Many poorer homeowners face loosing their homes in the global credit crunch, as variable mortgage rates soar. Al Jazeera’s Tom Ackerman met one home owner who faces foreclosure.
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Ackerman
The US housing crisis lies at the heart of the current recession, with a wave of forclosures sending Wall Street into a free fall as lenders were hit by hundred of billions of dollars in losses. A few months on, and the rate of foreclosures shows no signs of slowing down. In the town of Boise in Idaho, even some people with the most affordable housing are being forced to relocate, as Al Jazeera’s Tom Ackerman reports.
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