In a segment on CBS that aired yesterday, 60 Minutes correspondent Scott Pelley talks to investment and credit experts about the new types of mortgages that will create a second wave of foreclosures. The country has already suffered the subprime mortgage crisis, and the experts say the next wave of risky mortgages to default are the Alt-A and option ARM mortgages, which were also bundled into Wall Street securities and sold to investors. For more information plesae click the link: www.cbsnews.com
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{ 8 comments… read them below or add one }
I suppose you know more than eeeevrybody else, right?
More than these guys, more than the economic advisors of every major nation on earth, including our own….etc etc.
Who knew?
Maybe YOU should go on 60 minutes…LOL.
Can we still borrow and buy indiscriminately? We love to borrow and buy, you know. LOL
Oh happy day, oh happy day, oh happy day, when the fed wash, wash the stupid ones away. I love it.
That guys feels so guilty to clear out the homes, but he had no problem cashing in on selling them.
“cashing in on selling them.” ……that’s the business.
2014 is when this will bottom out.
the only people recommending buying a house are real estate agents. Renting is so cheap it just makes no sense to buy an asset (house) and watch it lose value over the next five years.
R we only capable of passing greed laws at this point. I want a mortgage that is adjustable. Adjustable to fair market value. My grandfather took out a loan 50 years ago to start a business. They gave him ten years to repay it. He repaid it in one year. The next year he bought a house free and clear. To all the BMW driving pinto owners, your getting what you bought. Insecurity. I want what I pay for.