John Maudlin puts together information from several sources that helps describe the why the housing issues related to MERS and the subprime foreclosure mess is not gone, but in fact going to be the undoing of all of this "recovery" we've had in the last year.
If you are pressed for time skip directly to the section that says - THE FORECLOSURE MESS.
http://pragcap.com/subprime-debacle-act-2
It is interesting that the XLF (Banking Index) got to $15.00 where I said was the level for breakout. It NEVER busted through, and now, just days later is down to $14.35 some 4.3% in two days or so. THIS IS A SIGNIFICANT WARNING that if anything we will see a reversal to the bottom of the range at 9,900 or 10,000 on the DOW. It is no accident that after President Obama failed to sign the National Notarization Act that the banks began their descent AND they halted all foreclosures. This was their hope to skirt the laws again.
Read this, as it isn't some tea-party controversy that I'm making up, this is a critical issue that will lead to correction here prior to the elections.
Be Careful.
GOATMUG
Sunday, October 17, 2010
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