Could this be the next financial crisis?
Could this be the next financial crisis? Not since 2010 have so many subprime borrowers fallen behind on their loans….
Rising delinquencies come as a warning sign that more loans may end up in default down the road, said John McElravey, an analyst at Wells Fargo Bank. What may be most troubling, however, is that the default rate is already climbing, up to 12.3 percent in January from 11.3 the prior month. That is the highest rate since 2010.
Neil Cavuto, of Fox News, who says bankers have found it easy to dupe the rest of us. “It’s been a culture of winks and nods and jobs for the boys, where too many people making bad decisions have gotten where they are for reasons other than excellence.” Is there a whistleblower out there watching this and waiting to let the cat out of the bag?
