To achieve a recovery in both the housing sector and the overall economy, mortgage banks need insight into the misconceptions on how mortgage delinquency and economic stress have impacted borrower behavior. This includes insight into what a "strategic default" is.

The recession of 2008 was the first since World War II that was consumer-driven. Consumer debt issues and mortgage problems were inevitably followed by a contraction in spending, said FICO CEO Mark Greene in his keynote address at the FICO World Forum event held in November.

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