Even this morning I read in the NY Times that all the mortgage brokers are excited by the prospect of refinancing all these scary home loans and earning more money…

This will be a good source of income for a short period of time. There are two problems going forward… Rising interest rates may make it difficult to qualify people on a fixed rate loan, but the 40 and 50 year mortgages may help with that. The bigger problem is that if prices start dropping to the point were people owe more on the house than it is currently worth. Refinancing gets extremely difficult.

Just curious PS, I’m not trying to attack you, what were you doing up at 3am posting on the forum? Are you that eagerly awaiting the crash? Maybe the time stamp is off?