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  1. 01-15-2008, 06:22 PM #1
    AirborneSapper7
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    Housing Crunch Spreading Fast Across the Economy

    Housing Crunch Spreading Fast Across the Economy

    Tuesday, Jan. 15, 2008 5:14 p.m. EST

    Bank of America’s $4 billion purchase of distressed lender Countrywide Financial is already being touted as emblematic of the fallout of the subprime mortgage market.
    But economists say that more other large firms – representing an array of related industries, not just mortgage banking – may be at more than a symbolic risk of failure, or purchase by larger corporations, in the coming weeks.

    "Any financial institution, or investor, with any asset-backed securities will take a hit. This includes pension funds, life insurance companies, hedge funds, and selected mutual funds,â€
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  2. 01-15-2008, 06:36 PM #2
    BetsyRoss
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    The housing boom caused schools in some areas to overbuild. The empty houses are inviting blight and crime. Even if you didn't borrow against your house, you're upside down in many areas. Also, you might not be able to rent for enough to cover the mortgage.
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  3. 01-15-2008, 06:57 PM #3
    Paige
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    I am still waiting for my neighbors and the 6 suburbans to leave.
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