It is a shame that this many foreclosures are occurring. No one keeps track of this because no one cares. It just happens to "those people." I am not saying the former homeowners should get a free pass in this mess, but they were clearly exploited.
The "American Dream" of homeownership is beat into people's heads. Renters are looked upon as less than adequate or deficient in some way. So when presented with a chance to own a home, they jump on it. No doubt at their peril.
When the unwitting are exploited everyone pays. New Century, the now struggling specialist in subprime loans, had a direct impact on the stock market. Unless all of your investments are in bonds, YOUR 401K took a hit last week.
These mortgage brokers are criminals and should be treated as such. They knew these people couldn't afford these homes but they had to meet their numbers.