Financial Hurricane Hits Florida

GE Money Home Lending subsidiary, British Mortgages Abroad has stopped taking new mortgage applications on properties in Florida. Clearly a comment on the Florida market, Mark Maguire, spokesperson for GE Home Lending UK, said, "It's not a comment on the Florida market."

Who he thinks he's kidding is beyond me. Why not just be honest and say "We are pulling out of the Florida market because of the amount of recent foreclosures and price drops."?

Florida saw over 25,000 foreclosures last month alone. All in all, things are not looking rosy for the US market in the short term and Florida has been particularly heavily hit by "Hurricane Mortgage."