Tacitus

We Are Where We Are

I can't speak to Europe, but for the last two weeks in the US mortgage brokers and bankers have been working around the clock, seven days a week, fourteen hours a day, on new mortgages and refinances in the residential mortgage business. The are having trouble keeping up with demand. Fed policy and the money being pumped into the banks and the economy are beginning to stimulate the flow of credit, and the ice floes are beginning to break up. Another rate cut on 12/16 and we will be past the worst of it. That's not to say the economy will snap back instantaneously, of that we don't still have some major systemic issues to address, but there is beginning to be good news among the bad.