Heard today that Fletchers have stopped work on at least 20 houses in the old Mt Wellington quarry development. Info came via a subbie on development. Someone may be able to confirm or otherwise.
Sorry to harp on, but if it left too long then it will be a longer road to recovery. I suggest 0.25% reduction later this month. You heard it first here.
Was watching the box the other night and there was a bit on bank owned houses in the states and the cops security guards that where going around cleaning out the squatters,some squatters were cleaning them up getting the power put back on and renting them out.
Lots of houses were trashed and when they contacted the banks they didn't want to know and didn't get back to them.
So the bank owns a house that is dropping in price,no one wants to buy it and it's now trashed,someone is taking a big hit and loosing lots of money.
Abitrage that would be absolutely stupid everybody would go mad and expect the reserve bank to bail them out every time they need to reinforce the message not to be an idiot by increasing them preferably two 0.5% rises 3 months apart starting now.
Was watching the box the other night and there was a bit on bank owned houses in the states and the cops security guards that where going around cleaning out the squatters,some squatters were cleaning them up getting the power put back on and renting them out.
Lots of houses were trashed and when they contacted the banks they didn't want to know and didn't get back to them.
So the bank owns a house that is dropping in price,no one wants to buy it and it's now trashed,someone is taking a big hit and loosing lots of money.
Cheers
Miner
Banks don't have to worry as they have swapped their AAA MBS for treasuries at the FEDs TAF window - just keep rolling over every 28 days. No worries until.....
FED has used 2/3rds of its balance sheet only 1/3rd to go.
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