The mortgage mess is still not even close to being sorted out and today's news continues to reflect that belief. Defaults on home mortgages soared to another all-time high at the end of 2007 as resets on adjustable-rate and teaser-rate mortgages continue to wreak havoc on consumers. The news sent the stock markets lower while regulators are feeling more and more heat to move faster to contain losses and help troubled homeowners. Just how bad is it? According to the Mortgage Banker's Association, the number of loans past-due or in foreclosure jumped to 7.9 percent from just 6.1 percent in December of 2006.

From the New York Times:
Defaults on home mortgages touched another all-time high at the end of the last year as foreclosures surged on adjustable-rate mortgages, an industry group reported on Thursday. The latest data is expected to put further pressure on policy makers and the mortgage industry to move faster to contain losses and help more homeowners. In recent days, regulators and lawmakers have begun suggesting that the federal government might need to take a more interventionist role in the mortgage business.