First quarter equals worst quarter for foreclosures

It is interesting to note that some investment banks that lost money – millions or billions – on subprime are now involved with oil, futures trading, index trading, and high oil prices. Are the making up for loses by adding pain for Americans? You decide. On the mortgage issue, nearly 1 in 10 U.S. homeowners faced foreclosure or fell behind in their mortgage payments in the first three months of the year, according to a report released Thursday, a figure that offers a look into the toll caused by the collapse of the housing market.

The first quarter marked the worst quarter for American homeowners in nearly a quarter-century, according to a widely watched report put out by the Mortgage Bankers Association, a trade group.