Thursday, September 20, 2012

End of a dream

An AARP report released this summer, "Nightmare on Main Street: Older Americans and the Mortgage Market Crisis," revealed that:

-About 3.5 million loans held by people over 50 (or 16 percent of all loans for that group) were underwater as of December 2011.

-The percentage of seriously delinquent mortgage loans increased from 1.1 percent in 2007 to 6 percent in 2011 for people 50 and older.

-The foreclosure rate for people 50 and older also increased, from 0.3 percent in 2007 to 2.9 percent in 2011.

"It's like the end of the American Dream for them," said Gladys Gerson, a supervising attorney for Coast to Coast Legal Aid of South Florida. "They're very embarrassed that they can't maintain their own home."

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