By S. McGuire
Masterfully researched, and written in a simple variety, Buy Gold Now makes a case for getting gold as safety opposed to the emerging hazards of an unheard of worldwide foreign money main issue and as a ecocnomic funding motor vehicle. Divided into 5 entire components, this trustworthy source examines our country’s present monetary state of affairs from a historic viewpoint and addresses a number of the alarming concerns that many economists are at present pointing to with obstacle.
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C. 4 But this began to change in 2006, as banks responded to the sudden rise in delinquency and foreclosures as well as increasing regulatory warnings, such the one from John Reich, director of the Office of Thrift Supervision. Speaking to the New York Bankers Association, he said regulators were “closely monitoring” the growth of loan products in which payments can suddenly double, causing a payment shock that could intensify the risk of foreclosure. 6 Since so many homebuyers in recent years have relied on zero-down and low initial-payment mortgage financing, it remains to be seen how deep an effect a sharp reduction in these products’ availability will have.
In purchasing hundreds of billions in mortgage-backed securities from banks in recent years, these institutions have effectively become banks to the banks. Up until a credit crunch suddenly hit debt markets in the summer of 2007, 80 percent of mortgages were being converted into bonds, which allowed banks to free up even more capital, spreading their lending risks among more investors. S. Treasury securities they traditionally invested in. In addition to having more capital freed up due to securitization and lower interest rates, the lending industry was prepared for the boom in other ways.
10 Unfortunately, help from the Fed does not appear to be on the way. Many of the riskier types of mortgages are tied to short term rates, which rose more than four percentage points since the low of one percent in 2003. But inflation has remained uncomfortably high, and the Fed appears reluctant to cut rates deeply. indd 59 1/12/08 2:38:43 PM 60 buy gold now rate cuts would have on our currency, a factor that could lead to higher inflation down the road. Of equal importance is the fact that long-term interest rates, which are closely tied to mortgage rates, remain near a multi-decade low.