On Dec 13, 2007, at 2:00 PM, raghu wrote:
No need to weep for those guys of course, but there is still the
glaring injustice of allowing poor people to get foreclosed on while
protecting rich institutions. Is there a cost associated with that?
The problem is that the rich institutions hold the rest of us hostage.
But to quote myself from my radio commentary last week: "All in all,
[according to the Mortgage Bankers Association] 2.5 million mortgages
are delinquent; since the average household is a bit over 3 people,
that means that almost 8 million people are in mortgage distress. And
almost 800,000 mortgages, representing about 2.5 million people, are
in foreclosure. These numbers are almost certain to rise — especially
if the economy weakens, which it looks like it’s doing." This is
horrible, and almost no one is doing anything to stop the carnage. I
don't know what the monetary cost is, but it means a lot of
suffering. But WS is just complaining about how much their haircut
hurts.
Doug
