Hi all: I attended a seminar yesterday sponsored by Bernstein Capital in Seattle yesterday. The one statistic that relates to us was the one about how much mortgage debt has been written off and how much more is left.
So far a total of over $500 billion dollars has been written off by the financial institutions. There is another projected $200 billion left to go. This is good news in that we are over 80% through the carnage. After this, there is no more. It does mean we still have a ways to go but I believe next year will be a transitional year as we recover.
It will be interesting to see how this all plays out. As I write this, the stock market is off almost 300 points in spite of the anticipated government stimulus bill of $700 billion. That's due to continuing economic news that include increased unemployment and reduced factory orders. I'll keep you posted. You're welcome to comment! Have a great day!
Paul McFadden
