The U.S. is in the midst of a foreclosure crisis of unprecedented proportions. Millions of families have lost their homes and millions more are expected to lose their homes in the next few years.

The current mortgage market is broken. One out of twelve of all mortgages is seriously delinquent; one out of ten is past due. While some of the delinquencies and foreclosures are undoubtedly caused by the recession, a huge chunk of the problems in the mortgage market is caused by risky and unpayable adjustable rate mortgages made in both the prime and subprime markets.