Wachovia exits wholesale mortgage lending

[SHELLY]

And can anyone in real estate in the Panhandle say that real estate is NOT in a state of Depression?

...it's not a "depression" it's "a soft landing."

.

 

[Matt J]

...it's not a "depression" it's "a soft landing."

.

Like this one?

[nomedia]http://www.youtube.com/watch?v=HK22xc6IMss[/nomedia]

 

[Miss Critter]

...it's not a "depression" it's "a soft landing."

.

caused by the bursting of the "fictitious" bubble.

 

[SHELLY]

Like this one?

Sorta...but more like this:

[ame="http://youtube.com/watch?v=hz65AOjabtM"]YouTube - Wile E. Coyote vs Road Runner[/ame]

 

[ClintClint]

I think the real estate market is not in a soft landing or a crash. It is a crucifixion and slow death of the speculators and greedy mortgage industry. Unfortunately. innocent people are getting hurt also---collateral damage if you will. Unless and until the American people stop tolerating corruption and the government stops socializing the losses thru bailouts, our society will endure rolling bubbles--- i.e. the tech bubble, the real estate bubble, the oil bubble, the gold bubble. Where was the outrage when your house was worth 50% more than it is now? Confront the crooks and discard the wave of political correctness that insists that everyone is entitled to a mortgage. Allow people and businesses to fail if they get overextended. Hell, make me King of the World and I'll fix all this crap.

 

[YoungFT]

More Credit Tightening News

http://seekingalpha.com/article/88891-noose-tightens-on-non-conforming-loans?source=feed

Of note:

Chase (#4 residential originator in the US)

"Chase has made a business decision to suspend our Non-Agency Fixed and ARM (Amortizing and Interest-Only) Product offerings within the Wholesale Lending Business."

US Bank (#23 residential originator in the US)

"For PURCHASE TRANSACTIONS: The Interest Only payment option will no longer be allowed for U.S. Bank Consumer Finance 1st liens when the LTV/CLTV exceeds 80%"