yeah----but the economy is at its bottom. It will rebound (in certain areas) quicker than people think.
In my opinion, there are two items that will get the economy going again:
1. The toxic assett auctions will begin within a few weeks. This will allow lenders to offload their cruddy paper, and focus on lending again, rather than trying to keep 30% of their adjustable rate portfolio from foreclosure. The quicker that happens, the quicker the lenders are able to loan money with losser guidelines. (Conforming Mortgage lenders are not qualifying anyone unless they have a 620 middle score). I would bet there are a lot of people with a 615 middle score that would pay just as timely as those with a 620 middle score.
2. The mark-to-market evaluation of these lenders' assetts will be revised to allow the portfolio to be judged on todays values, rather than last year. This is a rather slippery slope, but it will let the lenders (once again) focus on generating new loans. The mortgage application(s) for the 1st qtr are higher than expected, so now is the time to buy a house..!!
LC, what I'm getting at is the market is recovering, and their will always be life insurance policy's available. Caskets produced by Eternal Image have set company sales records in Dec of 2008! That was during the THICK of the economic meltdown!!!!!!!
Go 49ers!!!!
AI
