It’s the stated purpose of this blog to help you prepare for the turbulent times to come. Canadian real estate is set for a correction. Job growth and economic growth will be severely impacted, as will household finances. I’ll continue to speak to these issues as best as I can.
However, there are other major issues on the horizon which could also exasperate the turbulent times I’ve been speaking about. When I haven’t had the time to adequately research an issue, I’m happy to direct you to others who have.
So it is with the current foreclosure scandal in the United States. If you haven’t at least read up on this, you must.
Start with this video in which Congressman Alan Grayson outlines the fraudulent foreclosure practices.
And here’s a good clip from PBS.
Also, Mike Shedlock explored the issue over on his blog.
Now what does all this mean?
If things continue to escalate as they have been, we could potentially see massive hits to bank assets both in the US and here in Canada. Will it be financial crisis 2.0? It certainly has the potential, and as such, itwarrants your highest attention.