Bending the Third Rail
Because We Should, We Can, We Do
Wednesday, March 14, 2007

March 12 (Bloomberg) -- Hold on to your assets. The deepest housing decline in 16 years is about to get worse.

As many as 1.5 million more Americans may lose their homes, another 100,000 people in housing-related industries could be fired, and an estimated 100 additional subprime mortgage companies that lend money to people with bad or limited credit may go under, according to realtors, economists, analysts and a Federal Reserve governor. Financial stocks also could extend their declines over mortgage default worries.

My cousin and her husband just lost their home. They now reside in an apartment with their numerous cats and (I think) 4 dogs. I'm not sure how they are faring with all the animals but I do know that almost all of the pets are rescued from abusive situations. One dog is badly disfigured from a fire.

I know a lot of Americans simply bought more house than they could afford. Some, like my cousin, simply fell on hard times and became prey to the "helpful" mortgage companies that assure people "we can help you hang on to your house".

I am continually disgusted with the ethos of greed that is so pervasive in this country. What will it take to steer us toward a more benevolent view of our neighbors?