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Gulf Coast homeowner loans lagging

Leslie Eaton and Ron Nixon of The New York Times used federal data to show the pace of homeowner loans in the Gulf Coast is lagging. “The Small Business Administration, which runs the federal government’s main disaster recovery program for both businesses and homeowners, has processed only a third of the 276,000 home loan applications it has received. And it has rejected 82 percent of those it has reviewed, a higher percentage than in most previous disasters.” The loans that have been approved have been going to higher-income neighborhoods.

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