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Actually, I am finally starting to see a select few not go down any more, and even trade up a bit. To me, that is the sign of things starting to bottom out. The guys with good credit quality could well benefit because A) they will soon have a lot fewer competitors for loans and B) if this gets ugly enough, the Fed will be dropping rates which will benefit the banks immensely.
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"And Jesus spake, 'Become thou now fishers of adjustable rate mortgages'" - New Conservative Bible
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