Tuesday, January 27, 2015

Muppets to the Slaughter

The lemmings just ran off the cliff

CNBC: Jan. 27th, 2015:

ZH: Jan. 27th, 2015

"More lenders are lowering down-payment requirements, allowing borrowers to commit 3%—or even less—of a home’s purchase price to get a mortgage. Many had been requiring down payments of at least 20% since the recession began."

"The moves come as mortgage originations declined substantially last year. Lenders gave out an estimated $1.12 trillion in mortgages in 2014, down 39% from a year earlier and the lowest amount since 1997"

The fiscal trade attention deficit. Fatal.