Waking Up From The American Dream

The unintented consquencies of helping more middle and low-income families realize the American Dream and own their own homes.
April 12, 2004, 8am PDT | Abhijeet Chavan | @legalaidtech
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"Ms. Davis's migration west was part of a national campaign that has made homeowners of millions of middle- and lower-income Americans. But her tumble from ownership to foreclosure was part of another mass movement... the national foreclosure rate has tripled over the last three decades. Experts say mortgage fraud is on the rise in the United States and is now evident in as much as 25 percent of the loans that falter. And what happened in the Poconos is a disturbing glimpse of how a worthy goal — helping more middle-income Americans own their own homes — can sometimes produce disastrous results. "

Thanks to Abhijeet Chavan

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Published on Sunday, April 11, 2004 in The New York Times
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