Foreclosure fiasco: next phase of the banking crisis now playing

The tentacles of this mess have a strangle hold on the US financial system and the fledgling economic recovery. Christopher Whalen, managing director of Institutional Risk Analytics, talks with Bloomberg’s Mark Crumpton about the impact of U.S. mortgage foreclosures on banks and the housing market and the outlook for the economy. (Source: Bloomberg)
Watch the clip here.

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