Interesting antidotal support. A close friend, awake, but relies on me for info. He is a VP of a mid sized mortgage company, has a very busy job. (I don't). About (time is flying right now) 2 months ago, he told me he was seeing foreclosures, and how worried he was of the obvious implications. Suddenly, overnight, with no warning, **All federal backed loans were recalculated to 40 years, hence driving down payments. He was freaked, because he knew how massive this move was, the cost to the feds etc, and the fact that no one was saying anything. **All = foreclosures dropped 70%. He was not sure if it was recalced on everyone or just those in trouble. He's way past all of that and right now watching the industry he has worked in for over 30 years make it's way into full blown chaos. Laying off people, market is crap, can't make money, banks not buying loans etc. He says he will be unemployed (retired) by Sept - Oct at the rate things are failing.
Interesting antidotal support. A close friend, awake, but relies on me for info. He is a VP of a mid sized mortgage company, has a very busy job. (I don't). About (time is flying right now) 2 months ago, he told me he was seeing foreclosures, and how worried he was of the obvious implications. Suddenly, overnight, with no warning, **All federal backed loans were recalculated to 40 years, hence driving down payments. He was freaked, because he knew how massive this move was, the cost to the feds etc, and the fact that no one was saying anything. **All = foreclosures dropped 70%. He was not sure if it was recalced on everyone or just those in trouble. He's way past all of that and right now watching the industry he has worked in for over 30 years make it's way into full blown chaos. Laying off people, market is crap, can't make money, banks not buying loans etc. He says he will be unemployed (retired) by Sept - Oct at the rate things are failing.