American Home Mortgage is going under too. They have hundreds of millions of loans they have promised to buy, but can't. This could just be the tip of the iceberg. If the housing market collapses the global economy could be in serious trouble.
I never understood why people were getting ARMS when rates were under 6 percent.
Katie Couric is doing a special tomorrow night. I think she is going to talk about how there may be no money to lend in the near future. It'll be interesting to see what she has to say in her report.
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