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Gonzalo Lira On The Second Leg Down Of America's Death Spiral | Zero Hedge

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The banks are screwed—again. Because of the same thing as the last time—the fucking Mortgage Backed Securities. People still haven’t figured out what this Mortgage Mess means—but I’ll tell you: If enough mortgage-paying homeowners realize that they may be able to get out of their mortgage loan and keep their house, scott-free? Shit, that’s basically a license to halt payments right the fuck now. That’s basically a license to tell the banks to fuck off. This Mortgage Mess is a hurricane that'll make Lehman's collapse look like a spring rain. —Gonzalo Lira

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