As one might expect in this era of resetting ARMs, 2007 foreclosures were up dramatically. Even a mortgage rate freeze is unlikely to help stem the tide to any great effect. Indeed, efforts by political leaders to fix the economy have been falling woefully short. Inman News reports on the staggering increase in 2007 foreclosures:

The number of households in foreclosure
increased 79 percent in 2007, with about one of every 100 U.S.
households at some stage of the foreclosure process, according to the
latest numbers from data aggregator RealtyTrac.