There's been a lot of buzz in the news lately about the worldwide credit crunch, with reports coming in from the United States, Canada and Europe. Many blame lenders that offered teaser rates designed to entice those with spotty credit or no money for a downpayment.
A few years ago these subprime loans led to a housing boom that helped fuel a booming economy. However, once the adjustable rates from these loans start to climb, borrowers find they don’t have the money to pay their monthly mortgages. Foreclosures are on the rise and lenders are tightening their standards in response.
The fallout has affected everything from home mortgages to car loans to credit card rates. Even Wall Street is cringing at the crunch. Investors are more skittish of preferred stocks because of the fallout from the boom in leveraged buyouts in recent years, according to a report from Investor’s Business Daily.
We’re curious how all this has or will affect the marine industry. Are consumers less willing or able to buy a boat? Are marine lenders tightening their belts as well? Are repossessions on the rise?
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