Real estate does not look good for a while.....

what i look forward to see is the issue of prime REOs. given that these guys have more political cloud than subprimers (whities that think they did 'everything' right, implying that poor people deserve their position in the pecking order)... i wouldn't be surprised if primers push the principal reductions making every taxpayer an honorary mortgage payer, whether they hold title of the property or not.

wonder... if that happens, why shouldn't we all invite ourselves to somebody's else house for a barbecue, why paying they mtg when we don't get to use it?

this quote is kind of genius:
"This was bound to happen at some point, although not by this much," wrote a startled Jennifer Lee, senior economist with BMO Capital Markets. "Gulp," she added.