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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: ldo79	10/25/2007 10:18:07 AM
	of 110194

Two million subprime foreclosures seen by 2009: report WASHINGTON (MarketWatch) -- Two million subprime-mortgage foreclosures are on the horizon by 2009 if home prices continue their downward spiral, a congressional report said Thursday. A report by the Joint Economic Committee also estimated that $71 billion in housing wealth will be destroyed and states will lose $917 million in property tax revenue. The report was released by Joint Economic Committee Chairman Sen. Charles Schumer, D-N.Y., and other lawmakers. They called on the White House to beef up foreclosure prevention counseling, to let Fannie Mae and Freddie Mac buy more loans and to encourage loan servicers to work out modifications with borrowers. us.lrd.yahoo.com**http%3A//feeds.marketwatch.com/~r/marketwatch/marketpulse/~3/174859362/story.aspx

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