We’re entering the “Bleak House” period of the mortgage bubble. The action has shifted to the courts. Worse, it will drag on for years and cost hundreds of billions of dollars.
You may see two full moons in a month before home prices start rising again across the U.S. The rip tide of a huge home inventory, increasing foreclosures, unemployment and more bank woes continue to roil the housing market in most regions.
Was the bailout of the U.S. banking, auto and insurance industries worth it?
As the Troubled Assets Relief Program comes to a close, I won’t be popping any champagne corks. The Federal Reserve and U.S. taxpayers are still owed at least $2 trillion and at least two black holes remain in the bailout scenario.