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The sloppy lending habits that brought the recession on in the first place seem to be on their way back as sub-prime loans are getting more popular every day.
Not long after foreclosures started to take off in 2007 and the mortgage market’s collapse began to cripple the economy, one lesson seemed obvious: The predatory lending practices that led to the crisis had to be reined in. But despite massive government bailouts of banks and lenders due to losses from toxic mortgages, that reform still hasn’t happened.
Some Cleveland, Ohio neighborhoods have a message for banks that abandon their foreclosed houses or unload them at fire sale prices to speculators: Stop dumping your trash on us.
John Head doesn’t like to say, “I told you so.” But the Denver real estate attorney who was the soothsayer of the terrible affects...