I picked up this morning's paper, and instead of the the usual sticker affixed to the front page, offering a promotion at Lowe's or Orchard Supply, today's read: "Foreclosed Home Auction. Over 750 Must Be Sold!"
The old expression, "Home Sweet Home" has been replaced by a new one..."Jingle Mail." This describes keys left in mailboxes for lenders by homeowners who would rather default than fight their rising payments under adjustable rate mortgages.
Consumer advocacy groups admit that struggling homeowners in California are more likely to lose their homes to foreclosure than they are to receive loan modifications from lenders.
New expressions are joined by new math. $1.3 trillion: the cost of the subprime mess, according to the Fed and analysts. This figure includes $879.6 billion in lost home equity and $400 billion in investment bank write-downs.
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