Foreclosures reached an all-time high during the fourth quarter of last year as the mortgage crisis worsened, according to Mortgage Bankers Association data released today.
During the quarter, 2.04 percent of all outstanding mortgages were in foreclosure, and .83 percent of loans entered the foreclosure process, according to the report. A year earlier, just 1.19 percent of loans were in foreclosure.
This is what happens when the government deregulates industries. In the 80s, we saw the collapse (and bailout) of the S&L industry after deregulation. Now we're seeing the collapse of the housing market as a result of deregulation of the mortgage industry.