“An eye-opening report by T2 Partners LLC shows the scale of the upcoming mortgage losses and the severity of the current mortgage and credit mess we’re in. (PDF) From the impending wave of foreclosures, to the loss of borrowing power, to the problems with mortgage-backed securities this report runs the gamut of the mortgage mess. I looked for a confidential notice but could not find one on this report so I am publishing it. If I am requested to remove it I will do so immediately, so enjoy it while it is still available.
From the report:
In summary, today we are only seeing the tip of the iceberg: an enormous wave of defaults, foreclosures and auctions is just beginning to hit the United States. We believe it will get so bad that large-scale federal government intervention is likely.
Like the title of the post says – we’re just getting warmed up.”
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