About 7.3 million American homeowners are expected to default on their mortgages betw

[Damian George]

In the US, the House Financial Services Committee will get a private briefing from the Treasury on an FDIC plan to have the government buy and re-finance some $40 billion in us mortgages—directly—under new criteria. The WSJ says it couldn’t find out Ms. Bair’s criteria. She is one of the few Bush Aministration people with her head firmly screwed on straight, so it’s probably a good plan. “About 7.3 million American homeowners are expected to default on their mortgages between 2008 and 2010, with 4.3 million of those losing their homes, according to Moody's Economy.com, a research firm. That default rate is almost triple the level during normal economic times and has myriad economic ramifications, including further depressing house prices.”

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Barbara Rockefeller
Forex Trading Reports