National Foreclosure Ticker
Over one million foreclosures in 2009 and still counting.
It adds up to disaster.
The economic crisis started with home foreclosures, and the numbers are getting worse: 6,600 new foreclosures a day; one every 13 seconds. (See foreclosures in your state.) Washington needs to understand that helping homeowners is key to helping the entire economy.
To stop the downward spiral, policymakers must stop relying on voluntary actions by lenders. TARP funds should be used to reduce home losses and encourage more loan modifications. There's also another effective, tax-free way to stop foreclosures: Congress could allow homeowners to get loan modifications through the courts.