US Mortgage Crisis 2.0

Remember my posting and definition of "Dead Cat Bounce?" That bounce was the past few months, and now we're most likely beginning the next slide down the razorblade of life as US Banks go into crisis mode, lock-down and even failure. This will continue to erode US consumer confidence to an all-time new low and people will simply NOT make deposits into banks due to fear. If the banks don't get deposits, they can't loan. Any "US Bailout" money will continue to get hoarded by the banks and not passed on to the intended consumer. "The best laid plans..." "Time heals all..." "I could..." "...but I'd have to..." "How bad could it..." "You're not alone..." "We're all in this..." ...and other statements aren't going to help. Who's next to close either Jumbos or all financing? Likely players: Countrywide, ING, Union Bank, US Bank. Here's a familiar saying: Take Action! May I recommend not asking "How bad can it get." Ask and you receive. Ask better questions. Ask me for a new loan while you can lock it in, as the forecast calls for rain. Pat Townsley, mortgage forecaster. 415-485-1776. www.ptre.net