The news that U.S. employers eliminated 533,000 jobs in November, the largest monthly decline in 34 years, is another worrying sign that the nation's economy continues to weaken rapidly. This deterioration, with the unemployment rate now at 6.7% and certainly heading higher, is a big threat to U.S. homeowners: Moody's estimates that between 2008 and 2010, 4.3 million homeowners could lose their homes to foreclosure.

How should mortgage lenders respond?

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