I didn't think the closings were that bad. Pontiac (the city for you out of towners not the car brand)got taken out and so did the willow run plant but does Ann Arbor really need to make cars anymore? No they diversified long ago now its time for the rest of the state too.
As for 90 day lates they are out of control but you have to look at the bright side as well. People need to let the houses go, yes it messes up there credit but they can buy twice the house for half the dollars now. The banks screwed up now people with good credit are forclosing, some of whom can afford their houses and that screws them.
Everyday another group forecloses and CRBCs deposit base goes up in value and the banks holding all the mortgages value drops further. viva CRBC.