"We're in a 37-year high rate of foreclosures in this country, a 10-year low on housing starts. It's a very serious issue," Mr. Dodd said.

He estimated that from 1 to 3 million people are at risk of losing their homes, "not because they lost their jobs, not because the economy collapsed, but because they got bad deals on mortgages."

http://thecaucus.blogs.nytimes.com/2007/08/21/dodd-on-the-mortage-lending-crisis/

I really cant wait to see what inadequate form of regulation, reformation, re-structurization or what kind of straw house is built upon the wreckage of this go-round! I became an appraiser in 2001 and couldn't believe what the market did on this NORTH/WEST side of THE GREAT STATE OF NEVADA! from 2001 to early 2006. My mentors stopped appraising in mid 2006 and I have witnessed the aftermath of the big boom (and its quite interesting). However this cycle plays out only GOD really knows and what I have learned in the past 6+ years is priceless......

The most valuable fact I have learned is "Telling the truth keeps you free"! and can be very depressing.

P.S. Does anyone have a guess when the fire will be put out and the smoke will clear?