Life is going back to normal sooner than later?

If the banks can get rid of the bad loans, then they can start issue mortgages again. Subprime people will get a deal to stay in their homes, and there will be fewer foreclosures.

By the end of next year, subprimes issued in 2006 will be reset or refinanced, the subprime issue will be completely gone by then.

That said, the area I operate has record number of foreclosures this month. Will the surge suddenly stop because the last two days' news? We will have to wait and see, but in theory it should absolutely reduce the numbers significantly.

I hope life will go back to normal so that I can refinance my purchases. It is absurd for the banks not to finance a cash property at whatever LTV they want. I hope the six month holding period will be removed soon for cashout mortgages.