Bond Outlook [by bridport & cie, April 19th 2006]
The US Federal regulators have belatedly recognised that excessively easy credit for house purchases, typified by the wide availability of 0% deposit loans could actually have been contributing to the housing bubble. Guidelines were quietly changed a year ago, so quietly that it has taken six months for them to have an impact. Data show a fall in the yearly rate of change of bank home equity loans from plus USD 130 billion at end 2005 to minus USD 10 billion now. |
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