2010-2012 deepening Banking Crisis – second wave of $1.5 trillion home loan defaults
A second wave of home defaults will strike Banks in 2010-2012. Over $1.5 trillion dollars of bad home loans will threaten the banking system and risk economic collapse. Condensed from a 60 minutes expose. Video response shows Option ARM reset chart 2010-2012
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insane? this is beyond insane.
no wonder the Mayans predicted big trouble in 2012!
Better fasten your seat belt folks, looks like we are all in for a very rough ride.
@dv2012 — yes , But the Option Arms mortgages begin to Reset 2010-2012
This is a systemic global economic collapse just give it a few years we will be in a 50 year depression if nothing else goes wrong but with the government we have and declining relations between nations war is almost backed into the cake.
@62636263c Hi..are you basing this on the 60 Minutes spot or do you have other information to make you believe this???
Any idea on when we might see this?
I know that we are headed for a world of shit…I would like to be able to pin point it to a time frame.
looks like all the TV watching, head-in-sand Americans are getting the noose tightened around their necks a little more. Forced to buy expensive health insurance at IRS gunpoint, combined with mortgage rate resets on their homes – could this make a combustible combination? Not the change they thought they were getting with Obama was it.
This vid is from 2008
TARP watchdog blasts Obama housing program
The Obama administration’s $75 billion program to help homeowners risks failure by, “merely spreading out the foreclosure crisis,” a top government watchdog said Tuesday.
Ring, ring……………..##^*$.
* BofA to offer forgiveness of up to 30 pct in two stages
* Statement due Weds, also covers negative amortization loans
Fall 2011 will be a killer, thats the highest rate of options arm resets
The fact is, many of the homes in default from the first melt down have not been marked down and put on the market, because lenders are not able to take the loss on them, even after the bail out to prop them up was administered. The number of defaults to date are small in comparison to what is ultimately coming down the road.