Charlotte Foreclosure Homes Rising, TARP Not Helping
The number of Charlotte foreclosure homes rose another record high in August. Industry experts said that the federal government’s Troubled Asset Relief Program (TARP) failed to prevent thousands of homeowners in North Carolina from losing their properties to foreclosures.
The increase in the number of Charlotte foreclosure homes last month indicated that the federal government’s Troubled Asset Relief Program (TARP) is not working as expected, according to industry experts.
Statewide, the number of foreclosure filings increased by 43 percent in August compared to the same month a year ago. Mecklenburg County foreclosure filings rose by 80 percent last month.
Industry experts said that the foreclosure problem, which triggered the nationwide recession, started with subprime loans that were issued to borrowers with questionable credit and payments that they could not afford.
By Cassiano Travareli