I really don't know where to begin other than post an article, "The Rise of The mortgage Walkers," from the Wall Street Journal to set the tone for the challanges ahead. In a nutshell, one has to be living under a rock not to notice the daunting predicament we find ourselves in.
The housing mess that has gripped this nation is the text book discription of the worst case scenraio possible for the mortgage industry and along with it the other tertiery businesses associated with it such as insurance, home building, home improvement stores, architecture just to mention a few.
In the last 5 years ending last year, there was a widespread fraud in all walks of the country. Everyone of age either willingly or unwillingly participated in this fraud, or is acquanted with someone who did. Whether it's a neighbor or a friend, the damage was done and none of us was the wiser. Now we have to live through the long tideus process of rebuilding the economy. We are yet to hit the bottom of the barrel before we can start our ardous task of rebuilding the nation. In the meantime, let us all enjoy the grace period of the impending doom and take a minute or two to share those Subprime Stories.
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