Upcoming Foreclosures

What does the housing foreclosure all mean?

And, the government stepping in freezing the rates? What is really happening in American society? Since I'm pretty isolated. Can somebody explain this to me in a simple but not too short of a way?

Public Comments

1. My perspective was that there were a lot of people buying houses and in order to finance many people the interest rates were lower - but only for a little while. Many people either did not realize this or they didn't think the time would be up so soon because as soon as the "introductory" rate expired, they were hit with a larger rate, which in the case of a few of my family members, increase the monthy payments by $300 to $500 more a month. This made it unaffordable for lots of people, thus making the foreclosures increase. The fact that the Gov is going to freeze the rates means that what it boils down to is a lot of people legally got scammed. I am sure there is someone with a more professional explaination.