The Mortgage Meltdown Continues to Fuel Foreclosure Crisis
ByForeclosures jumped 81% from the previous record year and neraly a million homeowners negotitated a loan modification that lowered their mortgage payments. Yet after 6 months, almost 50% of these homeowners re-defaulted on their mortgage modification. Does anyone out there not think this a real crisis. What started with subprime mortgages going bad has spread into a global crisis that threatens a lot more than just home equity. We have mortgaged our great grand kids economies with devastating financial impacts that will impact many generations to come.
CBS’s Scott Pelley reports on the mortgage crisis that has yet to find a resolution and has spun into a serious foreclosure crisis that is far from over, with a second wave of expected home loan defaults on the way that could deepen the bottom of the U.S. economic recession.
