Foreclosure Of A Dream In The New American Century
On Monday, April 2, 2007 New Century Financial Corp. America's largest independent maker of mortgages to high-risk borrowers, filed for chapter 11 bankruptcy protection. Its fall highlights the collapse of the sub-prime lending industry in the United States, which made $1.3 trillion in mostly Adjustable Rate Mortgage loans over the past two years to borrowers with not so perfect credit and not so provable income. Just as the Pied Piper led rats and children through the streets of Hamelin to meet their unfortuate demise, in the last decade of the 20th century, thousands of not so well off working class Americans danced to a well orchestrated symphony of financial destruction led by the world's biggest banks and financial institutions. In the first quarter of the 21st century, thousands of people who were lured into purchasing homes they couldn't afford, with money they didn't have, on credit terms they couldn’t resist from lenders they shouldn't have trusted are now
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