Beware the Latest U.S. Mortgage Market Trap
Monday, June 2, 2014 at 07:45PM MARKET ORACLE
Shah Gilani writes: Get ready. There’s more trouble ahead for home buyers, home builders, and especially homeowners who took out home-equity lines of credit before the housing crisis. Those heydays have turned into haymakers.
What’s already started to happen might not only knock out the formerly aspiring but now petering-out housing recovery, but also might knock the already weak economy to the ground.
Back in the good old days, when banks and mortgage shops were selling mortgage money and home-equity credit lines like carnival barkers wowing crowds into the big top, millions of homeowners steeped right in. That circus tent was nothing but a trap, however. And now I’m going to tell you what that trap means for those borrowers … and the rest of the economy …
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