The American Empire in a Changing World


Monday, July 30, 2012

''Older Americans lose homes as great recession takes toll''

From SMH

Roy Johnson fell so far behind on his $US1000-per-month mortgage payments that last year he allowed the red brick, 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'.''

''Once viewed as the most fiscally stable age group, older people are struggling. Last week, the American Association of Retired Persons (AARP), released what it described as the most comprehensive analysis of why the foreclosure crisis struck so many Americans in their retirement years.''

.......... ''older Americans are losing their homes because of pension cuts, rising medical costs, shrinking stock portfolios and falling property values, according to Debra Whitman, AARP's executive vice-president for policy.''

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