And 2 is shaping quickly. Pierre
NEW YORK (CNNMoney.com) -- More than two million subprime adjustable rate mortgages (ARMs) are poised to reset at much higher rates in coming months, worsening an already suffering housing market. [...] "In October alone more than $50 billion in ARMs will reset," according to Mark Zandi, chief economist and co-founder of Moody's Economy.com. That's a record, according to Zandi. [...] As a result, Doug Duncan, chief economist for the Mortgage Bankers Association (MBA), is expecting as many as 600,000 home owners will get into trouble with perhaps half of them actually losing their homes.
[...]
"In October alone more than $50 billion in ARMs will reset," according to Mark Zandi, chief economist and co-founder of Moody's Economy.com. That's a record, according to Zandi.
As a result, Doug Duncan, chief economist for the Mortgage Bankers Association (MBA), is expecting as many as 600,000 home owners will get into trouble with perhaps half of them actually losing their homes.
The US looks set for a rough 3 years, while Japan and Germany look more healthy. Can the last politician to go out the revolving door please turn the lights off?
I'm not sure why the BoE raised the rates so steeply. Is it to fend off imported inflation, pumping the Sterling in the face of the foreign account deficit that is developing with the North Sea cliff ? They had to know that'd prick the bubble Pierre
