10% of American mortgages behind

WASHINGTON - A record one in 10 American homeowners with a mortgage were either at least a month behind on their payments or in foreclosure at the end of September as the source of housing market pressure shifted to the crumbling U.S. economy. The Mortgage Bankers Association said Friday the percentage of loans at least a month overdue or in foreclosure was up from 9.2 percent in the April-June quarter, and up from 7.3 percent a year earlier. Distress in the home loan market started about two years ago as increasing numbers of adjustable-rate loans reset to higher interest rates. But the latest wave of delinquencies is coming from the surge in unemployment. (AP) How much evidence does our city officials need to start tightening our financial belt? freeze on hirings? raises? When do you think the financial realities will sink in to this Mayor and Council? EVER? Somehow, the City has plenty of money to pay ALL of Santana's bills, plus his electricity, TRIPLE the going rate for the bathrooms, pay 120k a year for a shuttle that nobody rides, and give away our pool services for FREE to private entities, while we are losing 300k a year! Is that just gross incompetence? unbelievably terrible management? major stupidities ? or something more sinister?