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In a foreclosure age there are many employment opportunities – one being supervising the school attendance of homeless children. Ruben Rosario is busy trying to get the kids to school anyhow – by bus, van or even in a cab. On any weekday Marto Hurrle is too busy simultaneously managing two phones – the mobile and the landline.
The role of FDIC in mitigating foreclosure blues is under wraps – there is no transparency. FDIC has been auctioning off difficult loans, mainly commercial, at rock bottom prices. It is suffering financial losses but is avoiding the onus of directly confronting borrowers and realizing unpaid dues.
Foreclosures are leading to a hike in the demand for food stamps. The poverty of America is being symbolized by these. A record breaking number of 28 million Americans are now totally dependent on food stamps. This is a sure sign that mighty America is facing a grave economic catastrophe.
Behind the bonhomie of the G-20 partying there are fissures. It is the foreclosure related crisis that has made visible the cracks in the European Union. The world has been looking up to the G-20 meet to pull it out of one of the worst economic slumps.
Mounting foreclosures across the country is leading to increasing losses for investors. In Portland septuagenarian Patricia Harrell can see three foreclosed units – sold, desolate and unkempt. It seems the houses had been the property of a single investor.
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