When Will the Pivotal Nature of the Foreclosure Crisis be Understood

Perhaps it's because there are no apparent solutions... perhaps it's because those providing commentary have little or no understanding of what it's like to be a middle class, middle age parent struggling through today's deepening economic morass... or maybe it's because the entire idea of solving a problem seen as affecting only "irresponsible borrowers" is so distasteful that it cannot even be considered... I really don't know.

I suppose it could be a little of each. Or, I guess it could be something I haven't even considered... although I don't think the latter's the case. What I do know is that the impact of the ongoing foreclosures will not only continue to be the primary force behind the negative trends in our economy, but further the foreclosure issue is about to sway our presidential election and thus will determine who sits in the Oval Office for the next four years.

And considering the evidence available after almost six years of crisis, it is absolutely stunning that no one is talking about this fact, much less trying to change it. I've started to actually believe that few understand the dynamics involved, and that is truly frightening.

But this past week, when I saw that Moody's Investors had finally started to wake up to the economic impact of the foreclosure crisis, I decided it was time for me to write about the subject once again. Moody's blamed rising foreclosures and delinquent mortgages as threats to the credit quality of New Jersey's state and local governments.''