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A Second Mortgage Disaster On The Horizon?

20 December 2008 by 2 Comments

So far all the videos you have seen on this blog have been done by yours truly and have offered what I hope to be good content mixed with some entertaining humor.

This interview is one that I wish I could say is mine also … but there is nothing funny about it.

The story was first aired on 60 Minutes about a week or so ago and is a real eye opener for real estate practitioners.

It literally made the hairs on the back of my neck stand up because of the severe message and prediction it makes about the not so distant housing market.

Just when we thought that the sub-prime melt down was behind us and a hopeful light was dimly burning at the end of this economic dark tunnel … this story about Alt A’s and Option Arms appears.

This is a must watch video

All Good Wishes,

michael krisa

http://ThatInterviewGuy.com

 

 

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  • http://www.bankloans.com Shawn Yurkanin

    This is very scary indeed! I know that Wells Fargo through their purchase of Wachovia has a boat load of these loans on their books which are set to re-cast to much higher rates in the next 18 months. I understand that they have started contacting the holders of these “pay-option” neg-am mortgages and are voluntarily re-working the terms on these “toxic” mortgages.

    My understanding is that they have sent out letters to 30,000 customers and many of them are in the process of re-working.

    I expect that other big banks and holders of these notes will start doing the same thing as Wells.