The housing market is slowing down. At this point, it should not be news to anyone. But after reading this from the Globe and Mail (Canada), and after reading the preceding article on Nightmare Mortgages, it is even more clear that the folks are hardest hit by the declining real estate market are those who were seduced by mortgage brokers selling adjustable mortgages.

I could call for reform, but that is not going to make bill collectors stop calling. I could chastise the industry, but that is not going to make a distressed homeowner sleep easier tonight. Instead, all I can do is urge homeowners to prepare for what may be The Perfect Storm.