The following video clip link was recommend by Richard at KT Ordnance [1]. That manic CNBC TV market analyst Jim Cramer says “Just Walk Away” from upside down home loan situations. [2] 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 [3] 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 [4]. 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 [5] mentioned the Mortgage Lending Implode-O-Meter [6] 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.