Uncategorized • May 2nd, 2008

The Crisis of Crises

by Greg Batiansila

One of the best methods of public affairs - and something you’ll see overwhelmingly in an election year - is inundation. If you inundate the media and populace with a thought or idea, even if everyone furiously tries to wipe away your inundation, there’s bound to be some residue.

Case in point: the mortgage crisis. It’s a crisis, right? Based on the inundation of reports you’ve seen, heard and read, the mortgage industry is facing a crisis that is applying blunt-force trauma to the economy. Sooo. What’s the foreclosure rate? According to the Mortgage Bankers Association, it’s at 2.04 percent of all outstanding loans.

Granted, the number is higher than the previous quarter. But if 98% of loans are not in foreclosure, is there a foreclosure crisis? In an election year - and with some really great public affairs saying all the right things - there sure is.

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