What value investor John Hussman fears most now is the mountain of mortgage resets and probable defaults that will begin later this year and extend into 2012.
“While our unelected bureaucrats have spent over a trillion dollars to make reckless lenders whole, they have done nothing to materially ease foreclosures or avert the oncoming second wave,” he told clients in a note.
A recent report showed that mortgage delinquency rates in California shot up in March, signaling that foreclosure rates...
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