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RonBoyd · 02-19-2008, 09:43 AM

Another voice in the argument for setting up a HELOC before it is needed:

Fed official: 2008 economy like 1991 recession - Feb. 19, 2008

2008 similar to 1991 recession

"Gary Stern, the regional Fed president, said the current excesses in residential construction, housing market decline, and credit crunch all resemble the "headwinds" environment that prevailed 17 years ago."

"If credit is in fact restricted by some institutions and in some markets, it will likely take time for potential borrowers to find alternatives and substitutes."

02-19-2008, 09:43 AM	#59
RonBoyd Thinks s/he gets paid by the post Join Date: Dec 2007 Location: Denver, Colorado Posts: 1,579	Another voice in the argument for setting up a HELOC before it is needed: Fed official: 2008 economy like 1991 recession - Feb. 19, 2008 2008 similar to 1991 recession "Gary Stern, the regional Fed president, said the current excesses in residential construction, housing market decline, and credit crunch all resemble the "headwinds" environment that prevailed 17 years ago." "If credit is in fact restricted by some institutions and in some markets, it will likely take time for potential borrowers to find alternatives and substitutes."