It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
The sheer volume of this nation’s national debt, consumer debt and war debt are beyond most Americans to envision. Trained by generations of “we put a man on the moon and we an do anything” mentality, the concept of economic and social collapse is beyond our ken.
When I was a child, I heard the grown ups telling a story about this lazy man who’d throw a brick through the window of a store when the police drove by, just to get arrested and have a roof over his head for the winter. According to some people, this economy will have a lot of people doing the same thing in the near future.
One analyst says two more waves of foreclosure and economic mayhem are just around the corner
“While the U.S is currently in the midst of the largest bout of home foreclosures in at least 30 years, at least one economist says two more 'waves' are likely on the way. Patrick Newport, a housing economist at Global Insight, said the next round of foreclosures could come over the next several months as a result of continued job losses in the U.S. (Ibid)
Newport’s comments have unleashed a cornucopia of responses. Some believe he understated the problem and see a depression-like economy roiling the nation over the next few years. Others believe that, although some mortgages have less value than roach-eaten wallpaper, many good notes are still out there, still making a profit for the institutions that hold these mortgages.
Meanwhile, according several bloggers on Mortgage Weekly’s website, people have no idea what the nation is in for. Referring to the idea that “the worse is over”, one particularly pessimistic individual took the Pollyannas to task:
You silly people, you have no idea how bad it is going to get- the next wave will be worst and if there is even a 3rd wave left that will be it- depression. Alt A loans, and option arms are coming due-very soon and with declining values and the lost of loan programs will prevent most from refinancing or purchasing so they will walk - these count a lot more than the subprime loans that were out there- ripple effect throughout every aspect of the economy is about to happen…(Ibid)
In response to the information you have presented "Forclosure Crisis" yes i think this will Definately happen agian. 2 more "waves"? how can they be so sure? IMO i would expect to see dozens of waves over the next few decades until EVERY HOME IN THE USA is OWNED by the BANKS!
Among the areas hardest hit by foreclosure notices was Fort Myers, Florida; one in every 64 households there received a default notice in July alone.