Comments for Opportunity Knocks at http://www.theind.com , comment 1 to 1 out of 1 comments http://www.theind.com Fri, 24 May 2013 06:59:01 +0100 FeedCreator 1.7.3 http://www.theind.com/news/9-indnews/3670#comment-216 On December 14, 2008, CBSââ?¬â?¢s 60 Minutes had a segment on the 2nd Wave of Foreclosures. They indicated that experts were expecting another wave of mortgage defaults on ALT-A and Option ARMs mortgages which will dwarf the Subprime Mortgage Crisis. CBS MISSED A VERY IMPORTANT FACT! Many fail to realize that there are millions of self-employed smaller businesses, who employ from 1-10 employees, that are holding the mortgages that are going to reset in 2009 through 2012. These borrowers are Prime and Near-Prime borrowers who hold ALT-A, Option ARMs, Interest-Only mortgages. There are $1 Trillion ALT-As, and $500-600 Billion Option ARMs. So, here we have a major problemââ?¬Â¦ Not only will these small business owners lose their homes, but there will be the resulting JOB LOSSES on their business failure. Note, although President-Elect Obama is stressing the need to create 3 million new jobs, we must understand that ââ?¬Å?JOB RETENTION IS AS IMPORTANT AS JOB CREATIONââ?¬Â. I authored a survey which was conducted by the National Association for the Self-Employed (NASE) to its national membership. The NASE Survey disclosed disturbing facts. The NASE survey is at http://www.nase.org . See the NASE News for the Survey on Toxic Mortgages. Please read my Commentary. According to this survey, it is estimated that 3,709,800 small business owners hold Alt-A and other toxic mortgages, and 1,279,800 are already delinquent as they have missed one to three or more monthly mortgage payments at mid-November, before the expected Resets that are scheduled to begin in 4th Quarter 2008 through 2012. The solution lies in the hands of Congress as they meet in January to structure an economic stimulus package. Congress should take note of this survey and be ââ?¬Å?proactiveââ?¬Â in addressing the situation, rather than ââ?¬Å?reactiveââ?¬Â as the case has been in the Subprime Mortgage Crisis. We canââ?¬â?¢t afford another shock to our economic system at this time. This 2nd Wave of Foreclosures which will be caused by the ALT-A and Option ARMs will not only result in Foreclosures, but also Job Loss. - Samuel D. Bornstein Wed, 07 Jan 2009 11:42:28 +0100