Yoiks

Washington Post (06.15.047), via Eschaton:

"The percentage of U.S. mortgages entering foreclosure in the first three months of the year was the highest in more than 50 years, according to the Mortgage Bankers Association.

As the association released its numbers, the Federal Reserve held a hearing to determine whether regulators could do anything to crack down on abusive lending practices, which have exacerbated the problem"

Foreclosure Rate Hits Historic High

Duh. Nothing like closing the barn door after the horse has wandered out. Little too late for that now, people.