Lowell Deeds

Driving home tonight I heard the news reporter on WBZ radio begin another story on foreclosures by saying the mortgage industry was in meltdown, prompted by things like New Century’s imminent bankruptcy filing and the ever rising rates of foreclosures, both for subprime loans and now for prime loans. Yesterday’s Lowell Sun contained 12 Notices of Sale and 10 Orders of Notice while this morning’s paper contained another 12 Notices of Sale. Since 2004 we’ve been writing about the threat posed by the runaway mortgage industry. Unfortunately, our dire predictions seem to be upon us now.