A full year before the housing market had a melt down (Sept. 2008), the mosquitoes knew:
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So can the banks. A key impediments to economic recovery is underwater mortgages: people repay housing loans for more than the underlying property is worth. Many Dirty Fucking Hippies sane people have recommended that banks be forced to 'cramdown' these mortgages*.
I haven't talked about Big Shitpile (the housing-initiated economic collapse in a while), but
One thing that I've been getting a lot of requests about is the ongoing
mortgage mess in the US. I wrote a bit about it a while ago, explaining
what was going on. But since then, I've gotten a lot of people asking
That's a great phrase that the NY Times headlined Gretchen Morgensen's article about judges who are backing borrowers when the mortgage documentation is non-existent (
It's the ARthropic principle. The universe was fine tuned for insects.
Several years before I knew it was coming because I read and paid attention. The kick in for the resets of the subprime were a known issue. I think I first heard it on PBS.
It ain't over - the option Arms and Alt A's are going to reset as well. When they do MORE foreclosures, and more economic pain. But the gurus of Wall Street don't talk about it.
http://www.therealestatebloggers.com/2008/06/06/option-arm-reset-schedu…
No one likes bad news I suppose so we just wait until things are bad to acknowledge it. No fun being a Cassandra but add peak oil and peak rare earth metals (which China is about to monopolize http://www.theaustralian.news.com.au/business/story/0,28124,25158871-36… ) and the way ahead is downhill.