Yesterday, former Fed chair Alan Greenspan commented that we are actually in a recession. Today, current Fed chair Ben Bernanke is commenting on mortgage market problems. He is sharing his thoughts on foreclosures, and the fact that subprime mortgages are providing the largest number of them. Calculated Risk reports on Bernanke’s comments on the mortgage market problems:

The sharpest increases have been among subprime mortgages, particularly
those with adjustable interest rates: About one quarter of subprime
adjustable-rate mortgages are currently 90 days or more delinquent or
in foreclosure.

Not surprisingly, Bernanke expects the rate of foreclosures to continue to climb through 2008.

At this point, with food and oil prices rising, and the US dollar sinking, it is no surprise that many people are primarily concerned with how the economy will affect their personal finances.