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95 percent of the people who got the what they re calling the robo foreclosure notices, about 95 percent of those people actually were not paying their mortgages on time and actually the notices were sent correctly. but there were those, you know, 5 percent of the cases where people were paying their mortgages on time and they got these notices, and there will probably be lawsuits as a result of that. but i want to give you a scary statistic in that news story today that i found really eye opening, which is that 20 percent, one out of every five mortgages today, bill, is under water. what that means is that these are people who have negative equity in their house. that s a really frightening statistic. it means that foreclosures are going to go up considerably in the next few months. bill: meaning they owe more than their home is worth. that s right. bill: part of the reason why the foreclosure rate went the way it did. that s exactly right. bill bill people saying i win by walki ....
Dropped and you lost some money there. it s a moral question and it s complicated because in some parts of the country you can walk away from your house, like in california. in other states like florida, it s a little more complicated, you just don t hand the keys over and walk away. you may still be financially responsible. so, at the end of the day, a lawyer always needs to be involved in this. you hear about people putting their keys in the mail and sending it to the mortgage holder like a jingle mail they call it because it jingles when it arrives. not the best thing to do if you don t follow it through with all dotting of the is and crossing of the ts. kerry great stuff, thank you. it s shaping up as one of the top election issues this fall, not just the whole market, but, of course, the economy overall and the political battle over taxes. let s bring in right now david stockman, served as director of the office of management and budget under president reagan. you know what it ....