. But not a fake to himself. Lie, don't admit, say everything is fine when you know different is what Bear Strens was suppose to do, according to Cramer. And of course take the other side of the tradeat the same time is probably a good thing....geez. Ok one other thing...Cramer & Kudlow-est always spouting free markets are so important, they are the answer to everything that is sacred and good. Yet, they are CRYING, DEMANDING and PLEADING for devine intervention by the Fed to bail out their friends. Have we lost as a nation what accountability is?
Unfortunately, the few elites have all ready made their billions from this fraud and are watching this spectacle from a distance. Pension funds private and state are going to be very surprised when the dust settles how much they lost.
how 'bout Cramergeddon?
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