The next spring buying season is DEAD. The so-called pent up demand will be met by unwilling lenders. Credit contraction is underway, folks. Why? subprime lenders are biting the dust one by one. If you go to Ben’s blog, many posters a few days ago (over 380 posts on that popular discussion thread) were all agog and a-twitter about the recent VERY SUDDEN demise of several subprime lenders this week. A very witty, very articulate, very smart and logical poster named “tweedle-dee (not dumb)” reminds me of Powayseller. These subprime lenders are closing their shops so fast to avoid repurchasing the toxic loans they originated. Pass the buck to the biggest bag-holders of all, the MBS buyers, who are just now waking up to the fact that they might have been suckered, big time.