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Your Morning Credit Crunch: Dude Said 'Contagion'

Nothing like a little alarmism to jump-start the morning. The Sun pens the tale of a young lawyer whose $200k income and little savings have left him shut out of the mortgage market. "Banks used to like these people," said Richard Bouchner, the Jersey City-based broker on the flailing project. "[T]here has been a real contagion effect. One lender after another is turning off the flow." The rest of the piece looks like a bunch a wishy-washy declarations meant to take the starch out of Bouchner's dire analysis, but we couldn't make most of it out through the blur of tears.
· Though City Borrowers Feel Pinch, Manhattan Seen as Insulated [Sun]