"Spend 27 years in Congress and you're bound to encounter more than one financial train wreck. But as Rep. Barney Frank, D-Mass., sees it, the meltdown in the U.S. housing market poses as much of a threat to the nation's economic well-being as anything he's encountered during his time on Capitol Hill.
More than 3 million homeowners will default on their mortgages this year, according to Moody's Economy.com. That's about 5% of all U.S. mortgages outstanding. Those defaults, in turn, are accelerating the pace of foreclosures and placing yet more pressure on housing prices - a vicious spiral that could hamstring the entire economy."
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Minds over money: Frank talk with Barney Frank
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