The Maryland Dept of Legislative Services, Office of Policy Analysis, has produced a report “Understanding the Global Financial Crisis and Its Impact on Maryland.” You can find it at the very bottom of the General Assembly Web site, under Dept of Legislative Services reports. Thanks to Sen. Richard Madaleno for alerting me to the report.
The report gives an excellent summary of how the economic crisis developed, and the steps the U.S. government has taken so far to intervene.
For Maryland, it reports the status of finance and construction industry job losses; significiant declines in state revenue due to the economic slowdown; and the impact on interest rates the state must pay to borrow money.
According to the report, there were 59,200 subprime mortgages in Maryland in August 2008.
“Statewide, 1.7% of all mortgage loans were in foreclosure at the end of the second quarter of 2008. About 8,650, or almost 15%, of all Maryland subprime mortgages are in foreclosure or the lender has taken legal title of the property.”
I will also quote both the first and last sentences of the report’s conclusion. The following two sentences just about say it all:
“The financial crisis appears to be both broad and deep. . . . At this point it is unclear how or where it will end.”
– Bernie Hayden
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