Indymac, Fannie, Freddie, Recesssion, Depression

Ouch. Another red hot poker in the eye of banking and mortgage. When banks fail, there's no short-term good news. Is this a prequel to a "run on banks" and a sequel to the Great Depression? Time will tell, like this photo from yesterday via LA Times where customers find that they're locked out of their Indymac bank. Scary, a little, but Don't Panic (Your deposits to 100k are FDIC insured). There are differences between the Original Great Depression and the upcoming remake: This time, we have a more global economy, more proactive controls coming, lots of wealth and tenacity, yet high energy costs, inflation, a bit of a deficit challenge and the one wild card never seen before in any historic economic-generational paradigm: The Boomers. What we do know is what we can do today. Mortgage rates will go higher and loans harder to come by. I'm still here, advocating fixing in a new loan while you can. Pat Townsley, Broker. 415-485-1776. It all starts with YOU. Click here for a bit of get-up-and-go juice.