The bubble has not yet burst

“The bursting of the U.S. housing bubble has left homeowners buried under about $4 trillion of excess mortgage debt, according to Dhaval Joshi, the chief strategist at RAB Capital.” via Housing Bubble Leaves $4 Trillion Hangover: Chart of the Day – Bloomberg.

Read the whole article and judge for yourself, but doesn’t this mean homeowners owe $4 TRILLion more than their homes are worth?

I have a question for speculators on both the buying and the lending side from those of us who did not speculate, who did not default, who did not walk away from loans, who are not “under water,” as they say:

What have you done?

This is not the first housing bubble we’ve lived through. And it’s not the first time I’ve been affected by the rank irresponsibility of banks or their sub-prime loan hustler/bundler benefactors. When is someone going to step up and do something for the real victims? The real victims are not the banks, not the people who took out loans they couldn’t afford.

Is anyone out there representing “the rest of us?”

You know the answer.

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