The Mortgage Bankers Association Takes Down Numbers

Posted By on July 6, 2011

Hmm, let’s see…..the Mortgage Bankers Association (village idiots) back in January targeted  $616 billion in new lending from mortgage loans covering the 2011 calendar year. It was a nice try but a stab in the dark.  Guess what?  They just gutted that number…yep, down she goes, so now they expect it to come in around $432 billion for 2011.  The village idiots were only off by 30% with this estimate (and it may get even worse by years end).   Better luck next year.

Lending for mortgages to buy homes probably will drop to $432 billion this year from $473 billion in 2010, according to a forecast last month by the Mortgage Bankers Association in Washington. In January, the trade group predicted a rise to $616 billion, which would have been the first increase since 2005. The association now forecasts the gain will be in 2012.

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