Congress Can Take the Blame for Foreclosures

More than two million American homeowners received foreclosure notices last year, according to RealtyTrac. It's an epidemic that's rapidly spreading through all neighborhoods, from those in the inner city to the wealthy suburbs.

Some of those foreclosure notices went to house "flippers" left holding unsold condos or subdivision houses. But most were sent to young families, middle-aged couples and first-time homebuyers, reeling from the shock of losing their piece of the American dream.

Some point the finger at "greedy speculators" who hoped to make a quick profit in the housing boom. Others blame mortgage brokers, who made big bucks by offering quirky, adjustable-rate mortgages. Some say banks are the problem. They were eager to lend, but can't be reached by phone now that borrowers are falling behind. ...