Consumer Group: U.S. Facing ‘Worst’ U.S. Mortgage Foreclosure Crisis

Touting a report to be released tomorrow, the Center for Responsible Lending, a Washington, D.C.-based consumer advocacy group, said today that subprime mortgages originated from 1998 through the first half of 2006 will wipe out billions of dollars of economic wealth in what the group characterized as “one of the worst foreclosure crises in American history.” The CRL will release what it says is the first comprehensive, nationwide look at how subprime mortgages perform, providing projected foreclosure data on all major U.S. metropolitan statistical areas (MSAs). The report is scheduled to be released tomorrow afternoon during a news conference featuring Michael D. Calhoun, president, Center for Responsible Lending; Pat Vredevoogd Combs, president, National Association of Realtors; and Wade Henderson, executive director, Leadership Conference on Civil Rights. HW will post updates on this and other stories as they break.