Credit Meltdown?

I'm not a Wall Street expert. I'm a mortgage broker! My primary concern on a daily basis is rates! I want to get the best rates possible for my clients. Essentially, I utilize the bond market to try and get my clients the best rate.

I'm not a financial genius, but I have seen the subprime mortgage industry all but disappear over the past 8 months. There has been considerable concern. Sensationalists speak of financial mayhem in the stock market because of these poorly performing loans. Other sensationalists imply that everything is just fine. (I hate to admit it, but these are typically people in the mortgage and real estate industry.)

I think the truth is somewhere in the middle.

Are subprime loans a mess? ABSOLUTELY!

Are subprime mortgages and easy credit going to destroy the world? I highly doubt it. While the mortgage sector is seeing drastic changes which are affecting the rest of the financial world, one must keep in mind that subprime mortgages are a very limited product within the entire U.S. economy.

Subprime mortgages may affect the stock market to a lesser degree.

We're not talking about the end of the world here folks!