MetaChat is an informal place for MeFites to touch base and post, discuss and
chatter about topics that may not belong on MetaFilter. Questions? Check the FAQ. Please note: This is important.
They're claiming that twenty percent of all American mortages are underwater, with that figure rising to forty percent of all Michigan mortgages and fifty-five percent of all Nevada mortgages.
I mean, isn't that insane? More than half of all mortgages in an American state are underwater?
Atrios picked up on the term The Great Recession. It'll do for now.
I live in a onetime "GM town" so the company going into free fall is pretty shocking. The fact that there are Wall Streeters actually cheering it over the cliff is ... really something I never expected.
We just found out the cramdown plan passed by the House now has provisions that will exclude my parents. It's a borderline case anyway, but it would have helped in the bankruptcy.