Philadelphia Shows the Way to Slow Foreclosures
In the face of a mounting mortgage foreclosure crisis, financial advocacy groups are helping homeowners avoid further predatory lending practices and foreclosure auctions.
One effort began in June in Philadelphia, where the Court of Common Pleas now requires that mortgages of all owner-occupied properties scheduled for sale by the sheriff's office be reviewed by borrowers, lenders and the courts before they can be sold.
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The research reveals targeting of the weakest elements of the economy by the lenders. This effort by the subprime industry indicates not only a lack of business ethics and scruples, but it also makes a comment about the hierarchies within the culture of 'amurrica': gender and race are economic indicators. Justice for all is a standard that has yet to be met within the society.