I have been the most aggressive as to estimating the number of people who could have their mortgages modified, in November estimating roughly 1,000,0000.
Now the Obama administration says that as many as 9,000,000 households may have their mortgages modified.
In addition, it was reported today that one in five home mortgages are under water. Last fall, it was thought to be one in ten or one in twelve.
I do not see how employment can get much better this year if the Obama administration is going to magnify the problem.