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Politics : Formerly About Advanced Micro Devices

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To: TimF who wrote (364689)	12/29/2007 5:35:30 PM
From: tejek	Read Replies (1) of 1577651

How Bad Loans Cause Violent Crime Even if you don’t hold a risky mortgage, you still could be hurt by the subprime loan crisis. According to a recent study from the Georgia Institute of Technology and the Woodstock Institute, increases in foreclosures in a neighborhood were shown to lead to an upsurge in violent crime. In Cleveland’s Slavic Village, where foreclosure rates are among the nation’s highest, 800 homes have become the scene of drug dealing and gang wars. This summer, a 12-year-old was killed when she stumbled into a gunfight. Meanwhile, in Atlanta’s Westview Village, a cluster of 22 empty homes has turned into an enclave for prostitution and arson. How can neighborhoods with many foreclosures prevent crime? “Trying to keep people in their homes is the best solution,” says Geoff Smith, who co-authored the report. Short of that, “communities could work with banks to keep foreclosed properties in productive use.” Even when bad mortgages don’t lead to violence, they can cause harm: A new report estimates that 44.5 million U.S. households will see property values decline a combined $223 billion because of the wave of foreclosures. parade.com

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