As we predicted - the great foreclosure tragedy is nearly on us
“News Reminder - Report: Worst U.S. Foreclosure Crisis Unfolding, Minorities and Low-Income Families to Face Brunt of Home Losses
“The United States is heading into its worst mortgage foreclosure crisis in modern history, with more than two million predominantly minority and low-income Americans with subprime mortgages expected to lose well over $100 billion in homeownership wealth, according to a major new report to be released by the Center for Responsible Lending (CRL).
“The groundbreaking CRL report, "Losing Ground: Foreclosures in the Subprime Market," looks at subprime mortgages originated from 1998 through
the first half of 2006. This is the first such comprehensive public
analysis of the subprime mortgage market.”
What this analysis is going to show is the obvious thing: that the loan sharks sharked loans to any poor penguin they could get in their jaws.
But now the press and the prosecutors are out with their harpoons and depth charges. Soon, there will be a few of these sharks hanging on hooks…