Subprime

In a speech last week John Dugan, comptroller of the currency, issued a strong defense of the Community Reinvestment Act — a direct response to CRA critics such as U.S. Rep. Michele Bachmann, R-Minn., who have laid blame for the current housing crisis on anti-redlining legislation.

Foreclosures in Minnesota rose by 68 percent in April over the same period last year, according to the latest RealtyTrac study. Minnesota saw 1,405 foreclosures and 38 Notice of Defaults in April. In the first quarter of this year, Minnesota was hit with 4,231 foreclosures, or one foreclosure per 540 households. That’s a 72 percent [...]

It’s no secret that North Minneapolis has been hit harder by the mortgage meltdown than any place in Minnesota. While no neighborhood is immune to the housing crisis — million-dollar downtown condos are seeing foreclosures, and so are homes in toney Linden Hills — the north side has been unfairly flogged. So how is [...]