The Mortgage Crisis extends further than banks and home owners

The mortgage crisis has hit the United States hard. Record number of foreclosures have devastated cities and towns all across America. Many Americans find themselves owing more on their homes than they appraise for and thousands have decided to just walk away. The mortgage crisis however extends further than just the banks, mortgage companies and home owners.

Internet Outsider  informs us that not even one of the most successful companies of the decade is immune to the mortgage crisis. In their article “Google Not “Immune” to Mortgage Crisis” The Internet Outsider explains that Google has taken a beating from mortgage-related advertising revenue. Internet advertising is Google’s big money maker and with the mortgage crisis still at hand Google is definately feeling the pinch from advertisers.

Many of the lending instutions are getting out of the mortgage business all together or drastically reducing their advertising budgets. Google also worries that this could also produce a chain reaction to other industries as well. Contractors, home-supply retailers, construction companies and broader financial services companies could soon follow the downward spiral.

If drastic actions are taken soon to fix the mortgage crisis the financial world as we know it could soon see major changes.