Only 9% of Homedebtors in Trouble
This isn't happy news, but it only proves that any bailout attempt hatched by Bernanke, Paulson, McCain or O'Bamillery is doomed, because of this simple truth:
There's no way to replace the trillions in speculative money that powered this bubble.
About 1 in 11 American mortgages were past due or in foreclosure at the end of March, according to a report released on Thursday, a figure that is rising fast as home prices fall and the job market weakens.
Let the prices fall. Let the people who won't and can't make their rent payments to the bank leave the properties so that the prices can adjust and those with money and credit enough to buy them can do so.
It'll be ugly, but no uglier than the 0rgy of speculation and smug self-delusion that led to the bubble in the first place.