Foreclosures “send a message” to neighborhoods

Posted by Staff on May 21, 2008 |

At a Domestic Policy Subcommittee of the House Oversight and Government Reform Committee hearing on the impact of the subprime mortgage crisis on neighborhoods, Maryland Councilmember Nancy Floreen says that foreclosed property “sends a message” to the rest of the community that they “don’t need to try,” and that if they’re “on the edge, why not do it to?”  She said it causes others in surrounding homes to wonder why they should improve the “quality of life within a community” by cleaning up graffiti, mowing lawns, repairing broken steps, and other maintenance issues. (0:50)

 
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May 21, 2008
« Subprime lending market has “preyed upon” people who can’t afford loans
Kucinich: Neighborhoods are “blameless victims” of mortgage crisis »
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