Feb 9, 2010
For OpEdNews: Richard Clark - Writer
As we all know, the massive wave of subprime mortgages that defaulted in 2007 and 2008 caused the biggest financial crisis since the Great Depression. What most people don't yet know, however, is that the "second wave" of mortgage defaults is on the way. A huge mountain of adjustable rate mortgages are scheduled to reset this year, and once those ramped-up mortgage payments have to be made, then once again there are going to be plenty more folks who simply cannot or will not continue paying on those mortgages, most of which will be foreclosed, leaving the banks with tens of thousands of properties which they will eventually be forced to sell, for prices well below what had been considered a fair market price. This in turn will press the market value of all other homes down still further, well below their current value.
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Asked by Anonymous at 12:16 PM on Mar. 1, 2010 in Politics & Current Events
Answer by Kenre at 5:59 PM on Mar. 1, 2010
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Answer by jewjewbee at 12:30 PM on Mar. 1, 2010
We will not recover as long as obama is in there trying to change us with his socialist agenda. We can not recover with all the Dem's big spending. They are putting us in so much debt that we will never recover from. Now they want to burden us with this big expensive health care bill. I just hope and pray that we can stop them.
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