Quoting Peter Coy, Business Week Online columnist:
Iâ€™ve spent the last couple of months talking to a slew of homeowners, real estate attorneys, Realtors, fair-housing pundits, Wall Street bank analysts, mortgage brokers, economists, and bankers. Many are quite sanguine about the health of the American consumer, the long-term outlook for the housing market, and the business of banking.
Okay, good. So, then, Peter, you’ve come to the conclusion that things are going to be okay?
Not me. Iâ€™m worried that while massive job losses have been the prime culprit in former real estate busts, the rising costs of homeownership, along with unprecedented household debt, are enough to tip many Americans and therefore the U.S. economy into the danger zone.
He then proceeds to track down someone to support his own beliefs.
I think we all do this sort of thing, don’t we? Sometimes we find comfort amongst people who feel just like we do.
Complete article: How Toxic Is Your Mortgage – By Peter Coy, Business Week Online