BusinessWeek Online - It’s been quite a season for the grilling of superstars on Capitol Hill. Not long ago we witnessed the allegedly steroidal hurler Roger Clemens and the soap opera of his friendship with a big witness for the prosecution. Now we’ve had a chance to thrill to the drama of the celebrity czars of the stumbling subprime mortgage empires, financial executives E. Stanley O’Neal, Charles Prince III, and Angelo Mozilo.
I was listening to a great piece on NPR (National Public Radio) about the weakened condo/housing market, and especially the weak market in Miami. I’ve visited Miami many times within the last few years, and since my brother is a real estate attorney there, I feel like I’ve seen what they’re referring to.
The statistics are all over the place, but it is clear that not only
are mortgage delinquencies and foreclosures skyrocketing, but millions of
homeowners are “upside-down” in their mortgages.