Dr Martin Weiss Confirms Views on WaMu and Wachovia

"We have all been talking about ‘The Pay Option ARM Implosion’ that may make the Subprime Implosion look like a walk in the park in bubble states like CA. While loan defaults across subprime are declining, defaults in the Alt-A space, led by Pay Option ARMs are surging. This will wipe out higher priced regions, as the mortgage ooze spreads from outlying subprime areas into more affluent suburban and urban areas. Please see my June CA Home Sales Report and June CA Foreclosure Report for more detail on this."