Common Cause is asking us to ask ourselves why mortgage foreclosures are so high. And the answer is the mortgage lending industry has spent $210 million dollars on lobbying and campaign contributions to congress. The result? Congress refuses to restrict mortgage lending abuses on economically vulnerable families with home mortgages they cannot afford.
Foreclosures were up forty-two percent in 2006 and the situation is only getting worse in 2007. While the market had to undoubtedly slow this report shows it is no accident that those most vulnerable to foreclosure are not being protected because of special interests in Washington. Again, our government protecting the strong against the weak.
Also see this article by the New York Times focusing on Newark and foreclosures.