The current wave of foreclosures, as the story below indicates, is not attributed to an economic slump that would have caused working families to lose their jobs and thus fall behind on their mortgage payments; rather, it was created by the mortgage industry itself that pushed unsustainable loans on families that are overwellmed with debt. The NYTimes reports on how this crisis is affecting communities in Atlanta.

Increasing Rate of Foreclosures Upsets Atlanta
By VIKAS BAJAJ

Despite a vibrant local economy, Atlanta’s surge in foreclosures offers a glimpse of what experts fear may be in store for other U.S. cities.

Like others across the country, homeowners here took out aggressive mortgages in the last few years when interest rates were low and housing prices were soaring. Now many are falling behind — some have lost jobs or experienced other financial difficulties, but many others are not able to refinance because their homes are worth less than they paid for them and their credit is now too weak for them to qualify for another loan.