Foreclosures

Just a quick note to say that I read an article by Rachel Beck of the Associated Press about the reasons for foreclosures. Up until now, the theories about the huge number of foreclosures have had to do with unscrupulous lenders and adjustable rate mortgages, but this article notes that Countrywide Financial, the largest mortgage company in the country, and a company that has had to write off billions in loans, has indicated that the primary reason given for foreclosures is a drop in income, followed by illness and divorce. That's highly likely in my opinion, as now the retailers are saying how holiday sales are not meeting expectations, and I don't know if it's just me, but it seems that around here, nowhere near the people have holiday lights and displays up this year. I'm just guessing that they're trying to save on the electric bill. If I'm right, it just shows how pinched many people are. All the while, the wealthy continue to rake it in on oil and gas prices, which is a big part of why the country is where it is.