Defaults On The Rise
Once again, I bring up the loans that are in default. It is getting worse, much worse. I just received a note earlier this week from a borrower. It was a comment as a matter of fact. They were insisting that borrowers rise up and refuse to pay the predatory lenders. Occupy pushed this agenda as well. And I was under the impression that there would be a debtors' revolt, but I was wrong. Even though more and more people are falling off the grid, thanks to their crippling debt, they have not risen up collectively to revolt. Rest assured, I am not casting judgment on distressed borrowers. However, my forecasting was incorrect. There are many reasons why borrowers have not risen up. First, there are historical circumstances that are peculiar to the U.S. that make it