The following video clip link was recommend by Richard at KT Ordnance. That manic CNBC TV market analyst Jim Cramer says “Just Walk Away” from upside down home loan situations. He also accurately describes the incipient “2 and 28” ARM home loan rate reset disaster. I have said before in SurvivalBlog: If people get sufficiently upside down in their mortgages in the midst of a recession, they will indeed pack up and abandon their houses, leaving their bankers to clean up the mess. Feel free to quote me on this prediction.
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Don’t miss out on the special $99.95 sale for my “Rawles Gets You Ready” preparedness course. This is the first time that it has ever been sold for 1/3 off the regular price. The sale ends on August 8th, so place your order soon!
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In one of his recent e-newsletters, economist Dr. Gary North mentioned the Mortgage Lending Implode-O-Meter web site, which tracks the number of banks that have gone under in the current liquidity crisis. Be sure to check out their news article links.