I am very glad Business Week did that piece. Here is an article by foreclosures.com about the uptick they are currently seeing. It compliments the Business Week article. I guess it is safe to say that much of this housing boom/bubble was based largely on fraud. Fraud, although mostly legal, on an unprecedented scale. I know that many feel that these borrowers deserve what they are about to receive, and many of them do, but keep in mind that many of these mortgage companies (not all) prey on the weak (the old, disabled, undereducated, foreign speaking, etc). My S/O was a mortgage broker and left that industry because she saw many of her counterparts shaking down poor and uninformed people on a regular basis. What these banks and lenders did is simply amoral. Most people on this board and other boards have mainly been predicting a housing bubble burst and its potential consequences. Now as this unfolds we are going to see exactly how ugly this bubble is.
