Although exact details are lacking on the mortgage relief provisions of the economic stimulus package, we do know policymakers plan to use the FHA, Freddie Mac and Fannie Mae to pump life into the housing market.

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Loose lending practices extended beyond subprime during the housing boom. Option ARMs accounted for up to 90 percent of the profits some lenders made in the hottest housing markets.

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An unprecedented federal lawsuit filed Tuesday by the city of Baltimore accuses mortgage giant Wells Fargo of engaging in predatory and discriminating loan practices. City officials estimate they could recoup “tens of millions” in damages.

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With foreclosures on the rise in nearly every area of the country, the White House is under pressure from consumer advocates to do something to address the crisis. One of the latest solutions involves letting states issue tax-exempt bonds to help troubled homeowners refinance.

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The national foreclosure rate has climbed steadily throughout 2007. While most reports attribute the bulk of the foreclosures to ARM resets, the reality is that more than half of the borrowers who are defaulting are still in their first year of the loan.

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