2 Million Americans Face Losing Their Home

Short News
Friday October 26, 2007

An influential congressional committee warned yesterday that 2 million US families face losing their homes in a "tidal wave" of repossessions with an estimated cost of $71bn.

The figures are far greater than those estimated by the White House and are likely to heighten concern that America is slipping into recession pushed by a housing slump.

Democratic senator Charles Schumer told the committee "From New York to California, we are headed for billions in lost wealth, property values and tax revenues. The current tidal wave of foreclosures will soon turn into a tsunami”.

Source: business.guardian.co.uk