Friday, May 17, 2013

Shoddy loans

"Americans lost $192.6 billion in wealth, or an average of $1,700 per household, last year due to foreclosures, according to a report released Thursday by the Alliance for a Just Society, a coalition of progressive grassroots organizations across the country. The report also found that the U.S. could lose $221 billion if officials don't come to the aid of millions of borrowers who owe more on their homes than they're actually worth.

The findings indicate that many Americans are still suffering from the housing bust, which critics say was the result of major lenders pushing shoddy loans on borrowers who couldn’t afford them. Meanwhile, Wall Street investors and construction companies are reaping the benefits of a recent rebound in the housing market."

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