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Lou Barnes in the Inman News reported that “Oppenheimer says that global debt underwriting has fallen 55 percent since July (a $2 trillion strangle). In the first quarter, global bond and stock underwriting combined fell 45 percent; issuance of mortgage-backed securities dropped 82 percent; and non-rated “junk” bonds tanked 88 percent. For those who still buy the Wall Street line that this is all about housing, note that new issuance of state and local student-loan securities, a $330 billion market, in the first quarter fell all the way. Zero.” In my opinion, this distressing news probably means there’s more foreclosures ahead.