{"id":718,"date":"2007-03-16T08:01:00","date_gmt":"2007-03-16T15:01:00","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=718"},"modified":"2010-01-18T19:58:43","modified_gmt":"2010-01-19T03:58:43","slug":"mortgage-mess-difficult-to-ignore","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2007\/03\/16\/mortgage-mess-difficult-to-ignore\/","title":{"rendered":"Mortgage Mess Difficult to Ignore"},"content":{"rendered":"

Take a look at the front page of the Seattle Times website<\/a> this morning:<\/p>\n

\"Seattle<\/a>
Click to enlarge<\/a><\/div>\n

That’s Coalition warns of “mortgage tsunami”<\/a>, followed by Accounting, executives at lender New Century investigated<\/a>, Fraud charges at Metropolitan Mortgage & Securities settled<\/a>, and of course Mess unlikely to break economy<\/a>.<\/p>\n

First off, I don’t think the term “mortgage tsunami” is appropriate, since a tsunamis come with little warning and through no fault of those in their path. I’d call it more of a “mortgage harvest<\/i>,” considering that the mortgage banks and homebuyers are simply reaping what they have sown.<\/p>\n

And why is it that they would like us to believe that the ongoing mortgage “mess” is not going to “break” the economy?<\/p>\n

However, while stocks of subprime lenders have been pummeled, the industry’s effect on the broader market is likely to be muted. “All told, subprime mortgages are worth about $640 billion, and that isn’t chump change,” says Bob Gay, economist and managing partner of Fenwick Advisers. “However, it’s only 0.6 percent of annual gross domestic product. … On the consumer side, it’s not like every subprime mortgage is going to default and get repossessed.”<\/p><\/blockquote>\n

Delightful. An argument that basically amounts to “because we say so.”<\/p>\n

Hold on tight and enjoy the ride, everybody.<\/p>\n","protected":false},"excerpt":{"rendered":"

Take a look at the front page of the Seattle Times website this morning: Click to enlarge That’s Coalition warns of “mortgage tsunami”, followed by Accounting, executives at lender New Century investigated, Fraud charges at Metropolitan Mortgage & Securities settled, and of course Mess unlikely to break economy. First off, I don’t think the term…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[25],"tags":[1115,75,81,31],"coauthors":[],"class_list":["post-718","post","type-post","status-publish","format-standard","hentry","category-economy","tag-economy","tag-financing","tag-mortgages","tag-seattle_times"],"yoast_head":"\nMortgage Mess Difficult to Ignore \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2007\/03\/16\/mortgage-mess-difficult-to-ignore\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Mortgage Mess Difficult to Ignore \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"Take a look at the front page of the Seattle Times website this morning: Click to enlarge That’s Coalition warns of “mortgage tsunami”, followed by Accounting, executives at lender New Century investigated, Fraud charges at Metropolitan Mortgage & Securities settled, and of course Mess unlikely to break economy. 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