Abstract
The US subprime crisis of the last year led to a downturn in consumer demand and put not only the US housing finance system in severe difficulty but led also to a global financial crisis and a real economic downturn. Not only have the two major governmental agencies — Fannie Mae and Freddy Mac — counted on state bail-out, but numerous banks and industries too. Also households suffer in the current situation. RealtyTrac (2009) presented in the most recent study from February 2009 an increase in foreclosures by 6 per cent compared to January 2009 and an increase of 30 per cent compared to February 2008 (in June 2008 there was an increase of even 55 per cent year-on-year, December 2008, 41 per cent increase year-on-year).
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