“In May, what market? I don’t see no market”: Realtor.
Part of the problem is cultural: big banks in the UK don’t like lending to small businesses, especially not at 1.5%.
But those paper gains were fun while they lasted.
Availability of Jumbo Mortgages Plunges.
“The mortgage market has more risk than previously acknowledged.”
Regular folks need not apply.
Loading up on Treasury securities, mortgage-backed securities, repos, “central bank liquidity swaps,” and “loans” to keep the Everything Bubble from imploding further.
“Nobody has any taste for risk anymore. All of those exotic loan programs have ceased. All investors buying that paper are gone”: mortgage broker.
“The leveraged share buyback game has ended, which also means an end to the phony earnings growth.”
Now even the fig leaf is gone.