We may blame Bush for a lot of things, but probably not for this one. Mortgage foreclosures are rising because the guys on wall street decided to package some risky loans and sell those securities to investors. This enabled banks to loosen up the lending guidelines a few years ago, and basically anyone who could breath could buy a home. So many people went out a bought a large home, that they could otherwise not afford, because the initial interest rate was so low. These people cannot afford to pay the higher interest rates, now that those rates are adjusting. That's why a lot of these homes are going into foreclosure and it will hurt the whole world economy, not just the US economy.
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