I recall it so clearly in late 2006: the experts said the foreclosure problem would not get catastrophic or even much worse if the economy held up. Then housing pulled down the economy. Now the economy is pulling down housing. The Mortgage Bankers Association says job losses are the new face of a still-rising wave of mortgage defaults. Job losses are also hurting revenue for small businesses - and putting more owners behind on mortgage payments.
It's a vicious circle and colleague Dale Kasler and I are working up a story on it. We have all the usual sources, the economists and market watchers. We would like to talk to some real people who have lost work or income - and how it's pushing them into default. Please call Jim Wasserman at 916-321-1102 or email us at firstname.lastname@example.org or email@example.com.
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