Over 150 lenders have already gone out of business since the peak of the sub-prime orgy.

This year over 1,000,000 yes, one million individual foreclosures are expected to happen.

Over $300,0000,000,000 that’s three hundred billion dollars of loans have been written off by the lending institutions and the best estimate is we are a little over half way through that. They will have to write down the rest but the hope is to be able to do it once revenue actually returns.

Hope is a very poor business strategy.