2008-04-27blogspot.com

''Banks and brokers may be trying to get their houses in order, buy the emphasis should be on trying. A wave of commercial real estate defaults is coming (see Shopping Center Economic Model Is History). And on top of that wave will be a wave of credit card defaults. Target wrote off a stunning 8.1% of credit card debt in March (see Card Losses Soar at Target, Bank of America). Furthermore the walk-away crisis is just picking up steam. This is more like the eye of the hurricane than anything else.''



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