Think of how profitable this has been for the banks. When they "lend" money for mortgages, there is no actual transfer of funds from the lender to the borrower, new money is created and credited to the borrower. It doesn't cost the bank a cent, and they get the property if the borrower defaults. In each of these foreclosures, the bank collected at least some payments, perhaps several, from the borrower, none of which are they obligated to return. And when the borrower is unable to keep paying, the bank gets the property free of charge. As Al Capone once astutely observed:
"Wall Street is the crookedest street in America, what a fucking racket they got."
Class war coming to your living room.
http://news.yahoo.com/s/ap/20110113/ap_on_bi_ge/us_foreclosure_rates
