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By Truman Boyes · · 1 min read

This recent article about the loan industry is quite interesting and paints a considerably miserable outlook for borrowers or stock holders of the Countrywide / WM / ETFC / Chase/ Wells Fargo, etc.

http://blogs.marketwatch.com/greenberg/2007/12/straight-talk-on-the-mortgage-mess-from-an-insider/

Second mortgages are defaulting all over the place and Moody’s is expecting a 15% default rate. Values are dropping in property around the country; except on a recent article I read indicated that the average real estate sale in NYC is 1.4 million. Of course this takes into account an abnormal number of extremely high priced (ie. $10M+) properties that skew results.

Originally published on truman.net. See the archived copy.