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The second wave of foreclosures, this time a great many more "prime" loan holders, is about to start. The first wave was a lot of 2 and 3 - year fixed Hybrid mortgages, but now it's time for expiring 5/1 ARM holders to realize that they are upside down and face the music.
As zero jobs have been created by the "stimulus" - - aside from all the Czars, I mean - - unemployed or laid off homeowners will be ineligible for modification.
In the absence of actual INCENTIVE for employers to hire, and hardcore tax cuts for everyone, yes even those evil "rich" people who employ other people, things are going to suck for a few more years.
The next recession, after this one "ends," will happen 9-12 years later.
If times get real bad, come in and let me sell ya good pair of Skates. all your worries will just melt away in no time flat. Might as well enjoy yourselves, till things get better.
Skateguy will you also throw in a free hotdog with the purchase of skates. What a wonderful world this would be.
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yup.
