Many of the Mortgage Order Mills (MOMs) are on life support. They are praying to Satan for a deep recession or a depression.
The personal savings rate has continued to decline, and in the latest month it tumbled from 3.2% to 2.9%, the lowest since November 2007, which as a reminder is one month before the last recession started.
The chart below shows that 13-week annualized credit card balances in the U.S. have gone completely vertical in the last few months of 2017, a troubling sign and yet another confirmation that US household savings are almost gone, forcing Americans to resort to credit cards.
The mortgage segment is on life support. It’s best to avoid the mortgage segment.
Some empty Mortgage Order Mill office space has been converted into a Satan worship area where prayers can be said asking for a quick recession.