– steep drop in consumer spending causing massive layoffs in turn causing even more foreclosures
– vanishing of 30% Real Estate related jobs (has already started in full force)
– ARMs resetting like no tommorow spawning foreclosures
– Tightening of lending standards shutting out buyers and refinance applicants
– Increasing cost of gasoline/energy pressuring budgets
– Increasing interest rates – Fed will HAVE to raise rates to counter fall of the dollar caused by foreigners dumping their US debt instruments.”
YOU NAILED IT!! People ask, “what if the suckers can pay the resets?”. Duh! How many billions each month would that take out of the local economies? Pay the reset or don’t either way i see it, I win.
