Mortgage Bankers Association: Worst Quarter in Twenty-five Years

According to a new report from the Mortgage Bankers Association, fully 1 in 10 American homeowners are now in foreclosure or behind on their payments. Furthermore, the problems are not limited to the subprime sector but are evident at all levels of the mortgage industry. Many borrowers with previously perfect records are now falling behind on their payments. In the first quarter of this year, 2.47 % of homes were in foreclosure, up from 2.0 % in the previous quarter. The mortgage crisis has not yet hit bottom.

So where is the response? Where is Ben Bernanke? Where is Congress? Where is the President? Bear Stearns was an instant, over the weekend bailout, but when it comes to the problems of everyday homeowners, you're on your own. We’ve got an 800-number for you, but beyond that we’ve got a big nothing.