US real estate situation

Partly driven by high unemployment, and in spite of various government measures to cut home loan rates etc, 12.07% of U.S. homeowners with a mortgage were either late paying or foreclosed at the end of Q1/2009, according to the Mortgage Bankers Association!

The economic and jobs situation has driven up foreclosures of the so called "prime fixed-rate loans". What is worth noting is that these loans are the loans made to the most credit-worthy borrowers and they make up 65% of the $9.9 trillion in outstanding first mortgages!

In Q1/2009, foreclosure actions were initiated on 1.37% of first mortgages, a record number!

All that in spite of the fact that the average rate on 30-year mortgages was 5.05% percent in January, 5.13%in February and 5.00% in March according to Freddie Mac, whereas a year earlier the average monthly rates were near 6%.

the importance of the European Parliament in the EU legislative process

How many EU citizens/voters know or realise not only that:

a) some 60% of national laws in the 27 are "made in the EU" but also

b) that while it is the EU Commission that drafts new EU legislative initiatives (bills), the European Parliament has co-decision (aka equal) power with the Council (of national Ministers) in amending and in rejecting or passing what the EU Commission has proposed in more policy areas than ever before (see "co-decision" policy areas)?