Are We Heading for a Economic Train Wreck?

More and more homeowners are defaulting and throwing their homes back to the Banks. The economic problems are getting closer to the point of crashing. More Banks are now overloaded with homes that they cannot afford to keep and cannot unload. This puts a huge load on many banks capacities to even stay in business. Huge layoffs are coming in all sectors of our economy which causes more borrowers to default on their mortgages. It is difficult to make a mortgage payment when you are not working AND the home is worth far less than you owe. Massive amounts of credit card debt have also put huge pressure on the economy. Many borrowers are now maxed out on their credit cards and have no where else to go for funds. There is no light at the end of the tunnel at this time. Some Lenders, borrowers and appraisers, etc. need to have their hidden assets seized. Many borrowers bought multiple homes with no money down and refinanced them and took the cash out and put it in their pockets. Some were refinanced multiple times as their "values" went up. There are billions of dollars out there that need to be recovered. www.rateinformer.com