Mortgage Disaster

According to an article by the New York Times the mortgage mess is going to cost big banks billions of dollars. The problem is nobody knows exactly how much money they are going to lose. This is causing great uncertainty for everyone, which led investors to get out their calculators to tally the potential costs — and sent bank stocks plunging.

“The market never likes uncertainty, and it seems like every day we’re adding to the list of things we need to worry about with the financials,” said Jason Goldberg, an analyst. “The industry needs to work quickly to put this issue behind them.”

It is sad to see how nobody thought, or nobody cared about the consequences that the irresponsible way banks lent money. Now all we can do is hope that things won't get worse and learn from this mistakes to avoid this in the future