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Resource ID: #25791
Subject: Economics
Source: ProPublica
Date: 2024-06-15



The foreclosure crisis, which plunged America into the Great Recession and forced more than 4.3 million families out of their homes, is one of the most consequential events to hit America since the attacks of 9/11, but also one of the least understood. And no wonder. Citizens could read about isolated aspects: robo signing, say, or CDOs. But nowhere could they read, in a single narrative, an account of the whole — until last April, when ProPublica published The Great American Foreclosure Story by Paul Kiel, a groundbreaking look at the crisis told through one woman who lost her three-bedroom house in Florida and ended up living in a tent camp in Hawaii. Kiel followed up that stand-alone feature with a series of blistering reports on the government's largest attempt to compensate homeowners harmed by big banks' abusive foreclosure practices. Kiel exposed fundamental conflicts of interest in the program, the Independent Foreclosure Review, that called into question its integrity.

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