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May 12, 2008

All Business: Time for government to back mortgage bailout

  • The mortgage rot could soon be on the street where you live, and spread to your schools, hospitals and to the roads you drive on.
    • By RACHEL BECK
    AP Business Writer

    NEW YORK — A government-backed mortgage bailout is needed, and it must be done right away.

    Before shouting about all the reasons why taxpayers shouldn't rescue the profligate who took on more debt than they could handle, think about this: New research estimates one in 33 subprime borrowers will foreclose on their homes in the next two years.


     
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