Calculated Risk has several excellent posts on the state of the housing problem as revealed by the Freddie Mac quarterly conference call. just scroll down through the posts.
http://calculatedrisk.blogspot.com/2008/05/freddie-mac-on-walking-away.html
http://calculatedrisk.blogspot.com/2008/05/freddie-mac-conference-call.html
http://calculatedrisk.blogspot.com/2008/05/foreclosures-filings-rise-65.html
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