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Economists estimate 1.8 million borrowers will lose their homes this year
WASHINGTON - The country's growing unemployment is overtaking subprime mortgages as the main driver of foreclosures, according to bankers and economists, threatening to send even higher the number of borrowers who will lose their homes and making the foreclosure crisis far more complicated to unwind.
Economists estimate that 1.8 million borrowers will lose their homes this year, up from 1.4 million last year, according to Moody's Economy.com. And the government, which has already committed billions of dollars to foreclosure-prevention efforts, has found it far more difficult to help people who have lost their paychecks than those whose mortgage payments became unaffordable because of an interest-rate increase.
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6 comments:
Its all about the jobs, the ones shipped over-seas, the ones stolen here at home, the goverment has made the American middle class workers economicaly unviable. Whats going to happen when the average middle class American just doesnt care anymore?
Buy houses with worthless fiat currency. Agree to pay banks for money which they never had in the first place. Default on the loan. The banks own the REAL ASSETS - HOMES.
Can you say transfer of wealth?
Can you say, that S.O.B. has a shot gun.
More job losses? More Foreclosures? I thought the recession was over...
Hows that Obama thing working for ya ???
11:28
Its not Obama. He is a puppet of the real problem - BANKERS
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