Tallying up foreclosure's toll on children
First Focus, a Washington group that advocates for child-friendly policies and funding, said today it's estimating that 43,200 Maryland children will have to move as a result of subprime foreclosures -- primarily this year and next.
First Focus used as its base the Center for Responsible Lending's forecast that more than 55,000 Maryland homes with subprime loans will be foreclosed on. It then compared that to the share of households with children and the average number of kids in those households.
In its report, First Focus says:
These children are not just losing their homes, but they also risk losing their friends, schools, and in many ways, their childhood. When foreclosures force children from their homes, their education is disrupted, their peer relationships crumble, and the social networks that support them are fractured. Indeed, their physical health, as well as their emotional health and well-being, is placed at risk.
Comments
Why is it still being referred to as the "subprime" foreclosures. Its definitely not limited to subprime loans; alt-a and prime are in the same boat...its not contained!
Posted by: Kevin | May 2, 2008 4:44 PM
Hi, Kevin -- I figure First Focus is focusing on subprime because the Center for Responsible Lending's forecasts (which First Focus used as a launching point) were only for subprime. But the report does point out that the problem is not only a subprime one.
Posted by: Jamie Smith Hopkins | May 2, 2008 5:11 PM