How Banks Are Worsening the Foreclosure Crisis

Brian Grow, Keith Epstein and Robert Berner, Business Week: "The bad mortgages that got the current financial crisis started have produced a terrifying wave of home foreclosures. Unless the foreclosure surge eases, even the most extravagant federal stimulus spending won't spur an economic recovery. The Obama Administration is expected within the next few weeks to announce an initiative of $50 billion or more to help strapped homeowners. But with 1 million residences having fallen into foreclosure since 2006, and an additional 5.9 million expected over the next four years, the Obama plan - whatever its details - can't possibly do the job by itself."

http://www.truthout.org/021809O



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