Friday, June 15, 2007

WooHoo! A Record!


The percentage of U.S. mortgages entering foreclosure in the first three months of the year was the highest in more than 50 years, according to the Mortgage Bankers Association.

As the association released its numbers, the Federal Reserve held a hearing to determine whether regulators could do anything to crack down on abusive lending practices, which have exacerbated the problem.

This took longer than I expected - I thought the initial push knocking down the house of cards would come from an interest rate spike - but it looks like it's snowballing.