A marathon foreclosure counseling session this weekend hosted by Better Family Life, a St. Louis nonprofit, is expected to serve several hundred distressed homeowners in 24 hours, said Maurice Washington, director of the agency's housing program.

And in a sad sign of the times, Washington noted that the event might qualify for a Guinness World Record as the first marathon counseling session of its type.

For homeowners drowning in mortgage and consumer credit debt, here is a grim warning from law-enforcement agencies: There are sharks in the water.

On Monday, Missouri Attorney General Jay Nixon announced an effort to crack down on mortgage scams and financial predators. That follows a national scam alert by the U.S. Treasury Department. Locally, FBI agents are investigating mortgage fraud, and the U.S. Attorney's office prosecuted nine cases this spring.

Which is worse: Foreclosure or bankruptcy? Sometimes, the rock can be better than the hard place, insist bankruptcy lawyers. It all depends on an individual's situation. And, they add, financially distressed consumers who haven't been able to negotiate a loan modification with their lenders might not think about bankruptcy as an option. But they should at least consider it. It may help them save their home.

Programs are available to help people bridge the gap when mortgage payments become overwhelming. But the pool of money is limited and the homeowner has to commit to changes to ensure that payments do not again fall into arrears.

Robert Cropf, chair of the Department of Public Policy Studies at St. Louis University, explains how the quasi-public mortgage behemoths operate. Because they enjoyed implicit government support, they took on too many risks. Now their problems threaten to spark a depression.

The roots of the mortgage crisis reach back to the 1980s, when looser credit encouraged families to spend rather than save. A booming real estate market masked the problem - but only temporarily.

Online, consumers share their struggle to reduce mountains of debt. Credit card debt helped set the stage for the mortgage crisis, psychologically and financially.

Local real estate leaders say help is essential for public-private mortgage giants Fannie May and Freddie Mac, which hold half the nation's mortgages. After a weekend of scrambling, the Treasury Department and Federal Reserve  announced a rescue plan. Congressional leaders predicted quick approval. Plummeting confidence in the companies led to fears that their problems would spark an even bigger economic crisis.

Congress will approve a housing bill that includes foreclosure relief for troubled American homeowners promptly after the Fourth of July recess, Sen. Claire McCaskill (D-Mo) said Saturday. The Senate housing bill, which is similar to legislation passed by the House, includes a $300 billion fund allowing at-risk homeowners to refinance into more affordable mortgages.

This article is part of an ongoing project by the Beacon and KETC/Channel 9 on mortgage foreclosures - how they're affecting St. Louis area residents and where you can find help.

Photo by Mary Delach Leonard