Thursday, July 19, 2012

The Graying of Foreclosure

Foreclosure Rates Surge for Older Americans:

MABLETON, Ga. — Roy Johnson fell so far behind on his $1,000-per-month mortgage payments that last year he allowed the redbrick, three-bedroom ranch he had owned since 1963 to lapse into foreclosure.

“I couldn’t pay it any longer,” he said. “One day, I woke up and said, ‘Hell, I’m through with it. I’m walking away from the house.’ ” 

That decision swept Mr. Johnson, 79, into a rapidly expanding demographic: older Americans who have lost their homes in the Great Recession. As he hauled his belongings by pickup truck from this Atlanta suburb and moved into his daughter’s basement, Mr. Johnson became one of the one and a half million Americans over the age of 50 who lost their houses to foreclosure between 2007 and 2011. Of those, the highest foreclosure rate was for homeowners over 75

Once viewed as the most fiscally stable age group, older people are flailing. On Wednesday, AARP released what it described as the most comprehensive analysis yet of why the foreclosure crisis struck so many Americans in their retirement years. The report found that while people under 50 are the group most likely to face foreclosure, the risk of “serious delinquency” on mortgages has grown fastest for people over 50. 

While the study classified even baby boomers as “older Americans,” its most dire findings were for the oldest group. Among people over 75, the foreclosure rate grew more than eightfold from 2007 to 2011, to 3 percent of that group of homeowners, the report found.

Makes you feel all warm and fuzzy, doesn't it? First we documented the massive criminal enterprise of Foreclosure Fraud and its effect on children, then on racial and ethnic minority groups, and now the elderly. If we can find data showing women being defrauded, er, foreclosed on at a greater rate than men, you'll have a clean sweep of subjugated and marginalized groups in society.

As I have written since this criminal enterprise was first exposed, Foreclosure Fraud is being used as another weapon of social control and outright criminal invasion, and the perpetrators of the fraud (the "Banksters" from Big Mortgage and Finance) have continued to escape prosecution for their crimes.

But you won't hear anything about this from either of the two presidential candidates, their minions, or anyone else running for congress, your statehouse or city hall. Why? Because the price tag for justice has been reduced to a campaign contribution, and no one knows how to spread herpes, er, the love, quite like the Banksters on Wall Street.

So when the predators from Big Mortgage perform a home invasion and give Granny the boot, good luck with taking her in. If she doesn't end up on the streets homeless, that is.

1 comment:

spastic_dowager said...

And the rest of us are left to fester in public housing.