If everybody had an ARM loan,
Across the USA!
The teaser rates would be adjustin,
just like Californ-I-A!
Try not strangle your realtor,
"Home values never go down"!
Everybody's foreclosin'
Defaultin' USA!
Between 2004 and 2006 over $2.2 trillion in adjustable loans were issued to homebuyers.
A tidal wave of foreclosures is on the way.
1.1 Million Americans to lose their homes.
Total potential loss of over US$112 billion.
Oh yes, America! Plenty of "tasty waves" for everyone!
1 comment:
LOL! The Beach Boys. Great post!
You know, one thing I have noticed about bursting financial bubbles is that they are generally worse than even the most bearish scenarios. They last longer, drop deeper, and hurt more than anyone imagines. Who would have thought the NASDAQ would go from 5200 to 1200? Who thought the bubble of the 1990's would last 7 years? Personally, It think the tidal wave of foreclosures coming is going to be really bad. How bad could it really be? We will see.
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