Friday, April 04, 2008

Something I missed

via The Housing Bubble Blog:
Don't worry, it's not good news.

“The foreclosure problems in small-town America may be even more widespread than in cities. Mobile and prefab homes make up at least 15 percent of the nation’s rural housing, and three-quarters of them were financed with installment or personal property loans rather than mortgage loans, according to the Housing Assistance Council.”

“When the owners default, it leads to repossession rather than foreclosure, and these defaults are not included in the foreclosure data, said Moises Loza, HAC executive director. ‘It’s happening all over,’ Loza said.”

The HBB post also has this question that I ask myself all the time.

“‘I want to know – how many people are going to jail?’ asked Yevette Boutall, director of a community development fund that works in lower-income neighborhoods of Cook County.”

“‘That’s how angry people are in communities,’ said Boutall. ‘They want to know how many people are going to go to jail, people who misled them and got away with it and earned money on their misery.’”

Once we've imprisoned NEWCAG and his enablers, who goes next? Do we need a Truth and Reconciliation commission?


Anonymous said...

Do you know how many of these there are in Myrtle Beach?

Rionn Fears Malechem said...

I don't. The Housing Assistance Council may have the data.