Meredith Whitney on the housing double-dip

Skip to about the four-minute mark to hear Meredith Whitney talk about the next leg down for home prices as a result of the foreclosure pipeline emptying into the market.

It should come as no surprise that Whitney thinks banks are not prepared for home prices to go lower and that, after the Federal Reserve's scheduled exit from the mortgage backed securities market in just two weeks, there will be a "material" correction there.

There's more in this CNBC story including something about disappointment awaiting those who think we're returning to the old normal - the new normal is apparently not so good.