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The foreclosure crisis has cornered Bank of America in more ways than one. First it had to take over Merrill as the latter began to collapse
One of the many casualties of the foreclosure crisis is the gauges so long being used by economists to measure socio-economic health; these traditional yardsticks have been upset.
It seems that the decrease is largely due to people actually being able to lower rates and payments by working with the lenders to be able to lower things to an affordable level instead of losing the houses.
This one surprised more than a few people. New York is known for having some of the highest cost real estate in the country between the city of Manhattan and the property on Long Island and quite honestly, people thought that the results between May and July this year would be considerably higher and into increasing as opposed to decreasing.
With a staggering increase in foreclosures, the victims are regularly falling for fraudulent rescue plans. These companies are slick and smart.
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