American Nightmare
Posted : March 18, 2007 at 9:19 am [America/Los_Angeles]
In the last three months of 2006, lenders began foreclosure proceedings on about one out of every 200 mortgages, the highest rate on records dating back 37 years, according to the Mortgage Bankers Association. Some 1.5 million homeowners will face foreclosure this year, research firm RealtyTrac estimates. “An American dream has become an American nightmare,” said Howard Pitkin, commissioner at the Connecticut Department of Banking. Almas Sayeed, an economic policy analyst at the liberal policy group Center for American Progress, said borrowers going through foreclosure had little chance of regaining the financial footing they would need to qualify for another loan. “This promise of home ownership starts to elude families that tried to buy a home, bought into a loan that they really couldn’t afford, and once they foreclosed, the possibility of owning a home again is really, really limited,” she said.
- “Housing “nightmare” tarnishes the American dream”
This really sucks.
- Anand
Category: US |
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