The New Subprime Meltdown

by JL Yastine
The Sovereign Investor

I’ll always remember one of my early firsthand exposures to the housing bust.

Still a financial journalist back then, I had a photographer with me on a visit to Cape Coral, Florida. For a brief time, the southwest Florida suburb was the poster child for the whole sorry debacle.

It wasn’t hard to find what we were looking for.

We stopped in front of one home. The weeds, knee-high and withered in the heat, crunched under our feet. Plastic toys littered a side yard. The front door was wide open. Whoever had lived there loaded up the stove and refrigerator and left in a big hurry.

Another family’s financial tragedy. Another subprime mortgage gone belly-up.

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