The mortgage crisis is far from over, with a second wave of defaults on the way. That could deepen the bottom of the U.S. recession, according to a 60 Minutes piece that aired last night. The Alt-A and Option ARM mortgages are now rolling over. 60 Minutes relied quite a bit on Whitney Tilson for its material, but in all fairness Mr. Mortgage has been all over this story (since April 2008). After you’ve watched the 60 Minutes piece, check out Mr. Mortgage’s excellent take afterward (video below).
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