HOUSE OF CARDS THE MORTGAGE MESS - 60 Minutes Video
How hot will the fire that fuels the mortgage meltdown get? Investigation and reports about mortgages suggest that as rates adjust millions of loans will pay higher payments. Some homeowner may be able to pay the first wave of payment increase, but many will not and most likely loose their home. Homeowners that survive and pay the first payment adjustment may not survive future interest and payment increases eventually defaulting. As mortgage payments default rise, the supply side of Real Estate increases driving prices down and creates more and more a buyer's market. This trend is expected to continue to 2012. Such expectatons are easy to verify by the amount of adjustable rate mortgages are in company loan portfolios. Speaking of House of Cards, what is in the cards for the consumers. Colonel Roy Campbell, a seasoned Real Estate Auctioneer, believes Real Estate will be cheap for buyers with an abundant supply.