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TheRealDeal - Second wave of mortgage crisis to come

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Uploaded by on Dec 15, 2008

In a segment on CBS that aired yesterday, 60 Minutes correspondent Scott Pelley talks to investment and credit experts about the new types of mortgages that will create a second wave of foreclosures. The country has already suffered the subprime mortgage crisis, and the experts say the next wave of risky mortgages to default are the Alt-A and option ARM mortgages, which were also bundled into Wall Street securities and sold to investors.
For more information plesae click the link:
http://www.cbsnews.com/stories/2008/12/12/60minutes/main4666112.shtml?tag=Fea...

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  • Wonder if "Oscar" ever gets to move out a family he himself conned into buying an overpriced house that he knew they couldn't afford.

    How do you think Oscar feels about that?

  • the only people recommending buying a house are real estate agents. Renting is so cheap it just makes no sense to buy an asset (house) and watch it lose value over the next five years.

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All Comments (25)

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  • nice vid you got there!

  • Here's a piece that supports Tilson's analysis and prediction.

    Take a look at the YouTube video-- Mortgage Tsunami Two: 2011-2013

  • what does warren buffet say about this?

  • variable rate mortgage? Turn and run the other way!

  • How can we estimate when this will end when it is not clear what the long term status of the job market will be? What reasons do we have to believe that the job market will turn around? What reasons do we have to believe that our wages will increase and that cost's will go down? What reasons do we have to believe that we have stabilization in health care costs and finally what reasons do we have to believe we will ever see S.S. and medicare? It is not just housing. We are in trouble in every way

  • WOW HUGE SCAM WE ARE STILL IN 

  • @jandean61 RIGHT ON

  • 2014 is when this will bottom out.

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