tag:blogger.com,1999:blog-8529580665294663953.post7004229598032796408..comments2023-10-27T04:26:57.609-07:00Comments on InvestorCentric: Subprime Defaults Are Just The BeginningNuWire Investorhttp://www.blogger.com/profile/02512928198926080436noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-8529580665294663953.post-78412928684692397922008-12-21T07:42:00.000-08:002008-12-21T07:42:00.000-08:00...not impressed with the greed argument. Why wou......not impressed with the greed argument. Why would greedy lenders loan money with out sufficient collateral to people who can't pay. You can advance stupidity on those facts but not greed.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8529580665294663953.post-33670807307927452592008-12-15T19:42:00.000-08:002008-12-15T19:42:00.000-08:00Great post. This is still just the tip of the iceb...Great post. This is still just the tip of the iceberg. Check my site http://www.refinancingcondo.com. I will check your site often, thanks again for the information!Why Refinancehttps://www.blogger.com/profile/13472789111740482273noreply@blogger.comtag:blogger.com,1999:blog-8529580665294663953.post-43889404022983322512008-12-15T17:05:00.000-08:002008-12-15T17:05:00.000-08:00Re: CBS 60 Minutes "The Mortgage Meltown" aired on...Re: CBS 60 Minutes "The Mortgage Meltown" aired on Sunday 12/14/08.<BR/><BR/>Scott Pelley's piece on the 2nd Wave of Foreclosures overlooked a critical fact. The next wave of Foreclosures in 2009 Will Take Self-Employed and Smaller Businesses who have these TOXIC mortgages. In fact, ALT-A, Option ARMS, Interest-Only, the TOXIC Mortgages that are considered the "Troubled" assets in TARP were marketed to the self-employed who fell prey to them.<BR/><BR/>An NASE survey,www.nase.org, was the first to provide compelling evidence of small business involvement in the upcoming toxic mortgage crisis. The survey was created by Prof. Samuel D. Bornstein and Jung I. Song, CPA of BornsteinSong Consultants in Oakhurst,NJ,and was conducted by the National Association for the Self-Employed (NASE) which issued a Press Release on November 21, 2008. According to this survey, it is estimated that 3,709,800 small business owners hold Alt-A and other toxic mortgages, and 1,279,800 are already delinquent as they have missed one to three or more monthly mortgage payments at mid-November, before the expected Resets that are scheduled to begin in 4th Quarter 2008 through 2012. These small business owners will be at-risk of payment shock and default as their monthly mortgage payments skyrocket. Small business owners were especially targeted for these Alt-A loans which required little or no documentation of income which appealed to many small business owners who previously were unable to qualify.<BR/>The resulting defaults will be the cause of the upcoming second tsunami wave of foreclosures that will dwarf the subprime crisis and will take many homeowners and small business owners.Prof. Samuel D. Bornsteinhttps://www.blogger.com/profile/06785822100661930376noreply@blogger.com