A second wave of home defaults will strike Banks in 2010-2012. Over $1.5 trillion dollars of bad home loans will threaten the banking system and risk economic collapse. Condensed from a 60 minutes expose. Video response shows Option ARM reset chart 2010-2012
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Second Wave Of Mortgage Defaults
In a segment on CBS that aired yesterday, 60 Minutes correspondent Scott Pelley talks to investment and credit experts about the new types of mortgages that will create a second wave of foreclosures. The country has already suffered the subprime mortgage crisis, and the experts say the next wave of risky mortgages to default are the Alt-A and option ARM mortgages, which were also bundled into Wall Street securities and sold to investors. For more information plesae click the link: www.cbsnews.com