I was astound to get a quote from the biggest A paper lender in the mortgage industry.  Is it a mortgage

spill over, added with the tightening credit, and not getting the right terms from the big investment backers has

shaken the whole mortgage credit spectrum.  In one county in California last week, 179 homes were put up for

auction at the courthouse, with a reserve price of the mortgage value set by the lender.  The catch is that these

were 100% lender-financed homes.  The lenders did not sell one home. They are still hoping that buyers will

come in and pay full price.  I wonder how many of those homes had very high appraisals."