A Few Pictures Are Worth A Thousand Mortgage Mods
Some simple math with this projections bring us back to my scenario that the overall losses of banks will be closer to my target around 10 tril – although the numbers below rather make it a 4 -5 tril. I still think that the full impact of derivatives will be at the open and all the accounting frauds the governments support these days will have troubled the system finally.
Bernanke said in an interview recently that the depression started after 1932s break down of a European bank back then – well it could repeat allover again as at some point the risks of bankrupt Eastern Europe States might repeat that exercise allover – the warning of Ackerman (CEO of Deutsche ) was based on fundamental grounds. The next trigger might not come from a Lehman or Bear but an European bank folding under the new building pressures. Truth might see the sunlight after the German elections later this year. First they need to make sure that another Bilderberger candidate Mrs Merkel gets reelected – the chances are as good as it gets with Germany dropping from Puppets to Muppets in their political class.
Excerpt from Zerohedge
Deutsche Bank – “By Q1, 2011 a projected 48% of total mortgage borrowers will have negative equity.”
The only question is when will Deutsche Bank give Karen Weaver the Rosenberg treatment.
Source: Deustche Bank, Drowning in Debt – A Look at