fixed rate mortgage: The screeching sound of the mortgage industry, hitting the brakes
- 06/15/07 08:47 AM
That screeching sound you hear is the mortgage industry hitting its brakes as hard as it can. Every week brings the news of yet another mortgage company closing; and I'm not talking about single office brokerage firms -- these are publicly traded lenders whose stock prices have tanked, just like when the dot com bubble burst. I've just finished reading an outstanding article on the subject by Gretchen Morgenson in yesterday's New York Times business section, which reads in part: "On March 1, a Wall Street analyst at Bear Stearns wrote a surprisingly upbeat report on a company … (1 comments)
That screeching sound you hear is the mortgage industry hitting its brakes as hard as it can. 
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