The Human Face of Foreclosure

My glee in watching the housing market implode is tempered by stories like this that illustrate the personal costs of subprime lending. Not just investors or even new home buyers are caught in the foreclosure net, but people who have owned their homes for years are also at risk. They have my empathy though I will stop short of advocating government bailout. In the end, responsiblity for debt lies firmly in the person who made the choice to sign their name on the loan forms, regardless of circumstances.

For decades, the 5100 block of West Outer Drive in Detroit has been a model of middle-class home ownership, part of an urban enclave of well-kept Colonial residences and manicured lawns. But on a recent spring day, locals saw something disturbing: dandelions growing wild on several properties.
"When I see dandelions, I worry," says Sylvia Hollifield, an instructor at Michigan State University who has lived on the block for more than 20 years.

Ms. Hollifield's concern is well-founded. Her neighbors are losing interest in their lawns because they're losing their homes -- a result of the recent boom in "subprime" mortgage lending. Over the past several years, seven of the 26 households on the 5100 block have taken out subprime loans, typically aimed at folks with poor or patchy credit.