The unlikely event of a U.S. debt default could lead to double-digit U.S. inflation, unemployment and GDP losses, and interest rates rising "into perpetuity," Treasury Secretary Yellen warned this week.
In essence, an "economic catastrophe."
That not-so-pleasant thought is why American lawmakers almost certainly
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Mortgage Professionals Canada (MPC) shared its latest mortgage consumer survey today. Here were nine of its most interesting findings (our take in italics).
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We've received multiple anecdotal reports of banks cutting back credit card limits for customers who've been paying as agreed. These are high FICO score customers who've had no delinquencies.
One can imagine what's happening to folks who have actually missed a payment.
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A good chunk of the population needs a weak CPI print next Tuesday. They need a string of weak CPI prints.
That's the only way mortgage rates will trend lower, and it's essential that rates find gravity before long. If they don't, credit defaults
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