Tsunami of foreclosures to hit US

Via The Big Picture

A tsunami of home foreclosures is set to hit the US as banks are unable to keep bailing out tenants that can’t afford their rent, David Karsbøl from Saxo Bank told CNBC.

Karsbøl talks about the rising wave of anger in the country against the bailout and the bankers, saying that is probably one reason people just stay in the homes for months without paying anything, waiting for the foreclosure. When financial analysts start to speak openly about populist anger, then something major in the country has shifted. The elites are still uncomprehending about the anger. They won’t be much longer, I’m guessing.

Mish on why the tsunami is coming.

Mortgage cure rates have fallen off a cliff. For those unfamiliar with the term, a “cure rate” pertains to those who go delinquent on loans then catch up and become current. Late payments that don’t “cure” have a tendency to get later and later over time, before they eventually default.

One comment

  1. stop foreclosures and evictions!

    turn mansions and country clubs into shelters for the people!

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