They say that when Uncle Sam sneezes, the rest of the world gets a cold. Now, Uncle Sam certainly isn’t sneezing, Uncle Sam’s got a flu and the rest of the world got pneumonia. The economic woes of the United States are far from over brought about by rising fuel costs and mainly the subprime mortgage crises. Most people in other countries do not understand what this subprime mortgage crisis is all about. The reason for such is that mortgage is not a very popular thing in other countries, and if it is, they probably still do not have the sophisticated mortgage system that the United States is implementing. If they don’t understand what mortgage even is, how in the world could they understand what subprime mortgage is much more the subprime mortgage crises. For instance, in our country the Philippines, although we have “mortgages,” we still do not have a very complex mortgage industry like the United States has. Mortgage may be well advertised here in the Philippines, but not as … [Read more...]