THE FORECLOSURE CRISIS
From 35th Street to Wall Street: Anatomy of a foreclosure
by Dan Olson, Minnesota Public Radio,
Sasha Aslanian, Minnesota Public Radio
May 5, 2008
Tomorrow, a Minneapolis woman is scheduled to lose her home. The bank says it’s foreclosing on Faith Burns because she’s fallen behind on her monthly payments. Burns says that’s not so.
The fallout from the mortgage meltdown is vast. One-fourth of this country’s home mortgages are risky subprime loans. About one-fifth of the subprime borrowers are having problems making payments.
In Minneapolis last year, there were 2,895 foreclosures. Already this year, that number stands at 678. We wanted to understand the meltdown through a smaller lens, so we traced the path of Faith Burns’ mortgage. It leads all the way to Wall Street.
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