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When's Housing Bagholder Bailout #2 Getting Here?

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August 06, 2008 – Comments (1)

Mortgage Failure Rate Rises Mortgages issued in the first half of 2007 are going bad at a pace that far outstrips 2006, an analysis shows, suggesting that the blow to the financial system from U.S. housing woes will be deeper than many people earlier estimated.

Hmmm. I know quite a few doom and gloom bloggers who predicted this, and unless I misremember, I was also in the camp that figured loans could only have gotten worse toward the peak, since everthing was by then shifting from sub-prime (crap, but relatively standard crap) to Alt-A liar's loans, pick-a-payments, and other ways of creating fraudulent "affordability" in order to keep the Ponzi scheme moving at a time when houses were just way too expensive and people were already tapped out.

1 Comments – Post Your Own

#1) On August 07, 2008 at 2:50 AM, DemonDoug (82.19) wrote:

could be friday, if FNM's accounting is anywhere near accurate they will of course produce a "surprise" loss that was "more than expected.

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