The heart of the economic crisis is the housing crisis, and for anyone who doubts it, the heart of the housing crisis is the foreclosure crisis. We now have roughly 8,500 foreclosures a day occurring in the United States. This is no longer a question that has merely affected the subprime lending market. It has now spread to the prime market area as well. It is affecting student loans, municipal finance, commercial financing. It has had a tremendous impact on global markets as well.
Chris Dodd: “The heart of the economic crisis is the housing crisis, and for anyone who doubts it, the heart of the housing crisis is…”
Editor's note · Context
Discussing the housing crisis and its broader economic implications before the Independence Day recess.
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