Lowell Deeds

The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell

July 11, 2008

Mortgage System Meltdown?

by @ 11:51 am. Filed under Real Estate, History

I often wonder what it was like for most people on October 29, 1929. Were our predecessors here at the registry of deeds sitting around talking about the lack of recording activity, the high volume of recording activity, the weather, the upcoming city election? Today’s one of the days I’m thinking about this. Will our successors 79 years from now be asking “I wonder what was going on at the registry of deeds on July 11, 2008, the day the world’s financial system imploded?” Of course I’m being overly dramatic, but nothing in the news today excites confidence in our economy, especially the news from minutes ago that shares in Fannie Mae and Freddie Mac, the two giant corporations that own or guarantee half of this nation’s $12 trillion in mortgages have already lost half their value today on Wall Street. And it’s only 11 a.m. Stay tuned.

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