This is an important follow on to the Codevilla piece below. Again, many of you have read this. For some it is just another spot on the internet where you can find it. Please pass it along.
Gonzalo Lira: The Coming Middle-Class Anarchy. A sample:
However, three months later, out of the blue, they got a letter from their bank, Wells Fargo: It said that, after further review, Brian and Ilsa had in fact not qualified for HAMP. Therefore, their mortgage would go back to the old rate. Not only that, they now owed the difference for the three months when they had paid the lowered mortgage—and to add insult to injury, they were assessed a “penalty for non-payment”.
Really go read the whole thing. And all of the addenda.
I’ve saved the posts here in a small effort to make certain this story stays alive.