Getting less attention from BushCo than David Petraeus’ Iraq surge, the sharp rise in foreclosures indicates this will not be a short or mild recession, no matter how much one (per Kevin Phillips) plays with federal economic analysis numbers.
Year-over-year foreclosures were up 65 percent in April. Almost 1 in 500 homes in the country had a filing in April.
With a House plan to address the home-mortgage situation officially at a standstill in the Senate, this is about to become the proverbial election-year hot potato, courtesy in fair part of Sen. Jeff Sessions of Alabama. Given how poorly his party has just performed in two special elections in the South in the House, you have to wonder if somebody at the RNC isn’t going to get enough political brains to kick him in the pants.
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