Paul Birkett of Automation Finance is a really sharp note investor from NYC. Paul has a large capital fund that specializes in the 2nd mortgage space. I met Paul a few years ago at the Phoenix IMN Conferance and we have been on several of the same presenting panels. In this video Paul details what 
he sees see on the horizon. This is his opinion which is based on the facts. I agree with his thoughts. Bottom line, it is going to be a rough ride. Lots of pain and a ton of future opportunities. The mortgage market volume is about half as big as the stock market. A significant #. The availability of financing drives housing prices. If funding is limited, housing prices will fall. Of course the inverse is true. Housing is a key economic driver. Debt, not Equites that set the tone for the economy.
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Paul is suggesting 30% of the US Mortgage Market could go into default within the next 12 months. How do defaults affect the servicers, the lynch pin of the loan industry. We have to wait for more of the frames of the film to play out.