Obama: We Need a National Plan

A stark prediction issued this morning from The New York Times: "More Foreclosures to Come."

Three culprits are to blame. First, some lenders have intentionally delayed the loan-modification process during the administration's antiforeclosure plan. Second, a backlog of bad loans exist from people who do not qualify for help. Third, the undeniable connection between defaults and growing unemployment, a situation Obama will address with Asian leaders in the coming week.

RealtyTrac, Inc. reports somewhat optimistically that foreclosures are down 3 percent nationwide, but that ignores yet another elephant in the room: the looming commercial real estate crisis.

Plain and simple: we need an expanded national plan to stop the bleeding caused by massive foreclosure.