"It isn’t clear what is worse: the housing crisis that keeps deepening or the reports of pervasive banking fraud that keep getting exposed. With the banks facing billions in potential damages, perhaps some measure of justice can be done to the homeowners who have been the victims of the crisis and the crimes.
We’re still not at the bottom of the housing mess. Home prices continue to fall. Now nearly 30 percent of homes with mortgages are under water. Another 2 million in foreclosures are due to come. Banks are sitting on hundreds of thousands of foreclosed homes, a dead weight on any recovery in home prices.
For millions of Americans, this is a calamity. The savings they thought they had in the value of their homes are gone. Many are paying on mortgages for homes that may never return to their original value. Millions are losing their homes to foreclosure, or choosing to walk away from investments that no longer make sense"..........link
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