The Debt Ceiling Crisis: Blah, Blah, Blah

By now, all the pundits and most of the analysts on Wall Street believe a debt deal will get done by Monday morning, so the next question is the most obvious: where do we go economically from here? Politically, blood is in the water and voters from both parties (and independents) will pull the lever accordingly in November 2012. But if a “real” plan is enacted, will the U.S. start to take off again economically (because uncertainty has been removed) and how will housing/mortgages fair? Two things are for certain: plenty of consumers have taken note of the ultra low rates and cheaper home prices and would love to buy now. (Thursday morning Quicken Home Loans was offering a 30-year FRM at 4.6%, APR.) Secondly, loan menus are so tight that some of these borrowers cannot get a traditional loan, which means a huge opportunity exists for nonprime lenders. Oh, but where are these nonprime lenders?