No job, no mortgage payment. Plain and simple.

Employers slashed jobs from one end of the economy to the other, pushing the unemployment rate to 6.5% -- the highest in 14 years -- and making a deep recession a virtual certainty. The Labor Department reported today that the economy lost 240,000 jobs in October, the steepest one-month decline in a contraction that began last January.

There is a new mortgage disaster on its way that no one is addressing. It’s not the next resetting of ARMS. It is those who obtained 30-year fixed, low-interest mortgages based upon honestly reporting their income. I know because I am one. My daughter and I bought a house together because alone neither could afford to buy. In September she lost her job and is still unemployed. That put a strain on making mortgage payments. She is a preschool teacher. Preschools are losing enrollment as people look for ways to cutback. Thus jobs in that sector are drying up. Last week, I lost my job with a city along with nearly 200 others. The layoffs were due to a loss of tax revenue due to the recession. Other cities have frozen their hiring so my outlook is not good. Our unemployement checks would cover the mortgage, but there would be no money for food, utilities or gas to look for work. We are the tip of the iceberg of families who will be losing homes NOT due to ARMS, subprimes or buying something we could not afford. We are the families who will lose their homes due to the ‘trickle down’ of economic condition of this country. No one talks about us. We aren’t elibible for the bailouts or programs because we did not gamble, but are now affected by those who did gamble.