Much in the news is word that our U.S. economy has been dealt a heavy blow by the mortgage failures both of people who were sold such that they could not afford and those who have been hit by misfortunes ranging from lost jobs to major health problems.

The bottom line here is that all of us are being hit indirectly by the mortgage games that may be affecting such as our pensions, if not worse. But more tragically individuals who acted in good faith have had their lives devastated by their investment of monies in a home that is now being taken away from them and sold to new bidders — if any are so foolish to buy in this horrendous housing market. The lenders, of course, are now protecting themselves by closing down mortgage credit generally.

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Mortgage Maze May Increase Foreclosures
By GRETCHEN MORGENSON
The complex design of mortgage securities is confounding
homeowners struggling to avoid defaulting on their loans.

http://www.nytimes.com/2007/08/06/business/06home.html?th&emc=th

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Only in America — and some other underdeveloped nations.

“A war is just if there is no alternative, and the resort to arms is legitimate if they represent your last hope.” (Livy cited by Machiavelli)

Ed Kent 212-665-8535 (voice mail only) [blind copies]
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