Sunday, August 16, 2009

Guest Post: Frank Veneroso on Mortgage Armageddon

Frank Veneroso was kind enough to write as a result of seeing a guest post "Debtor's Revolt?" by his colleague Marshall Auerback. Veneroso also provided his latest newsletter and gave us permission to post it. It it pretty long (12 pages), I extracted the executive summary and other key bits. Be sure to read the final section, starting with the boldface heading "Why Resolving The Mortgage Armageddon Problem Will Be So Difficult:."

From Frank Veneroso:

1. Deutsche Bank now predicts that 48% of all mortgaged American homeowners will be “under waterâ€