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Poised For Foreclosure!

From the New York Times, the un-pretty picture of mortgages in trouble and the consequences in the financial markets. It's not just the sub-prime market. Seems we've been addicted to cheap money.

...the percentage of prime borrowers encountering difficulties is rising. Delinquencies in the company’s prime home equity loan portfolio totaled 2.93 percent, almost double last year’s 1.57 percentAlthough one could argue that almost 3% in the prime market is nothing like 19% in the sub-prime market. And then there's loss mitigation, where terms get revised to fit the finances of those on the brink of foreclosure. For skilled players, the subprime market could be a goldmine, with high interest, penalties, an under-educated consumer. And the son of The Donald makes the pitch that we must be poised to act in the coming trillion-dollar foreclosure market.
· Mortgages May be Messier Than You Think [Gretchen Morgenson/NY Times]
· Keeping Borrowers Afloat [Bob Tedeschi/NY Times]
· Donald Trump Jr Gets Pimped Out By Daddy [Gawker]