Word: crisises
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See pictures of the housing crisis.
You talk a bit in the book about the underlying causes of the financial crisis. You blame the overreaching of American consumers - their greed, in fact - as being one of the root causes of this. I don't think there's any question about it. I think you take it...
But, the numbers from March are like canned vegetables. It takes them a long time to spoil. That point was driven home by a study Fitch, the credit ratings agency, is preparing that shows "that between 65% and 75% of modified subprime loans will fall 60-days or more delinquent...
What housing "bulls" do not want to admit is that people who have underwater mortgages will often give up on the opportunity to keep their homes because they see no financial future in staying. They may never get any equity from their residences. They are probably better off to rent...
A 26-year veteran of Wall Street, Forst cited a desire to seek out opportunities in a financial world much-changed by the crisis. He will leave his position Aug. 1.