Chris Whalen: The Foreclosure Crisis Is A Cancer, And MBS Investors Are Calling Their Lawyers

Pretty great and terrifying interview with Chris Whalen (via Barry Ritholtz) regarding the foreclosure crisis.

He makes the point that the ongoing foreclosure mess will crush local tax receipts due to homeowners no longer paying property taxes, though he expects governors in states to impose state-wide moratoria that encourage homeowners to keep paying property taxes, but default on their mortgages.

As for MBS investors, he says: “They’re calling their lawyers.”

Click here for Whalen’s full presentation on the coming crisis >

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