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MBS Monetization Expectations Good For Massive 0.04% Plunge In Mortgage Spread, Sure To Unleash Refi Tsunami... Or Not

Tyler Durden's picture


Anyone who actually read Daniel Tarullo's speech yesterday setting the stage for a new round of MBS monetization would be forgiven to expect a major drop in mortgage rates. After all the Fed board member said, "by increasing demand for MBS, such a program should reduce the effective yield on those MBS, which in turn should put downward pressure on mortgage rates." There is no way he can be wrong, after all he is a Fed member (although no Ph.D., instead he has an uber-valuable J.D.). And there is no way the market can not be pricing in what is now obvious. So how does the 10 Year UST- 30 Year mortgage spread look like this morning post the "pricing in" - well it is tighter. By a whopping 0.04%! Surely this epic move in spreads will be the catalyst that unleashes hundreds of billions in refinancing activity and pushes the value of the US mortgage market higher by trillions of dollars. Or not. As the second chart below demonstrates, Operation Twist, whose purpose incidentally was just what Tarullo is suggesting less than 2 months after QE3 Lite came on the scene, has now been a total disaster. As the Mortgage Brokers' Association reported on Wednesday, the MBA mortgage applications index was down 15% in the week ended Oct. 14. This was the year's biggest decline! Worse, the refi index was down a massive 17% in the week! What does this mean? Well, that we have reached a point where prevailing rates on Mortgages have absolutely no impact on either refis or home prices at this point: anyone who could have refied, has already done so, probably many times over. Everyone else is simply not eligible. But yes, MBS monetization will sure help... all those banks that have loaded up on MBS in anticipation of just this (like Bill Gross as we first speculated back on October 11) to sell them right back to the US taxpayer. And, of course, all those who have been wisely stocking up on precious metals in anticipation of just this latest episode of Fed idiocy. Remember: as we have been saying since day 1: the Fed knows only one thing. To Print. And it will. Over and over and over.

MTG-UST spread:

And 10 Year vs MBA refi index:


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Fri, 10/21/2011 - 10:09 | 1796828 Snakeeyes
Snakeeyes's picture

We continue our Brawndo approach to housing and mortgage markets.


Fri, 10/21/2011 - 11:06 | 1797118 Chief KnocAHoma
Fri, 10/21/2011 - 11:44 | 1797305 riphowardkatz
riphowardkatz's picture

Add that to a gov backed 10 year that covers the negative equity, move 30 year rates to 2% and all the housing doomsayers will be weeping as they hold onto their barbarous relics.

Fri, 10/21/2011 - 14:28 | 1797695 Village Idiot
Village Idiot's picture

For those looking for some point of reference from the ONE DAY low in 30 year mortgage rates (announcement of twist/bad day for europe) and where we are as of today.  The following quote should be considered a competitive retail quote based on a 30 day lock:

  • LTV - 90%
  • FICO - 720
  • No Cash Out
  • Conforming (417K max) 

Our low day as referenced above...4% (all non recurring closing costs paid by bank/free loan). The amount of credit to borrower on that day would have been approximately 1.5% of loan amount, so amount of dollars available to pay closing costs varies with loan size.

As of today...4.5%. 

Of course, there are a few variables.  A high loan amount might get you to 4.375% with no cost/free loan, but my point here is that mortgage rates have to realistically drop a full .5% to get us back to a no cost loan @ 4%. No big swing, yet.

There are still people who fit these parameters, and like Tyler points out, have been refinancing on the way down. The big question as many point out:  How many homeowners are in a position to refinance under these guidelines (or under the GSE relief programs that allow negative equity up to 115% of value and easier qualifying...higher rates) to make a meaningful difference without some sort of nationalized program that clears many of the hurdles currently blocking access to lower rates.  Not many...

Personally, even though my business would benefit from a large scale refinance boom, I would rather see a normal market correction in housing. Hanging on to an emotional attachment in housing when you are underwater at these price levels (regionally speaking) equals debt slave. This clinging to artificially high values is going to end badly for someone...

From a purely non-emotional investors eye...All  I have to do is look back to the S&L debacle of the 90's.  REO was unloaded as fast as possible and as a result, the market for RE turned in less than five years.  I know, I's different this would be counter productive for the banks/GSE's after all the money that has been pumped in...doomsday.  It's going to end badly for someone...

You want to see things get going in RE? PRICE DESTRUCTION! 

And how about a little SAVERS RELIEF?  Jesus Fucking Christ already...


Please return to your globally televised freak show...

Fri, 10/21/2011 - 10:12 | 1796839 jdelano
jdelano's picture


Fri, 10/21/2011 - 10:16 | 1796858 Mohan
Mohan's picture

Great.. now they can ramp it up even higher.

Fri, 10/21/2011 - 10:18 | 1796868 falak pema
falak pema's picture

Euro commissioner says a rating agency can no longer downgrade EU instruments/sovereigns. At this rate S& P will it be out of a job in Eurozone?

Fri, 10/21/2011 - 10:23 | 1796888 Tsar Pointless
Tsar Pointless's picture

Link? Source?

Fri, 10/21/2011 - 10:30 | 1796927 jdelano
jdelano's picture

A source?! Why the hell would I need a source?!


It was a joke--as in, the 3:30 rumor will be...'S&P Just downgraded France'

Fri, 10/21/2011 - 13:14 | 1797597 Going Loco
Going Loco's picture

Because otherwise you are the nuthead who is yelling "Fire" in a crowded building.

Fri, 10/21/2011 - 10:30 | 1796907 lolmao500
lolmao500's picture

BS. Not yet.

S&P likely to cut ratings of France, others if economies crash

Standard & Poor's will likely lower the credit standing of five European nations, including top-rated France, by one or two notches if the region slips into recession and government borrowings increase, the rating agency said in a report.

The stress-test report assesses the capacity of the European Union and the IMF to support the euro zone under two possible scenarios -- a double-dip recession and a recession with high interest rates.

"Sovereign ratings on France, Spain, Italy, Ireland, and Portugal likely would be lowered by one or two notches under both scenarios," said S&P in the report dated October 20.

A worst-case economic scenario would also likely prompt the recapitalization of numerous banks in Spain, Italy, and Portugal, S&P said, adding that current support mechanisms may not be sufficient if conditions deteriorate beyond expectations.

"France would likely be downgraded to 'AA+' from 'AAA' because of a deteriorating fiscal position, even if the amount of stress applied remains modest," S&P analysts said.

Fri, 10/21/2011 - 10:41 | 1796986 The Profit Prophet
The Profit Prophet's picture

I predict that if the Euro project collapses next week and the French banks get nationalized, we may see an S&P downgrade of France sometime in late 2013 (just like what happened in the US).....sarc/off

T.E.I.N. everyone! 

Fri, 10/21/2011 - 10:55 | 1797065 moldygoat
moldygoat's picture

I can only think all this delay delay delay bullshit is to get us to 11/11/11. Seems like a good day for a cyber 9/11 11/11, the return of stuxnet count Duqu.

Rally on untill then!

Fri, 10/21/2011 - 10:27 | 1796910 Gypsyducks
Gypsyducks's picture


Fri, 10/21/2011 - 10:13 | 1796842 AldoHux_IV
AldoHux_IV's picture

Good for boost in financials to boost their ability to handle any disruptions/sarc.

End the fed otherwise, wealth transfer bitchez!

Fri, 10/21/2011 - 10:14 | 1796845 Lone Mad Minute...
Lone Mad Minute Medic's picture

Big deal. So France has been downgrade. That should be good for a few hundred point up!

Fri, 10/21/2011 - 10:14 | 1796848 Ned Zeppelin
Ned Zeppelin's picture

The stubborn truth: "anyone who could have refied, has already done so, probably many times over. Everyone else is simply not eligible."

Fri, 10/21/2011 - 10:25 | 1796893 -Michelle-
-Michelle-'s picture

It's more than stubborn.  It's rebarred and set in cement.  Then they poured a ton of sand over it.  And nuked it.

I would love to refi.  I just can't scrape up the $80k or so that I would need to do it.  But they tell me that the economy is recovering, so maybe next year.

Fri, 10/21/2011 - 10:39 | 1796972 Ned Zeppelin
Ned Zeppelin's picture

This commone sense observation tells you that all of this talk of lowering rates "to help homeowners" is a lot of bullshit - intentional lies -  and a cover for the real reasons. Lower rates means higher prices for the MBSs, all things being equal, so they hold up the TBTF balance sheets and can be used as collateral for zero percent loans from the Fed. The ponzi must be propped up.   Of course, all things are not equal, since if you take a peek into private, non-GSE MBSs from the good old days of 2003-2008 they are full of defects in formation (fraud and defective assignments) and so regardless of rate, or rating agency score, a discount has to be applied to MBSs for the uncertainty factor. The GSE MBSs are no picnic either, although I do not think they suffer from the document problems that are a metastasizing cancer in the private MBSs.  See the very recent Masschusetts Supreme Court case invalidating title acquired from a foreclosing bank.

Fri, 10/21/2011 - 12:04 | 1797370 PulauHantu29
PulauHantu29's picture

Good work, Ned. I had read over 80% of the title clsoings between 2005 and 2008 were 'defective."  The same thing happened during the GoGo Housing Boom in the mod-1980's. Many could not sell thier homes and raw land b/c of major defects in the title closing when they bought it.

Problem is you may not reazie the problem for years down the road when you go to sell...then you need a lawyer and costs rise exponentially.

I would stay away form most RE now of any shape or form ...prob for a decade until all the fraud, mistakes, etc are worked out.  Add to that Shillings prediction of contiunued decline of at least 20-30% more in RE why buy at all?

Fri, 10/21/2011 - 10:19 | 1796849 GeneMarchbanks
GeneMarchbanks's picture


Any way they could intervene in the happenings of the PrimeX?

Fri, 10/21/2011 - 10:15 | 1796854 Christoph830
Christoph830's picture

Talk is cheap.  If this was the panacea for our problems, they would have announced this at the time of Operation Twist. 

Fade this BS.

Tarullo's speech was just more scraps for the Algo-dogs.

The Fed is desperately praying that the stock market can stay propped up long enough on baseless rumors so that the jobs situation can improve...


Fri, 10/21/2011 - 10:22 | 1796880 sabra1
sabra1's picture

wrong! markets propped up until total money transfer from sheeple to the banksters is complete! they then crash the markets finishing everyone else off! after they own it all, they cull the population, for, we're totally useless to them now! easier to control a small group than a large one! that's the plan!!!!

Fri, 10/21/2011 - 11:26 | 1797220 karzai_luver
karzai_luver's picture

Why would anyone bother hiring when you can get a nice risk free return in the ponzi?


Does not compute anymore.


Paper don't need no stinking medicare.


Fri, 10/21/2011 - 10:18 | 1796855 Mercury
Mercury's picture

I would buy a mid$ US res. property right now if rates were 1%

I would not

Fri, 10/21/2011 - 10:18 | 1796865 firstdivision
firstdivision's picture

Damn, look at the trajectory of the 10Y yield.  Are all the worlds CB doing the nuclear option today?

Fri, 10/21/2011 - 10:17 | 1796866 junkyardjack
junkyardjack's picture

Printing is the only way out of this.  Wages are too high so no one will hire, there is a ton of debt that needs to get cleared out, people don't understand deflation, the only thing left is to print the nominal problems away

Fri, 10/21/2011 - 10:20 | 1796876 firstdivision
firstdivision's picture

Wages are too high so no one will hire

This, I would have to severely disagree with.  Average wages are quite relatively low, especially compared to all other measurements.  Well I guess if you're referring to CEO's, COO's, CIO's, CFO's, etc., etc., pay; then I would have to agree.




Fri, 10/21/2011 - 10:25 | 1796892 equity_momo
equity_momo's picture

Sarcasm or are you going for the weeks biggest moron award?

Fri, 10/21/2011 - 10:33 | 1796936 azusgm
azusgm's picture

If employers could see demand ramping up and risks going down, they would hire. I don't see wages as the big problem.

It's the uncertainty. Some businessmen have taken to the bunkers and don't intend to peek out until after the next election. They hope for a change away from Obama.

Fri, 10/21/2011 - 11:28 | 1797234 karzai_luver
karzai_luver's picture

Bullshite sonny, all this historic cash on the sidelines was built during the ONES tenure, right!


spin it again no tellin what may fly out.


Fri, 10/21/2011 - 10:19 | 1796872 buzzsaw99
buzzsaw99's picture

I hope the bernank gets a lip fungus that rots his whole rat bastard face off.

Fri, 10/21/2011 - 10:21 | 1796879 Lone Mad Minute...
Lone Mad Minute Medic's picture

Maybe what we need is some Bull news to knock this market down. This perm bear shit just keeps everybody on the loser side of the market. This latest bull run in the bear market has been A very good opportunity for making money during this correction in a bear market. But 99 percent of you have been holding fast to your losses.

Fri, 10/21/2011 - 10:27 | 1796917 jdelano
jdelano's picture

Yup.  Don't care.  My hate keeps me warm.

Fri, 10/21/2011 - 10:22 | 1796883 lolmao500
lolmao500's picture

So now the only way to inflate the prices of houses is for the government to buy them all.

Fri, 10/21/2011 - 11:30 | 1797241 karzai_luver
karzai_luver's picture

they have already bought them all many times over, they just don't have the doc to prove it.



Fri, 10/21/2011 - 10:25 | 1796885 Everybodys All ...
Everybodys All American's picture

I think this will be a huge fail. The refinance cycle has already taken it's course. Anyone left trying to refinance now needs considerable help more than likely because they are underwater. New issued debt needs to replace the older maturing issued debt. If the there is very little to be re-issued because the refinance cycle is over then the benefit for anyone banks included is minimal.

This shows the limited effect the Fed or anyone at a certain point can have on the economy and that eventually all thier bullets are spent. But I don't have a PHD.

Fri, 10/21/2011 - 10:57 | 1796887 vast-dom
vast-dom's picture

Clearly all of this is BULLISH. How the fuck are markets up? Please God, Santa and Tooth Fairy pray tell!

Fri, 10/21/2011 - 10:26 | 1796900 jdelano
jdelano's picture

This is insane.  This is really completely fucking insane.  Good news is, I can stay solvent longer than the market can stay irrational.  Fuck this final, admittedly impressive attempt to blow out the shorts.  I'm not going to make any money on these trades anymore, but I won't take them off.  Fuck you Wall Street.  And when you're literally burning down from the deluge of molotov cocktails, I will be watching at home, drunk off my ass on champagne and laughing maniacally.....

Fri, 10/21/2011 - 11:32 | 1797250 karzai_luver
karzai_luver's picture

if you have been short during this period of law breaking and ponzi scams, then god help you.

it maybe a scam but it's our scam.


Fri, 10/21/2011 - 12:15 | 1797401 jdelano
jdelano's picture

And the retribution will be ferocious.  Get your last hurrahs in.  

Fri, 10/21/2011 - 10:26 | 1796902 Pure Evil
Pure Evil's picture

How long before rates turn negative and we pay foreign borrows with visa's to purchase homes in Detroit?

Fri, 10/21/2011 - 10:30 | 1796925 GeneMarchbanks
GeneMarchbanks's picture

Problem is... there are no $500,000 houses in Detroit.

Fri, 10/21/2011 - 10:42 | 1796994 Pure Evil
Pure Evil's picture

I didn't know undocumented workers could afford $500,000 homes.

What we need are more folks that can afford abandoned ghettoized crack houses and fill them with twenty people per room while blasting mariachi music throughout the neighborhood.

Fri, 10/21/2011 - 10:26 | 1796905 Dr. Gonzo
Dr. Gonzo's picture

Um. Isn't the goal to give good money for worthless assets to their banker friends and also to force the hands of the decent people who are shorting their shitty banking stocks to close their positions. Not working. I just doubled my short position at 10am. Dam the Torpedos. Full speed ahead!

Fri, 10/21/2011 - 10:33 | 1796937 buzzsaw99
buzzsaw99's picture

one of these days the people will give the bernank the mussolini treatment. hopefully sooner rather than later.

Fri, 10/21/2011 - 10:27 | 1796911 Lone Mad Minute...
Lone Mad Minute Medic's picture

Because your being led in one direction. Herded into the slaughter stalls.

Fri, 10/21/2011 - 10:28 | 1796919 stormsailor
stormsailor's picture

technically speaking, if the /es clears 1236  it should be clear up to 1256 @ chart analysis. 

pure lunacy per all the data but it is what is.

Fri, 10/21/2011 - 10:29 | 1796922 DOT
DOT's picture

Nice try losers ! I will not lever-up.

Cash controls the RE market.

No way in hell am I going to let

equity go to a Bank. But that's just me.

Fri, 10/21/2011 - 10:28 | 1796923 Village Smithy
Village Smithy's picture

Lowering the refi rates is just the political cover (smoke). The real objective is to bail out the banks. Except this time TPTB are not so stupid as to directly use taxpayer money, that won't fly. Instead this time they are using inflation, it gets the job done much more quietly. This type of manouvre is EXACTLY why we need OWS out there.

Fri, 10/21/2011 - 10:31 | 1796930 NEOSERF
NEOSERF's picture

As long as Europe has a plan, that's all the markets care about.  Nothing stopping 12K now...I think we are probably heading back to the 12,300 range before this gets tired.  Been short Europe since early August and am losing money. downgrades every week, insolvent countries and banks, Greece haircuts inevitable, riots and leadership that can't even schedule a meeting much less fix things and I am losing money...ridiculous

Fri, 10/21/2011 - 10:34 | 1796943 jdelano
jdelano's picture

Not 'as long as Europe has a plan' just 'as long as Europe says it has a plan.'

Fri, 10/21/2011 - 10:35 | 1796941 Lone Mad Minute...
Lone Mad Minute Medic's picture

I drive down why 5 to LA every now and then. There is a place called Harris Ranch where they slaughter cows. I call the place Dacow. The cow concentration camp. Thousands of cows chewing cud waiting for their time to be led into the killing pens. I might just change that name to Zerohedge, the place where bear are slaughtered.

Fri, 10/21/2011 - 10:37 | 1796960 jdelano
jdelano's picture

your mixed metaphor aside, given that you started with cows and ended with bears, what goes around comes around.  Feel smug now.  We all get our brief moment in the sun.  See you in chophouse soon enough.  

Fri, 10/21/2011 - 10:34 | 1796944 J 457
J 457's picture

Homeowners need JOBS to quality for re-fi's or to buy a home.  Banks need to lend.  What we need now is a stronger dollar and less debt.  This curent FED group is slowly killing the USA on multiple levels.  Struggling to keep rates low is now more about servicing the 15 trillion national debt than home mortgages.  In light of all the realities in the world, no one should be buyng this market- yet DOW is up 150pts.

Fri, 10/21/2011 - 10:35 | 1796946 monopoly
monopoly's picture

There is no way out of this but printing will delay what we all know is inevitable. It will all come to a head. Just taking time. A system this big takes time to sink and wallow in the mud. But the road is clear and for me the path is straight.

Fri, 10/21/2011 - 10:40 | 1796948 Rainman
Rainman's picture

California's economy isn't fukked up enough. So it is time for these idiots to implement the crap and tax scam, thus chasing more employers out of the State. The Squid is breaking out the champagne early today !  Mission accomplished !

Fri, 10/21/2011 - 10:41 | 1796983 Gene8696
Gene8696's picture

Maybe I'm not seeing straight... But to me it looks like the S&P seems to have 3 consecutive up days before the wave breaks down. Has happened in the last 3-4 cycles. The current wave has not done so... Yet?

Fri, 10/21/2011 - 10:45 | 1797003 Cyan Lite
Cyan Lite's picture

Refi's aren't happening because I believe most folks are waiting on some kind of national refi plan.  Geithner talked about it two weeks ago.  Why spend $5000 out of your own pocket on closing costs if Uncle Sam is going to do it for you.


And also, nobody is getting the 4% 30yr rate that's advertised everywhere.  More like 4.5 and 4.75%

Fri, 10/21/2011 - 10:49 | 1797029 adr
adr's picture

So when do we get to call in an airstike on Bernanke's car and get to drag his sorry body through the streets ad put a bullet in his head. He should be tried for treason and crimes against humanity, but we know that won't happen.

All the blood of the past two years and the deaths of millions due to massive food inflation can be laid at his feet. Ben Bernanke has caused more damage to the world than any dictator in history. Hitler actually helped bring the world out of the Great Depression. Can anyone make an argument that the period after WWII was worse than the period prior to it? Bernanke has sent the world straight into a depression that will make the 1930's look like the booming 1990's.

Ask yourself, can the man be that stupid? The man claims he studied the depression and is trying to prevent a relapse of that time. Maybe he did study what happened and that is exactly what he and his overlords want to do. By design theyare planning another depression to enrich themselves.

Prior to the depression the Fed helped drive wealth into the stock market during a boom of massive speculation. This welath was tranfered out of the pockets of the people and into the hands of the brokers who controlled every move of the market. They were all too happy to trade stock certificates they paid nearly nothing for money of much higher value. Insiders accumulated massive wealth. When the insiders no longer held stock in the bullshit economy they allowed it to crash. They left the market as rich men. The fools that played the game lost everything.

Sure there were some rich men that lost everything during the depression, many who were just honest businessmen. However the banking clan and the poiticians mostly rode out the depression living like kings. The masses were placated like Romans with picture shows, horse racing, and boxing. The promoters and valuable participants of these distractions made out handsomely. The great actors of the depression era lived a life of luxury they never dreamed possible just a decade prior. Wealth and power was concentrated at the 1% level. There was an endless supply of slave labor as millions were willing to kill themselves on a job site just to get enough money to buy a slice of ham to feed their families. The despression was the exploitation of the poor to glorify the rich. Then some German asshole had to come along and spoil the aristocratic paradise.

Does this sound familiar? Bernanke is a student of the depression. Specifically how the Fed can be used to concentrate wealth to the 1% by confiscating it from the common people. The Fed was created by the banking clans to cement their hold on power. Do you think the chairman of the Fed would to anything to upset that mandate? Everything he has done has caused more money to flow out of the common worker and concentrate it on those who control the game. Just the mere mention of perhaps purchasing worthless assets is enough to drive the stock market 5% higher in a day. Gasoline will be $4 a gallon by christmas at this rate. Sure stocks will be up but nobody actually worried about buying presents actually owns any. 

Bernanke is public enemy #1. Worse than any dictator taken out over the past year. Worse than Osama or any attack on NYC. The real truth is this has all ben orchestrated by the Fed to get the competition of global dominance out of the way. The middle east dictators dared hoard gold and go against the people that put them in power. Unless the Fed is taken out we will be begging for a drink and a boxing match to help us forget how crappy our lives are.

Fri, 10/21/2011 - 10:51 | 1797050 slewie the pi-rat
slewie the pi-rat's picture

so tarullo's raving lunacy was... advice?

those plunging re-fi applicationz---have they been seasonally adjusted?

slewie has a coupon for $2.00 off a 12-pk of QE III Lite, BiCheZ!

Fri, 10/21/2011 - 10:57 | 1797075 dcb
dcb's picture

the run on the same theory of Bush with the wmd, if you say the lies enough it becomes true.

Fri, 10/21/2011 - 11:08 | 1797126 J 457
J 457's picture

Most homeowners with a mortage understand loan to value ratio.  It doesn't matter that rates are low, they could be at 3% or 2.5%, and for existing homeowners they still could not refi.  For exampe, if you owe 500k on your mortgage, and your home is appraised/worth 300k, you can't refi unless you come out of pocket 200k.  And how many homeowners have 200k to contribute?  And if they did, would they really put all that money into their money loosing house, or instead join the hundreds of thousands that are simply not paying their mortage for three years before being evicted.  Can't people at the govt level figure this out and understand money printing and cheap rates will not solve the housing problem.  Only solution is stabilize home prices by creating JOBS so people can pay their mortgages.    

Fri, 10/21/2011 - 11:37 | 1797278 karzai_luver
karzai_luver's picture

they are tryng to create jobs only in china and other places.

then they recycle  into the paper over here.


It is working out as planned. They figure as long as the paper is being bid they are ok as they have plenty to sell.


Fri, 10/21/2011 - 11:10 | 1797141 tahoebumsmith
tahoebumsmith's picture

Essentially what they have done with mortgage rates over the past few years will be the final blow to the housing market. Once everybody has refied at a 3.9% rate and the dollar tanks it's game over. Interest rates will rise and nobody will refinance anything at the higher rates. Lets also mention that as the rates are forced higher because the prop under the FED'S Ponzi house of cards has finally collapsed, baby boomers will be looking to unload their primary residences in droves and the student loan bubble will be popping taking all of these young indebted serfs out of the housing market. All they have done is just continue their game of extend and pretend, pretty much insuring our demise......

Fri, 10/21/2011 - 11:39 | 1797282 karzai_luver
karzai_luver's picture

Most will be owned by other country's buyers , it has to happen and it will.



Fri, 10/21/2011 - 13:11 | 1797589 Snakeeyes
Snakeeyes's picture

I have written about this numerous times.

The only question is .. why DeMarco back off of LLPA and GFee increases. If not, refis will stay muted. If he does, watch out!!!!!!!!!!!!!!

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