Tuesday, December 16, 2008

Additional Pressure on Mortgage Industry

Saw a 60 Minutes story, Sunday Night, on a looming second mortgage crisis that is being forecast by Whitney Tilson. Tilson believes that we are only half way through this meltdown and even a bigger fall is ready to hit because of  two other kinds of exotic mortgages that became popular during the boom, called "Alt-A" and "option ARM. Not sure how many Alameda Homes were bought with these types of loans but I thought is was a valuable to learn more and share the story. For me it was good learning moment since I was not aware of these additional types of loans. (my favorite quote is the "Ninja Loan")

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