But let's say you don't buy into the populist rage of it all, and prefer to focus on the fact that these people didn't pay their bills and that's that. Fair enough. But there's plenty that should raise investors' eyebrows. FBR Capital Markets analyst Paul Miller said in a note to clients on Thursday that the cost of foreclosures could reach $10 billion. "We would note this is an earnings issue and not a capital problem, and although $6 billion-$10 billion is a large amount, we believe the industry could comfortably absorb these losses," Miller said.