A Second Wave of Mortgage Disaster

I saw the above on 60 Minutes last week...not exactly a cheery prognosis for the holiday season. Here's the full text of the story. Obviously just one person's quote, but still...

"We had the greatest asset bubble in history and now that bubble is bursting. The single biggest piece of the bubble is the U.S. mortgage market and we're probably about halfway through the unwinding and bursting of the bubble," Tilson explains. "It may seem like all the carnage out there, we must be almost finished. But there's still a lot of pain to come in terms of write-downs and losses that have yet to be recognized."