60 Minutes report: Second wave of mortgage meltdown coming in wake of "real-estate orgy"
Ever wonder who's buying up those condos and apartments in what seems like an endless wave of glitzy, high-rise developments all over the place? People with something call Alt-A and Option ARM loans, that's who! Well, I caught this report last night by Scott Pelley on 60 Minutes on how these loans could lead to a second, more traumatic wave of mortgage defaults to hit the US economy in 2009. Buckle your seatbelts folks...
2 comments:
This just pisses me off. Why is it MY fault that dumbasses took out loans they can't afford now? I've bought houses but always at a fixed rate, if it goes down you can refinance at a lower fixed rate. If you're that stupid to take a variable rate, why is that my problem? grrr
oh boo f-ing hoo, ms. giosa. your job is "full time licensed acupuncturist", and yet you claim you were looking at buildings "all day long" and were "misled". no way you'll re-fi, so enjoy the default club.
for the first time, i'm content as a rent slave. power to the proletariat!
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