CNNMoney.com today reports the current pending lawsuit of $20 billion against Citi for helping Enron to manufacture its financial statements.
After the fall of Enron, there were other several companies such as MCI, Global Crossing, Andersen, etc., that followed suit; but nowadays with the current housing market crunch, who’s possibly going to eat the dust?
Countrywide, Fannie Mae, etc., these companies and others will likely survive the current housing market crisis, and will likely heal within the next 2-3 years.
However, not only the current housing market crunch is affecting mortgage brokers and underwriters, it has also affected home improvement retail stores and home furnishing businesses.
And, those who can afford it are poised to cash in big time in the near future as they currently are the likely majority buyers of most homes at the most cheapest price and they will just sit on them until the market recovers.