1)

Bankruptcy - Courts now see an average of 2,000 new bankruptcy filings per day.

Four times the number filed in November 2005

Year - 2006

Total

617,660

Non-Business

597,965

Business

  19,695

2)

Foreclosures - The number of homeowners entering into some stage of the foreclosure process in December was 109,652, down 9 percent from November but up 35 percent from December 2005, according to RealtyTrac.

3)

Repossessions - With loan terms being extended and monthly car notes increasing, many already overextended consumers are falling deeper into debt--almost $2 trillion in outstanding consumer debt to be exact. Auto loans rank second only to a homeowner's mortgage and an apartment renter's credit card bills, according to Federal Reserve data.

4)

Mortgage Fraud - Fraud for Property/Housing accounts for 20 percent of all fraud. From July 5, 2005, until October 27, 2005, the FBI, HUD-OIG, USPS, IRS, in coordination with the DOJ, indicted 156 mortgage fraud subjects. A total of 81 arrests were made. A total of 89 convictions were obtained, and 60 subjects were sentenced during this time frame. The combined loss to the industry by the above-subjects is $606,830,604.

5)

Mortgage Company Failures - Since late 2006 - 157 major U.S. lenders have "imploded"

6)

Predatory Lending - The high rate of default and foreclosure associated with predatory home mortgages make them a dangerous new threat to the economic security of millions of American families.