I forgot to mention.... yes this is a disaster .... but not of international proportions.
I really feel for those poor unfortunate low-income Americans (that the country does its best to forget) who have been trapped with negative equity after a pullback in the US housing market.
I have zero sympathy for the sharks who have been making millions on the back of the US housing boom some of whom have been caught with their pants down with big losses as the US housing market unwinds. They took a high-risk high-reward punt and lost out, but by and large have been living the high-life for years now and have become affluent (effluent?) through it, and are much of the reason for the "crisis" in the US housing market in the first place.
ASX Price at posting:
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