This is just an example of the angst that people feel when reality smacks them in the face. It is almost funny to see someone who as little as two weeks ago was “bullish” freaking out like this…but a little scary:
At least he recognizes that the engine driving this train is the pain being felt by homeowners who are being hammered by the ongoing mortgage-resets.
Unfortunately, I am not sure 50 bps will do much to change anything at this point.
wow this guys is seriously freaking out! I hope he is over reacting…
I think he is always overreacting, but it gives a good indication of the kind of panic that has been present in the markets. Today was a nice rally…we’ll see what happens with the Fed
NovaStar to resume subprime loans as they say…
[I]t [NovaStar] will resume making subprime mortgages through brokers starting Tuesday after taking a fresh look at “current conditions in the secondary market.”