"The next wave of problems will come from prime borrowers who bought too much house or borrowed too much against it,"
That from a Reuters article "Wealthy may be next in line in U.S. home crisis." Yes indeed. The destruction of the middle class has been a common theme here. It has just become so pervasive it has become subtext. Now, finally the MSM is waking up to the facts. Pity the hard workers in their 40s, they'll not see retirement until their mid 70s and then receive a pittance eroded by inflation and taxes and mandatory participation in various programs.
All the money will go to saving these people:
"For those who utilized home equity loans for five to ten years to finance their lifestyle, the chickens are coming home to roost,"