Tuesday 10 April 2012

US housing foreclosures

A report on foreclosures in the United States from Iran’s Press TV



The story of foreclosures and mortgages
Millions of Americans have lost or are on the verge of losing their homes in the United States. 

As of March 2008, an estimated 8.8 million borrowers, 10.8 percent of all homeowners, had negative equity in their homes, a number that is believed to have risen to 12 million by November of the same year. 

In September 2010, 23 percent of all US homes were worth less than the mortgage loan. 

Barack Obama's administration has fallen short of expectations to ameliorate the travesty. 

The latest deal gives homeowners in crisis only about USD 2,000 as a consequence of their life being turned upside down. 

In this week's INFocus we speak to troubled home owners and experts to discover why the US mortgage crisis is a major contributor to minorities and under privileged Americans being trapped in a system that will not afford them socioeconomic mobility


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