Foreclosure Bill Loses In The Senate By One Vote

As policymakers scramble to find a solution to the mortgage meltdown, special interests are gearing up to protect the status quo. Not that thats all bad - the first rule during a crisis should be "do no harm". And with Sacramento politicans thats a bit of advice rarely heeded.

The latest attempt to address the situation lost by one vote in committee in a classic Sacramento political brawl. The Los Angeles Times covers the play by play in this article. The story is also covered in The San Jose Mercury News.

So while the Nero's fiddle, Rome continues to burn. In fact, Bay Area foreclosure filings continued to double, triple and quadruple at the end of 2007 compared to a year ago, with one home in every 93 slipping away from its owners.

"This is not a phenomenon limited to a certain type of socioeconomic class and geography," said Rick Sharga, vice president of marketing for RealtyTrac. "There's no one area of the country, or the state for that matter, that's immune." Read about how the issue is affecting the bay area here.