Replies to post #391764 on Zeev's Turnips Patch-No Politics (ZEEV)

[basserdan]

Two interesting statistics from Bill Fleckenstein.

1.) In 2001 only 2% of new mortgages in California were Interest-Only. In 2004 this rose to 49%.

2.) In 2004 proceeds from Cash-out refinancing, and Home-equity line-of-credit, accounted for 77% of total U.S. consumption.

http://www.siliconinvestor.com/readmsg.aspx?msgid=21323364

[choad]

Joe, What were the fixed and arm rates when AG made that statement and what are they today? That just may be quite revealing... just a hunch.

[qwave]

I agree. Greenspan is trying to keep banks afloat. Lead JP6 to slaughter. Screw'm. -Q