The story of foreclosures and mortgages-INfocus-04-08-2012
Millions of Americans have lost or are on the verge of losing their homes in the United States. As of March 2008, an estimated 8.8 million borrowers, 10.8 percent of all homeowners, had negative equity in their homes, a number that is believed to have risen to 12 million by November of the same year. In September 2010, 23 percent of all US homes were worth less than the mortgage loan. Barack Obama’s administration has fallen short of expectations to ameliorate the travesty. The latest deal gives homeowners in crisis only about USD 2,000 as a consequence of their life being turned upside down. In this week’s INFocus we speak to troubled home owners and experts to discover why the US mortgage crisis is a major contributor to minorities and under privileged Americans being trapped in a system that will not afford them socioeconomic mobility.
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There’s still no relief in sight for struggling American homeowners. Especially after we learned this week that mortgage giant Freddie Mac – which was in charge of keeping Americans in their homes – was actually betting on people getting kicked out of their homes. Since the George Bush meltdown in 2007 – 9 million homes in American have been lost to foreclosure. And as of right now – another 4 million are in danger of foreclosure. But even more troubling than these disturbingly high foreclosure numbers – is what’s behind them. And how this foreclosure crisis is disproportionately affecting minority homeowners. Joining me from New York to speak to this issue is Janell Ross – Business Reporter with the Huffington Post
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