Home -> Law Blog Directory -> Real Estate & Property Law Blogs -> Closing Real Estate in Chicago

Real Estate & Property Law

: Closing Real Estate in Chicago

A Second Wave of Mortgage Disaster

By Peter Olson, Esq.

embed src="http://www.cbs.com/thunder/swf/rcpHolderCbs-prod.swf" width="370" height="361" allowfullscreen="true" flashvars="link=http://www.cbsnews.com/video/watch/?id=4668112namp;releaseURL=http://release.theplatform.com/content.select?pid=lvcPsss8fnvTY8_MVcsaoZmWOKsutcDqamp;partner=newsembedamp;autoPlayVid=falseamp;prevImg=http://thumbnails.cbsig.net/CBS_Production_News/920/625/60_themarket_1214_480x360.jpg" type="application/x-shockwave-flash" pluginspage="http://www.macromedia.com/go/getflashplayer"/embedbr /br /br /I saw the above on a href="http://www.cbsnews.com/sections/60minutes/main3415.shtml"60 Minutes/a last week...not exactly a cheery prognosis for the holiday season. a href="http://www.cbsnews.com/stories/2008/12/12/60minutes/main4666112.shtml"Here's the full text of the story/a. Obviously just one person's quote, but still...br /br /span style="font-style: italic;""We had the greatest asset bubble in history and now that bubble is bursting. The single biggest piece of the bubble is the U.S. mortgage market and span style="font-weight: bold;"we're probably about halfway through the unwinding and bursting of the bubble/span," Tilson explains. "It may seem like all the carnage out there, we must be almost finished. But there's still a lot of pain to come in terms of write-downs and losses that have yet to be recognized." /span

Full post as published by Closing Real Estate in Chicago on December 20, 2008 (boomark / email).