Ouch! A Second Wave Of Mortgage Defaults?

Miami became the protagonist in a 60 Minutes story about the mortgage meltdown last week. Even though I disagree with some of the reporting, I think the story provides some really interesting information about adjustable rate mortgage resets and what may be coming…

Did you notice that the interview with the Miami speculator takes place in Brickell Key? The story inevitably portrays the Brickell and Downtown areas as the hubs of foreclosure activity in South Florida when in reality the epicenter right now is the city of Homestead.

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