Last night (Sunday Oct. 17) I had the pleasure of taking an extended segment on Progressive Blend Radio to discuss some of the issues that are going on regarding the latest crack of thunder in the real estate market. The courts have discovered the tip of what they will eventually discover is an incomprehensibly large iceberg mountain of fraud in their currently open cases, and that discovery should lead to even bigger icebergs of fraud in the entire industry at every level for at least the past ten years and possibly longer.
In a half hour of very rapid discourse on my part, I covered only the most immediate problems in the system. But there's much more to it which I hope to be able to discuss further on the station or maybe even write about here at some point. In the meantime, please check out the podcast for the show, which was the first half of the third hour for the Oct. 17, 2010 show. If it's not directly linkable at the PBR podcast box below, go to the station website and look for the podcast for The More Me Show for that day and hour.
Those of you who are regular readers or listeners to anything I have to say on such things will know I am no doomer and go to great lengths to seek rational explanations for seemingly intractable problems. But this one is big stuff and could bring us back over the edge of financial collapse for the major banks if the whole thing unravels before any controls or solutions are put in place. Stay tuned and keep your wits about you boys and girls, this ride may stat to get bumpier again.