Republican "let industry self regulate" economics in action. Where are all of the GOP members of Congress who allowed the mortgage market to go unchecked these days? They had no problem allowing this new system to discard decades of common sense so they should have no problem stepping up and explaining themselves today. There's no rush though, since this problem will not be going away any time soon.
"The jump in foreclosure filings this month might be the beginning of the next wave of increased foreclosure activity, as a large number of subprime adjustable rate loans are beginning to reset now," James Saccacio, RealtyTrac's chief executive, said in statement.
The number of bank repossession filings rose dramatically, pumping up the month's foreclosure numbers, Saccacio said.
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