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Old 10-10-2010, 10:43 PM
Location: Atlanta, GA
1,200 posts, read 1,928,349 times
Reputation: 845


Chris Whalen: It's Still 3-6 Months Until Foreclosure-Gate Really Gets Out Of Control


This one is going to take a read and listen. Foreclosuregate is really about the fact that there are just so many damned foreclosures, never mind the ones outstanding. Banks are at the tipping point where it makes more sense to not even foreclose because of the costs of upkeep of property.

Chris Walen suggests creation of REITs to scoop them up.

Is the Subprime Crisis Over?

No. The improvement in bank loan default rates is a mirage. The use of loan modification to make bad credits appear “current” is an economic fraud perpetrated by Washington that is already becoming apparent via foreclosure moratoria.

Mounting cash flow stress on all lenders is reaching crisis levels. Non‐payment by borrowers and mounting foreclosure backlogs are creating the conditions for the collapse of some of the largest U.S. banks in 2011.
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