My buddy Danny passed this along, and it is really damn sad:
http://culture11.com/blogs/theconfabulum/2008/10/02/foreclosure-alley/
I haven't read the whole thing, but I'm pretty sure that the new Wall St. "rescue" plan doesn't have much in there that's going to help people stay in their homes. I think that's mainly because, it's a lot easier to buy the securitized mortgages from a few big banks than it is to go around the country and try and restructure millions of mortgages in order to get them current again.
Plus, Wall St is being coy blaming all this on mortgages. The derivatives market they built is also to blame, but that one's too complicated for people to get. Much easier to blame "those reckless borrowers". Although it was funny to listen to Palin last night sounding like a populist, talking about greed and reforming Wall St. Does she have any idea which party she belongs to?
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