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Fed Prez Dudley Says Homeowners Need More HELOCs
invite response
2017 Jan 21, 12:32pm 3,053 views 7 comments
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Translation: "Use your primary residence and investment properties as an ATM so that you're deep in debt to finance a standard of living that your INCOME can't sustain, in order to prop up an artificial economy for a little bit more, before it all comes crashing down again."
This is what Greenspan, Bernanke and PAUL KRUGMAN EXPRESSLY condoned in prior years.
SSDD.
Strategist
2017 Jan 21, 1:13pm
Real translation: With all that equity, and a shortage of homes, a housing collapse is not possible.
APOCALYPSEFUCK_is_ADORABLE says
This criminally insane financial pornographer has no business near a bank of any kind.
Couldn't have said it better myself. Anyone heard Deutche Banks call on the market??? Saying sell......
http://www.zerohedge.com/news/2017-01-17/dudley-housing?page=1
“The good news is that, while the current expansion is quite old in chronological terms, it is still relatively young in terms of the health of household finances,†Dudley said in a speech to the National Retail Federation.
“Whatever the timing, a return to a reasonable pattern of home equity extraction would be a positive development for retailers, and would provide a boost to economic growth,†Dudley said.
Homeowners may have overlearned the lessons from the housing boom and bust, the New York Fed President said.
Even though home values have risen over 40% since 2012, housing debt has stayed virtually flat, he said.
“The previous behavior of using housing debt to finance other kinds of consumption seems to have completely disappeared,†and people are leaving the wealth generated by rising home prices “locked up†in their homes, he said.
#housing