Wherever we go these days it seems we are hearing about the Foreclosure Crisis, and everyone seems to be blaming someone else.  The banks are blaming the government, the mortgage companies, and their clients.  Mortgage companies are blaming the banks, and the homeowners are blaming the economy, downsized employment, and the list goes on and on.  There is certainly enough blame to go around.  This has been predicted to be the worst foreclosure crisis in history.

William K. Black is a professor at the University of Missouri, and was the senior regulator investigating the savings and loan crisis of the 1980s.

Black says that the current mortgage crisis is 40 times as bad as the 1980s savings and loan crisis, in two different ways:

We probably all know someone who has been affected by the foreclosure crisis.  One of my friends and her husband came upon hard times because of the husband's medical crisis; they had never been late on their mortgage for 15 years, but the bank could not seem to help them in any way...then a few weeks ago all the banks halted foreclosure proceeds, and suddenly the bank has some "options" to offer them.  My friend and her husband were awaiting the eviction notice, but they have been presented a reprieve...although it might be just a temporary one.  Whoever you want to blame, people's lives are being affected. 

Submitted by Lynda Fleming, Customer Service Rep./Integrity Mortgage