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Faulty Mortgage Data

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December 12, 2007 – Comments (3)

A friend of mine was telling me about the challenges of getting a mortgage with good credit and equity during the credit crunch of the summer.  I don't remember exactly how many different financial institutions he ended up applying to, but after the first deal fell through, it was many.

So, mortgage applications are up to the highest level since July 2005 but the credit conditions have made the number meaningless for comparison purposes. 

It would be interesting to see a graph of number of mortgage appliations over time and the number of mortgages granted.

3 Comments – Post Your Own

#1) On December 12, 2007 at 8:54 AM, dwot (45.74) wrote:

If blood could boil, mine would be boiling now.  Reading about Greenspan does that to me. 

http://www.reuters.com/article/businessNews/idUSN1258328720071212

"After more than a half-century observing numerous price bubbles evolve and deflate, I have reluctantly concluded that bubbles cannot be safely defused by monetary policy or other policy initiatives before the speculative fever breaks on its own," Greenspan wrote.

So the man at the helm of creating the biggest credit bubble the world has known now decides it is a bad idea.  If you must read his book, don't line pocket his pocket, borrow it from a library.

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#2) On December 12, 2007 at 9:08 AM, dwot (45.74) wrote:

Personally, I think Mish should be on everyone's reading list.

Today's post where he's quoted Prof. Sedacca rings so true in my beliefs.

http://globaleconomicanalysis.blogspot.com/2007/12/betting-against-house.html 

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#3) On December 12, 2007 at 9:26 AM, dwot (45.74) wrote:

Yuck, here's another one...

Trade gap widens...  Now, weren't some of those so called experts saying with a lower US dollar increased US exports would reduce the trade gap?

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