Thebreeze: Estimated 7 million total foreclosures. Estimated 2 million+ families. Per your 1 in 5, it becomes 1.4 million.
I have no interest in federal involvement beyond stopping 1099s for non-recourse loans only (i.e. pure mortgage, no HELOC). I am really keen on stiffing the lenders so hard that they will shiver before making the next loan. You get that by burying them in a mound of non-performing loans. The prices will slowly come down once mortgages become strict and elusive. It will be Japan asset deflation 2.0
