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It’s Friday, and sales of Maalox must be brisk up and down Wall Street. The drops and rises this week were attributed to a decline in the Shanghai market, technical issues, economic reports, earnings results, Greenspan’s comments, Bernanke’s comments, and of course to Doom’s ongoing obsession- the housing market.
I have no clue where the market will close today, but I know John and I would appreciate your links, comments, suggestions and housing related anecdotes.
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Before you follow this link to Kirstin Downey’s Washington Post article, U.S. Warns Lenders to Elevate Standards, try and guess the date from this quote:
Federal banking regulators yesterday warned banks and other lenders to be more selective about who can get home equity loans and lines of credit because rising interest rates may make it harder for people to repay their loans.
Government officials said that while mortgage defaults remain rare, many institutions are loading up on high-risk loans. They urged lenders to review interest-only loans, which allow borrowers to delay principal payments for years, and "no-doc" loans, which don’t require documenting borrowers’ assets and income. They also suggested that lenders that refuse to do so may find themselves facing heightened federal oversight.
