But for the two million homeowners who face foreclosure over the next year because of the subprime mortgage crisis, their New Year's hopes rest not with themselves, but with policy makers in Washington and the investment community on Wall Street.
Hello, they are not facing foreclosure because of the crisis, they are the cause of the crisis. My sympathy goes out to anyone who loses their home, but this was the result of poor decisions, they are not the passive recipients of over people's actions.
Many of the victims of aggressive mortgage brokers were single women, seniors on fixed income, young couples, Latinos and African Americans. They live in every neighborhood in every one of our major cities, and elsewhere. In one block alone on West Madison Street in Chicago, every one of the homeowners is in default on their current mortgage terms. In neighborhood after neighborhood in Chicago, foreclosures have soared to more than 50 per square mile.
Of course since there are 640 acres to a square mile, we are conservatively talking about thousands of homes, from which those 50 are from. These houses are not going to go empty after their current owners lose them, others, specifically the poor that he is worried about will have to opportunity to pick them up at bargain prices, that they can hopefully actually afford.