More than any other segment of the financial crisis, the foreclosure epidemic is severely impacting the U.S. economy. On average every foreclosure costs the economy $225,000, the average on home mortgages made during the real estate boom. The losses translate into trillions of dollars, and it is becoming abundantly clear U.S. taxpayers will foot the bill.
The crisis has been running its course for more than two years as government policymakers dabble with solutions. However, efforts so far have only led to piecemeal solutions for the world's most damaged financial sector rather than a plan to . . .
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