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	<title>Comments on: Weekly Roundup: Week 51</title>
	<atom:link href="http://singaporedaily.net/2008/12/20/weekly-roundup-week-50-2/feed/" rel="self" type="application/rss+xml" />
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	<description>What everyone is talking about</description>
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	<item>
		<title>By: ICG</title>
		<link>http://singaporedaily.net/2008/12/20/weekly-roundup-week-50-2/comment-page-1/#comment-3225</link>
		<dc:creator>ICG</dc:creator>
		<pubDate>Thu, 25 Dec 2008 10:36:42 +0000</pubDate>
		<guid isPermaLink="false">http://singaporedaily.net/?p=794#comment-3225</guid>
		<description>SD,

Pls stop yr nonsense. No one is here. Who are you trying to impress? There is no one here except us.

FYI, The ICG has already made arrangements for you to RDZ with both Elfinman and Kadjal. 

Pls note they are reps from the Mercantile Interspacing Guild.

They will assist you with negotiations with the HKSAR.

Try not to fight with them. One reason why no one wants to work alongside you is bc you r anti-social.

Try to cooperate SD. For once.

Good luck, once you have fulfilled your mission pls let us know.

Aurora (ICG)</description>
		<content:encoded><![CDATA[<p>SD,</p>
<p>Pls stop yr nonsense. No one is here. Who are you trying to impress? There is no one here except us.</p>
<p>FYI, The ICG has already made arrangements for you to RDZ with both Elfinman and Kadjal. </p>
<p>Pls note they are reps from the Mercantile Interspacing Guild.</p>
<p>They will assist you with negotiations with the HKSAR.</p>
<p>Try not to fight with them. One reason why no one wants to work alongside you is bc you r anti-social.</p>
<p>Try to cooperate SD. For once.</p>
<p>Good luck, once you have fulfilled your mission pls let us know.</p>
<p>Aurora (ICG)</p>
]]></content:encoded>
	</item>
	<item>
		<title>By: singaporedaddy</title>
		<link>http://singaporedaily.net/2008/12/20/weekly-roundup-week-50-2/comment-page-1/#comment-3223</link>
		<dc:creator>singaporedaddy</dc:creator>
		<pubDate>Thu, 25 Dec 2008 07:06:46 +0000</pubDate>
		<guid isPermaLink="false">http://singaporedaily.net/?p=794#comment-3223</guid>
		<description>Aurora

How the hell am I supposed to know all these things? No one ever tells me anything.

&quot;There are some tax issues which CC wants to get around in you know where. I believe they are getting some heat in HK as the authorities may be coming up with a new law regulating e-transactions. If you want to add value to the whole push; CC has informed me to tell you to work on it in your free time.&quot;

Let me guess? Its going to be me or me or me again. Right?

Go tell them, I dont mind winging this, but I can&#039;t do it alone.

For some odd reason everyone who ask for help gets it except me.

I am always the one who always needs to improvise, adapt and jump over hoops and get everything done with duct tape resources.

You go tell Vollariane, I need help. 

SD</description>
		<content:encoded><![CDATA[<p>Aurora</p>
<p>How the hell am I supposed to know all these things? No one ever tells me anything.</p>
<p>&#8220;There are some tax issues which CC wants to get around in you know where. I believe they are getting some heat in HK as the authorities may be coming up with a new law regulating e-transactions. If you want to add value to the whole push; CC has informed me to tell you to work on it in your free time.&#8221;</p>
<p>Let me guess? Its going to be me or me or me again. Right?</p>
<p>Go tell them, I dont mind winging this, but I can&#8217;t do it alone.</p>
<p>For some odd reason everyone who ask for help gets it except me.</p>
<p>I am always the one who always needs to improvise, adapt and jump over hoops and get everything done with duct tape resources.</p>
<p>You go tell Vollariane, I need help. </p>
<p>SD</p>
]]></content:encoded>
	</item>
	<item>
		<title>By: ICG</title>
		<link>http://singaporedaily.net/2008/12/20/weekly-roundup-week-50-2/comment-page-1/#comment-3220</link>
		<dc:creator>ICG</dc:creator>
		<pubDate>Thu, 25 Dec 2008 04:46:57 +0000</pubDate>
		<guid isPermaLink="false">http://singaporedaily.net/?p=794#comment-3220</guid>
		<description>SD,

This is FYI. Darkness is currently working on a new book release entitled, “Spring Snow,” it’s a period love story – I expect that it will be another tear fest. Ina-Terra has informed us the anime crowd for some funny reason takes readily to Korean love stories. So its very likely the same template will be used as the tree will bind. This is the rough outline. 

http://www.youtube.com/watch?v=AmwnsbwGNJ4

The book will be launched sometime in March 2009 – you will be happy to know Darkness has informed all of us; some of the proceeds will be used to fund your Russian venture. 

It was supposed to be a Christmas surprise. But you have been begging everyone for money and it’s really becoming a source of embarrassment for all us. Most of us cannot tahan your whining anymore. So its best you know now.

FYI, Spring snow is based on another Korean winner; Joseon namnyeo sangyeoljisa, it’s supposed to run 41 episodes and retails for 40 Imperiums a piece. There are some tax issues which CC wants to get around in you know where. I believe they are getting some heat in HK as the authorities may be coming up with a new law regulating e-transactions. If you want to add value to the whole push; CC has informed me to tell you to work on it in your free time.

Aurora (ICG)</description>
		<content:encoded><![CDATA[<p>SD,</p>
<p>This is FYI. Darkness is currently working on a new book release entitled, “Spring Snow,” it’s a period love story – I expect that it will be another tear fest. Ina-Terra has informed us the anime crowd for some funny reason takes readily to Korean love stories. So its very likely the same template will be used as the tree will bind. This is the rough outline. </p>
<p><a href="http://www.youtube.com/watch?v=AmwnsbwGNJ4" rel="nofollow">http://www.youtube.com/watch?v=AmwnsbwGNJ4</a></p>
<p>The book will be launched sometime in March 2009 – you will be happy to know Darkness has informed all of us; some of the proceeds will be used to fund your Russian venture. </p>
<p>It was supposed to be a Christmas surprise. But you have been begging everyone for money and it’s really becoming a source of embarrassment for all us. Most of us cannot tahan your whining anymore. So its best you know now.</p>
<p>FYI, Spring snow is based on another Korean winner; Joseon namnyeo sangyeoljisa, it’s supposed to run 41 episodes and retails for 40 Imperiums a piece. There are some tax issues which CC wants to get around in you know where. I believe they are getting some heat in HK as the authorities may be coming up with a new law regulating e-transactions. If you want to add value to the whole push; CC has informed me to tell you to work on it in your free time.</p>
<p>Aurora (ICG)</p>
]]></content:encoded>
	</item>
	<item>
		<title>By: ICG</title>
		<link>http://singaporedaily.net/2008/12/20/weekly-roundup-week-50-2/comment-page-1/#comment-3219</link>
		<dc:creator>ICG</dc:creator>
		<pubDate>Thu, 25 Dec 2008 04:13:32 +0000</pubDate>
		<guid isPermaLink="false">http://singaporedaily.net/?p=794#comment-3219</guid>
		<description>SD,

Pls informed CC does NOT want u to get involved in book launches in you know where!

If memory serves, u did it WITHOUT our permission. 

Otherwise, you will cause another massive overload again. We guarantee u!

They can&#039;t handle so many readers flooding into one site.

If you want to do that. Do it here. There is capacity. But not over there stupid.

I have already made arrangements for this to be handled exclusively by Ina-Terra last Sept. 

Pls note, they are our online love story retailers in the virtual. We already have an agreement with them for god sake!

Note there is ONLY one edition of the tree that binds will be released in 2009 / it is the same 2007 version. There is NO other version:

Preamble:  

“The Tree That Binds,” is based on a Korean series, 

http://www.youtube.com/watch?v=p_70cP77XGU&amp;mode=related&amp;search=

Darkness watched during a flight to Japan – the story has been modified. To date over 20,000 copies have been sold. 


It runs 48 chapters and retails for 103 Imperial Shekelians. Please contact your book club for further details. Brief Extract: Main Protagonist / Musings / Chapter 31 – The Revelation 

“Pain can never be taken philosophically; otherwise it isn’t pain. Today Dr Kim told me she will certainly die within the month. Yet as I walked aimlessly through this streets, I feel nothing – can it be I am still yet to live and experience life? My eyes have hardly opened, have they? I am simply a child standing before the portal of life – all this is so clear when someone you love only once in your life has to suddenly leave you. 


The old say, the more humane we become, the more likely we are to suffer the pain of others. To love simply means to embrace vulnerability, to be even woundable in the way a man grips and searches out the sweetness of her lover in a moment’s ache. Never made easier by the solace of simply observing from afar, but here where she is before me, I can no more deny her existence any more than I can say, I never once existed. 

If it is not given me to know the course of time, then the best I can do is to be attentive, to watch the moments go by, to feel her occasional caress and to revel in her closeness. You could say this is how a man who has never loved ambles his away across this strange terrain. 


It’s like trying to work my way along a wall in the dark, It doesn’t serve me to turn and rail against the wall; it may have been placed there so that I don’t slip and fall over the edge – that evening, after finishing my fifth cigarette – I decided to walk beside her again….slowly, one step at time, I retraced my steps to the hospital - lets see where it goes. If this is the script the story teller of life has penned for me, then I shall simply have to utter my lines! Do I even have a choice? What I will have to do can never be considered an accomplishment or failure worth mentioning – it’s simply what it takes to be a human being who loves another more than himself - to live for the moment, that is and not to expect anything in return except pain. You could say, I have finally discovered my purpose, my reason to live and a reason to enthomb my selfishness……and with it, this has to be the first day of my awakening….breathe…this is my first day and as day’s goes. A day when a man simply loves a woman.” 

Darkness 2007

If everyone stuck to their roles SD. We wouldn&#039;t get cross lined so often.

FYI

Aurora (Interspacing Communication Guild)</description>
		<content:encoded><![CDATA[<p>SD,</p>
<p>Pls informed CC does NOT want u to get involved in book launches in you know where!</p>
<p>If memory serves, u did it WITHOUT our permission. </p>
<p>Otherwise, you will cause another massive overload again. We guarantee u!</p>
<p>They can&#8217;t handle so many readers flooding into one site.</p>
<p>If you want to do that. Do it here. There is capacity. But not over there stupid.</p>
<p>I have already made arrangements for this to be handled exclusively by Ina-Terra last Sept. </p>
<p>Pls note, they are our online love story retailers in the virtual. We already have an agreement with them for god sake!</p>
<p>Note there is ONLY one edition of the tree that binds will be released in 2009 / it is the same 2007 version. There is NO other version:</p>
<p>Preamble:  </p>
<p>“The Tree That Binds,” is based on a Korean series, </p>
<p><a href="http://www.youtube.com/watch?v=p_70cP77XGU&#038;mode=related&#038;search" rel="nofollow">http://www.youtube.com/watch?v=p_70cP77XGU&#038;mode=related&#038;search</a>=</p>
<p>Darkness watched during a flight to Japan – the story has been modified. To date over 20,000 copies have been sold. </p>
<p>It runs 48 chapters and retails for 103 Imperial Shekelians. Please contact your book club for further details. Brief Extract: Main Protagonist / Musings / Chapter 31 – The Revelation </p>
<p>“Pain can never be taken philosophically; otherwise it isn’t pain. Today Dr Kim told me she will certainly die within the month. Yet as I walked aimlessly through this streets, I feel nothing – can it be I am still yet to live and experience life? My eyes have hardly opened, have they? I am simply a child standing before the portal of life – all this is so clear when someone you love only once in your life has to suddenly leave you. </p>
<p>The old say, the more humane we become, the more likely we are to suffer the pain of others. To love simply means to embrace vulnerability, to be even woundable in the way a man grips and searches out the sweetness of her lover in a moment’s ache. Never made easier by the solace of simply observing from afar, but here where she is before me, I can no more deny her existence any more than I can say, I never once existed. </p>
<p>If it is not given me to know the course of time, then the best I can do is to be attentive, to watch the moments go by, to feel her occasional caress and to revel in her closeness. You could say this is how a man who has never loved ambles his away across this strange terrain. </p>
<p>It’s like trying to work my way along a wall in the dark, It doesn’t serve me to turn and rail against the wall; it may have been placed there so that I don’t slip and fall over the edge – that evening, after finishing my fifth cigarette – I decided to walk beside her again….slowly, one step at time, I retraced my steps to the hospital &#8211; lets see where it goes. If this is the script the story teller of life has penned for me, then I shall simply have to utter my lines! Do I even have a choice? What I will have to do can never be considered an accomplishment or failure worth mentioning – it’s simply what it takes to be a human being who loves another more than himself &#8211; to live for the moment, that is and not to expect anything in return except pain. You could say, I have finally discovered my purpose, my reason to live and a reason to enthomb my selfishness……and with it, this has to be the first day of my awakening….breathe…this is my first day and as day’s goes. A day when a man simply loves a woman.” </p>
<p>Darkness 2007</p>
<p>If everyone stuck to their roles SD. We wouldn&#8217;t get cross lined so often.</p>
<p>FYI</p>
<p>Aurora (Interspacing Communication Guild)</p>
]]></content:encoded>
	</item>
	<item>
		<title>By: ICG</title>
		<link>http://singaporedaily.net/2008/12/20/weekly-roundup-week-50-2/comment-page-1/#comment-3218</link>
		<dc:creator>ICG</dc:creator>
		<pubDate>Thu, 25 Dec 2008 03:07:05 +0000</pubDate>
		<guid isPermaLink="false">http://singaporedaily.net/?p=794#comment-3218</guid>
		<description>SD,

Too many of our regular readers have been flooding there since we set up a liaison mission there. 

There is even a rumor circulating that a new book will be released there to coincide with the new year.

ASDF has been telling you to just keep to social /political issues and NOT to mix up our love episode stories with gaming.

The last thing they want is for ppl to flood the site.

I have stepped in to inform the 4-bit readership there is no book release by Darkness.

We are working to re-route traffic via ina-terra to holiscan platform so that it doesn&#039;t crash again.

Meanwhile pls inform the regular readers to surf using their own account and not ours.

Nothing is happening, everything is cool.

Aurora.</description>
		<content:encoded><![CDATA[<p>SD,</p>
<p>Too many of our regular readers have been flooding there since we set up a liaison mission there. </p>
<p>There is even a rumor circulating that a new book will be released there to coincide with the new year.</p>
<p>ASDF has been telling you to just keep to social /political issues and NOT to mix up our love episode stories with gaming.</p>
<p>The last thing they want is for ppl to flood the site.</p>
<p>I have stepped in to inform the 4-bit readership there is no book release by Darkness.</p>
<p>We are working to re-route traffic via ina-terra to holiscan platform so that it doesn&#8217;t crash again.</p>
<p>Meanwhile pls inform the regular readers to surf using their own account and not ours.</p>
<p>Nothing is happening, everything is cool.</p>
<p>Aurora.</p>
]]></content:encoded>
	</item>
	<item>
		<title>By: ICG</title>
		<link>http://singaporedaily.net/2008/12/20/weekly-roundup-week-50-2/comment-page-1/#comment-3217</link>
		<dc:creator>ICG</dc:creator>
		<pubDate>Thu, 25 Dec 2008 02:41:50 +0000</pubDate>
		<guid isPermaLink="false">http://singaporedaily.net/?p=794#comment-3217</guid>
		<description>SD

No need to make threats. If its so important. They are meeting up for a X&#039;mass in Astro&#039;s house today.

Be there at 3.00 and bring your super important report along.

FYI, they already know abt it, ekunaba filed a report in some time yesterday.

From the looks of it, no one seems surprised, this happened. 

It had to happen sooner or later.

Aurora (ICG)</description>
		<content:encoded><![CDATA[<p>SD</p>
<p>No need to make threats. If its so important. They are meeting up for a X&#8217;mass in Astro&#8217;s house today.</p>
<p>Be there at 3.00 and bring your super important report along.</p>
<p>FYI, they already know abt it, ekunaba filed a report in some time yesterday.</p>
<p>From the looks of it, no one seems surprised, this happened. </p>
<p>It had to happen sooner or later.</p>
<p>Aurora (ICG)</p>
]]></content:encoded>
	</item>
	<item>
		<title>By: singaporedaddy</title>
		<link>http://singaporedaily.net/2008/12/20/weekly-roundup-week-50-2/comment-page-1/#comment-3215</link>
		<dc:creator>singaporedaddy</dc:creator>
		<pubDate>Wed, 24 Dec 2008 16:32:30 +0000</pubDate>
		<guid isPermaLink="false">http://singaporedaily.net/?p=794#comment-3215</guid>
		<description>If I dont get a link by 7.00 am tmr. 

I will pick up the phone and speak directly to darkness. And I guarantee u, all of you in the icg will be sent packing off to the Russian front. And that will the end of that.

I have been requesting for a link for nearly 24 hours!

As I have something very important to report!

That will be all, btw happy christmas.

SD</description>
		<content:encoded><![CDATA[<p>If I dont get a link by 7.00 am tmr. </p>
<p>I will pick up the phone and speak directly to darkness. And I guarantee u, all of you in the icg will be sent packing off to the Russian front. And that will the end of that.</p>
<p>I have been requesting for a link for nearly 24 hours!</p>
<p>As I have something very important to report!</p>
<p>That will be all, btw happy christmas.</p>
<p>SD</p>
]]></content:encoded>
	</item>
	<item>
		<title>By: singaporedaddy</title>
		<link>http://singaporedaily.net/2008/12/20/weekly-roundup-week-50-2/comment-page-1/#comment-3213</link>
		<dc:creator>singaporedaddy</dc:creator>
		<pubDate>Wed, 24 Dec 2008 15:01:26 +0000</pubDate>
		<guid isPermaLink="false">http://singaporedaily.net/?p=794#comment-3213</guid>
		<description>ICG,

Understand this! I don&#039;t take orders from the ICG. I report directly to the ASDF. 

Look here. Something has happened. I need to speak to Vollariane and the others asap.

Pls just up the link pls. I am not in the position to elaborate further.

SD</description>
		<content:encoded><![CDATA[<p>ICG,</p>
<p>Understand this! I don&#8217;t take orders from the ICG. I report directly to the ASDF. </p>
<p>Look here. Something has happened. I need to speak to Vollariane and the others asap.</p>
<p>Pls just up the link pls. I am not in the position to elaborate further.</p>
<p>SD</p>
]]></content:encoded>
	</item>
	<item>
		<title>By: ICG</title>
		<link>http://singaporedaily.net/2008/12/20/weekly-roundup-week-50-2/comment-page-1/#comment-3209</link>
		<dc:creator>ICG</dc:creator>
		<pubDate>Wed, 24 Dec 2008 10:12:33 +0000</pubDate>
		<guid isPermaLink="false">http://singaporedaily.net/?p=794#comment-3209</guid>
		<description>Singaporedaddy,

Standby for direct link @ 0730 GMT - 25-12-08 / a very important message is headed your way from CC.

Regret to inform you. Your request for transfer has been declined. You will stay here.

Merry X&#039;mass from all of us in the Interspacing Communication Guild. 

:)</description>
		<content:encoded><![CDATA[<p>Singaporedaddy,</p>
<p>Standby for direct link @ 0730 GMT &#8211; 25-12-08 / a very important message is headed your way from CC.</p>
<p>Regret to inform you. Your request for transfer has been declined. You will stay here.</p>
<p>Merry X&#8217;mass from all of us in the Interspacing Communication Guild. </p>
<p>:)</p>
]]></content:encoded>
	</item>
	<item>
		<title>By: singaporedaddy</title>
		<link>http://singaporedaily.net/2008/12/20/weekly-roundup-week-50-2/comment-page-1/#comment-3175</link>
		<dc:creator>singaporedaddy</dc:creator>
		<pubDate>Sun, 21 Dec 2008 18:01:17 +0000</pubDate>
		<guid isPermaLink="false">http://singaporedaily.net/?p=794#comment-3175</guid>
		<description>You know, I was always under the impression Alt-A loans were just like another option or alternatives like deciding to put on the occasional slippers instead of laced up shoes to the standard of conforming, GSE-backed mortgages.

I had absolutely no idea everyone in the US had decided to throw their shoes away. 

Are you sure about those NASE figures? 

If what you say is true how does it show up in the fourth quarterly results? 

Shouldn&#039;t it be like mid 2009 or something? That makes more sense when you compare the loan ratio equity against debtors/loans under capacity. If the default rate is that big, as you said. Right?????

SD</description>
		<content:encoded><![CDATA[<p>You know, I was always under the impression Alt-A loans were just like another option or alternatives like deciding to put on the occasional slippers instead of laced up shoes to the standard of conforming, GSE-backed mortgages.</p>
<p>I had absolutely no idea everyone in the US had decided to throw their shoes away. </p>
<p>Are you sure about those NASE figures? </p>
<p>If what you say is true how does it show up in the fourth quarterly results? </p>
<p>Shouldn&#8217;t it be like mid 2009 or something? That makes more sense when you compare the loan ratio equity against debtors/loans under capacity. If the default rate is that big, as you said. Right?????</p>
<p>SD</p>
]]></content:encoded>
	</item>
	<item>
		<title>By: singaporedaddy</title>
		<link>http://singaporedaily.net/2008/12/20/weekly-roundup-week-50-2/comment-page-1/#comment-3174</link>
		<dc:creator>singaporedaddy</dc:creator>
		<pubDate>Sun, 21 Dec 2008 17:48:45 +0000</pubDate>
		<guid isPermaLink="false">http://singaporedaily.net/?p=794#comment-3174</guid>
		<description>Prof B,

&quot;According to this survey, it is estimated that 3,709,800 small business owners hold Alt-A and other toxic mortgages.&quot;

Pls tell me you&#039;re shitting me. Please. I beg you.

If what you say is true, this is going to read like the concluding chapter of the onion story; the more you peel; the more you cry; only to end up with nothing.

SD</description>
		<content:encoded><![CDATA[<p>Prof B,</p>
<p>&#8220;According to this survey, it is estimated that 3,709,800 small business owners hold Alt-A and other toxic mortgages.&#8221;</p>
<p>Pls tell me you&#8217;re shitting me. Please. I beg you.</p>
<p>If what you say is true, this is going to read like the concluding chapter of the onion story; the more you peel; the more you cry; only to end up with nothing.</p>
<p>SD</p>
]]></content:encoded>
	</item>
	<item>
		<title>By: roy ters</title>
		<link>http://singaporedaily.net/2008/12/20/weekly-roundup-week-50-2/comment-page-1/#comment-3169</link>
		<dc:creator>roy ters</dc:creator>
		<pubDate>Sun, 21 Dec 2008 05:35:03 +0000</pubDate>
		<guid isPermaLink="false">http://singaporedaily.net/?p=794#comment-3169</guid>
		<description>Obama&#039;s really gonna have it tough</description>
		<content:encoded><![CDATA[<p>Obama&#8217;s really gonna have it tough</p>
]]></content:encoded>
	</item>
	<item>
		<title>By: Prof. Samuel D. Bornstein</title>
		<link>http://singaporedaily.net/2008/12/20/weekly-roundup-week-50-2/comment-page-1/#comment-3168</link>
		<dc:creator>Prof. Samuel D. Bornstein</dc:creator>
		<pubDate>Sat, 20 Dec 2008 19:56:27 +0000</pubDate>
		<guid isPermaLink="false">http://singaporedaily.net/?p=794#comment-3168</guid>
		<description>I would like to bring a very important bit of information to your attention that relates to this economic crisis that was overlooked until now.  

On Sunday, 12/14/08, CBS 60 Minutes aired a segment &quot;The Mortgage Meltdown&quot;.
 
Scott Pelley&#039;s piece on the 2nd Wave of Foreclosures overlooked a critical fact. 
The segment missed the fact that this next wave of Foreclosures in 2009 Will Take Self-Employed and Smaller Businesses who have these TOXIC mortgages. In fact, ALT-A, Option ARMS, Interest-Only, the TOXIC Mortgages that are considered the &quot;Troubled&quot; assets in TARP were specifically  marketed to the self-employed who fell prey to them. 
 
The upcoming defaults on these risky &quot;Toxic Mortgages&quot; will result in an increase in foreclosures. But worse, once these small businesses fail, the resulting loss of jobs will cause millions to add to the ranks of the unemployed. Note that self-employed business owners (16.2 million according to the SBA) employ between 1-10 employees.
 
An NASE survey at www.nase.org , was the first to provide compelling evidence of small business involvement in the upcoming toxic mortgage crisis. The survey was created by Prof. Samuel D. Bornstein and Jung I. Song, CPA of BornsteinSong Consultants in Oakhurst,NJ,and was conducted by the National Association for the Self-Employed (NASE) which issued a Press Release on November 21, 2008. 

According to this survey, it is estimated that 3,709,800 small business owners hold Alt-A and other toxic mortgages, and 1,279,800 are already delinquent as they have missed one to three or more monthly mortgage payments at mid-November, before the expected Resets that are scheduled to begin in 4th Quarter 2008 through 2012. 
 
These small business owners will be at-risk of payment shock and default as their monthly mortgage payments skyrocket. Small business owners were especially targeted for these Alt-A loans which required little or no documentation of income which appealed to many small business owners who previously were unable to qualify.

The resulting defaults will be the cause of the upcoming second tsunami wave of foreclosures that will dwarf the subprime crisis and will take many homeowners, small businesses, and their employees. 

Thank you,

Samuel D. Bornstein
Professor of Accounting &amp; Taxation
Kean University, School of Business, Union, NJ</description>
		<content:encoded><![CDATA[<p>I would like to bring a very important bit of information to your attention that relates to this economic crisis that was overlooked until now.  </p>
<p>On Sunday, 12/14/08, CBS 60 Minutes aired a segment &#8220;The Mortgage Meltdown&#8221;.</p>
<p>Scott Pelley&#8217;s piece on the 2nd Wave of Foreclosures overlooked a critical fact.<br />
The segment missed the fact that this next wave of Foreclosures in 2009 Will Take Self-Employed and Smaller Businesses who have these TOXIC mortgages. In fact, ALT-A, Option ARMS, Interest-Only, the TOXIC Mortgages that are considered the &#8220;Troubled&#8221; assets in TARP were specifically  marketed to the self-employed who fell prey to them. </p>
<p>The upcoming defaults on these risky &#8220;Toxic Mortgages&#8221; will result in an increase in foreclosures. But worse, once these small businesses fail, the resulting loss of jobs will cause millions to add to the ranks of the unemployed. Note that self-employed business owners (16.2 million according to the SBA) employ between 1-10 employees.</p>
<p>An NASE survey at <a href="http://www.nase.org" rel="nofollow">http://www.nase.org</a> , was the first to provide compelling evidence of small business involvement in the upcoming toxic mortgage crisis. The survey was created by Prof. Samuel D. Bornstein and Jung I. Song, CPA of BornsteinSong Consultants in Oakhurst,NJ,and was conducted by the National Association for the Self-Employed (NASE) which issued a Press Release on November 21, 2008. </p>
<p>According to this survey, it is estimated that 3,709,800 small business owners hold Alt-A and other toxic mortgages, and 1,279,800 are already delinquent as they have missed one to three or more monthly mortgage payments at mid-November, before the expected Resets that are scheduled to begin in 4th Quarter 2008 through 2012. </p>
<p>These small business owners will be at-risk of payment shock and default as their monthly mortgage payments skyrocket. Small business owners were especially targeted for these Alt-A loans which required little or no documentation of income which appealed to many small business owners who previously were unable to qualify.</p>
<p>The resulting defaults will be the cause of the upcoming second tsunami wave of foreclosures that will dwarf the subprime crisis and will take many homeowners, small businesses, and their employees. </p>
<p>Thank you,</p>
<p>Samuel D. Bornstein<br />
Professor of Accounting &amp; Taxation<br />
Kean University, School of Business, Union, NJ</p>
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