We know it’s coming. The US government knows it’s coming. And there’s nothing they can do about it.
Believe us, they are trying.
In our last issue (see The Story Without a Happy Ending), we talked about the second wave of foreclosures that are set to begin this spring triggered by the Option ARM resets and why debt will be the catalyst for a strong market correction in 2010 (see The Crash of 2010). This past week, the Obama administration acknowledged this through the introduction of another $50 billion modification effort to help with upcoming foreclosures.
That’s because the original Home Affordable Mortgage Program (HAMP) that was supposed to save millions of homeowners from foreclosure, did nothing but waste taxpayer money…