In the United States the rise in the number of people unable to meet housing loan repayments continues to grow. And what do that nation's bankers now call the painful process of foreclosure?
In testimony prepared on 24 June for a congressional hearing Barbara Desoer, president of Bank of America’s home-loan and insurance unit said this: "Given the depth of the nation’s recessionary impacts on homeowners, a considerable number of customers will transition from homeownership over the next two years."
Transition from homeownership!
