3 Roughly 190,000 foreclosures were started on these mortgages in the fourth quarter, up 11 percent from the previous quarter. 4 The cost of foreclosures is high for lenders, investors, communities and causes severe disruption and distress to individuals and families.
We are currently witnessing the fact that these extensive interventions are having some stabilising effects on financial markets and have, judging by the initial signs, probably led to a slowdown in the rapid pace of the downswing in the real economy. Nevertheless, the future outlook remains uncertain.