Which, when you think about it, sounds a lot like what's going on out there in the broader economy: a terrible storm has come through America, and the response of the Fed, Treasury, and the Obama Administration has been awfully slow, ineffective, and incredibly expensive.
The following stories will have legs far into 2010:
The Obama Mortgage Modification program: Fail.
Mark Hanson explains why foreclosures will rise...here and everywhere else in the US. Up to 20 million more foreclosures. Hanson looks at the numbers and explains why a 50% DTI mortgage is untenable, how loony notions of "affordability" are now out the window...looks at HAMP and the "culture of fraud" at Fannie and Freddie. (Based on Hanson's data, plus the two previous links...you can see how it's going to become more socially and culturally acceptable to strategically default in 2010.) Read.
What'd we miss?
Coming soon: the C'ville Bubble Blog's "predictions" for 2010. Whee.
Title refined after original post.