Housing Recovery?.......................from Rico

The "housing recovery" is looking a lot like that 'other' recovery.

BoA (aka The House of Moynihan) recently sold ~ $215 billion in Mortgage Servicing Rights as part of one of the biggest MSR transfers in history.

Wells Fargo and Everbank (among others) are busy cutting their mortgage departments.

For the 11th week of the last 12 week, mortgage applications have fallen in the fastest 3-month collapse since June 2009, and mortgage actvity is now at its lowest in two years.

This can all be easily 'fixed' ...just like the GDP was 'juiced' by half-a-trillion of 'statistical' growth, it only remains to generate phoney housing numbers too, and victory can be declared (at least in 'notional' if not 'real' terms).