http://www.cnbc.com/id/101963571
Bove envisions a scenario in which long-term financing, like the
ubiquitous 30-year mortgage, that has come with fixed interest rates is
endangered as mortgage buyers dry up.
"This means there will be less money available to
fund housing, and the terms of the available funds will be considerably
more onerous than what was available under 30-year, fixed-rate loans,"
Bove said in a report he sent to clients Tuesday. "This means higher
monthly payments and lower housing prices. It means a crisis in the
mortgage markets—and the economy."
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