The "wave" comment from the outgoing Fed governor started moving on the financial wires at about 1:40... which is right about the time the market really came off the highs of the day.
Click here to read about Bies' remarks.
Clearly, mortgage mayhem is a big concern on the Street.
So who do you believe? Ara Hovnanian seems to think housing is close to hitting bottom, but if a Fed governor is thinking that home mortgage defaults are just getting started, that surely doesn't bode well for the home builders if inventories of existing homes swell on a wave of defualts.