While this is all happening, the reality of prime mortgages going under water and defaulting as a business decision is been slowly rammed home. I posted six months ago that this must not happen.
The sub prime disaster has over loaded the housing market and destroyed bank capital curtailing their ability to lend.
The only solution is to make that inventory disappear and abruptly shrink the market. Because it is now devaluing housing backed by prime mortgages and giving the owners a business decision.
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