According to some "experts", we have been led to believe that housing crisis / credit crisis doesn't exist and the media cooks all those up.
Also, since now it's proven that it's all made up, what we need to do is draw a straightline from Dow 14,000 (where we left off the last time) to Dow 18,000 before Christmas this year.
I have no problem with that. It's nice to be a slave and know your place in the hierarchy, and if you get tired being slave grade 5 and want to be slave grade 6 all you have to do is take more leverage. I'm cool wit dad yo (in disgustingly fake black people move that only white guy with fake sunny disposition like me can produce).
Read this before you go wit dad, yo:
MAY 2, 2008
CASH-OUT REFINANCE SHARE FALLS IN FIRST QUARTER
Dollar Volume of Equity Cashed-Out Drops to $29 Billion: Lowest in 4 Years
McLEAN, VA - In the first quarter of 2008, 56 percent of Freddie Mac-owned loans that were refinanced resulted in new mortgages with loan amounts that were at least 5 percent higher than the original mortgage balances, according to Freddie Mac's quarterly refinance review. This was the smallest cash-out refinance percentage since the second quarter of 2004. Further, the share for the fourth quarter of 2007 was revised down to 77 percent.
"During the first quarter about $29 billion in home equity was cashed out through refinance of conventional loans made to prime borrowers, off from a downwardly revised $36 billion cashed out in the fourth quarter of 2007. This is about one-third of the amount cashed out in the same quarter a year earlier," said Amy Crews Cutts, Freddie Mac deputy chief economist. "While research has shown a limited effect in the current quarter of equity conversion into cash, the reduced equity extraction we saw in the first quarter will likely be felt in the consumption and investment decisions of households later on.
Who's your daddy again? The housing ATM is, sugar.
The right enemy
5 years ago