If these two government-backed mortgage companies collapse - and that's what it looks like will happen - it will make Countrywide's crumbling seem like a quarter dropped on the street.
http://www.nytimes.com/2008/07/11/business/11ripple.html
Where in the World is MadamaB?
14 years ago
3 comments:
I can only imagine what would happen to the federal government's bond rating if its liabilities increase 50% overnight.
My guess is that real-world interest rates on mortgages and such would skyrocket overnight, probably to levels that would prevent all but those with mental disorders from purchasing a home.
The party, as they say, is over. At least people can live in their investments. At least, that is, until the sheriff shows up and dumps their gear on the street.
Mental disorders, or Europeans.
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