Chris Whalen describes foreclosure issue as a cancer

Chris Whalen on Bloomberg 10/21/10 discussing the foreclosure issue and describes it as a cancer. Mr. Whalen also notes that many MBS holders don't know what they own and have little to no recourse given the laws and procedures. Chris foresees the states telling home owners to stay in homes and just pay the real estate taxes and let Washington deal with the mortgage foreclosure aspect.

Obama walking in Hoover's shoes?

I’ve been saying for a long time Barack Obama is walking in Herbert Hoover’s shoes. And they’re making the same mistakes – almost unconsciously. I think it’s much the same as it was in the Twenties and the Thirties. The government then didn’t realize what was happening. And I think our leaders are caught in the same problem." Chris Whalen Link