New York Mortgage Business

1.  Co-op boards prevented anyone incapable of repaying a loan from buying, despite the fact  that greedy mortgage brokers may have approved.

2.  The dollar continues to be weak and shows no sign of letting up, continuing to make New York City the location of a global shopping-spree for foreigners.

3.   The stock market shrugged off a credit crunch reaction last week and is rallying again.

4.   The recent spike in jumbo mortgage rates is a result only of a temporary liquidity issue on Wall Street and not a reflection of real increased risk perception.  Defaults for jumbo loans continue to be less than 1%.

5.   Living in Jersey is still not an option for most.