Housing's Double Dip
Housing's Double Dip by Mike Whitney:
"Prices are falling, home equity is drying up, foreclosures are at record highs, and the incentive to 'walk away' and let the bank take the mortgage-loss has never been greater. All of the mortgage modification programs have been a total failure. The Fed purchased $1.7 trillion of garbage mortgage-backed securities (MBS) from the banks, but hasn't lifted a finger to help homeowners. All of the pain from the $8 trillion housing bubble has all been shunted onto the backs of ordinary working people."
"Prices are falling, home equity is drying up, foreclosures are at record highs, and the incentive to 'walk away' and let the bank take the mortgage-loss has never been greater. All of the mortgage modification programs have been a total failure. The Fed purchased $1.7 trillion of garbage mortgage-backed securities (MBS) from the banks, but hasn't lifted a finger to help homeowners. All of the pain from the $8 trillion housing bubble has all been shunted onto the backs of ordinary working people."
posted by Jay at
9:20 PM
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