November 15, 2007 (LPAC)--The CEO of the United States' biggest mortgage-servicing bank and second-biggest mortgage lender, Wells Fargo Banking Corp., pronounced the the state of the American housing market to be "the worst since the Great Depression."

CEO John Stumpf said that households' loss of equity in their homes, due to an accelerating drop in home prices, will increase again this quarter, and remain "elevated" throughout at least the next year.

The Center for Responsible Lending, in a new study released Nov. 13, said that these price drops and mass foreclosures would rob American households of well over $200 billion in wealth through next year.

But what's on is a complete financial and banking crash, and a bubble of roughly $20 trillion in inflated values is collapsing, so the losses will be much greater--the financial system is going to be lost, and must be replaced with a new system of credit.