AARP Releases "Nightmare on Main Street" Report on Foreclosure Crisis and Older Americans

The AARP released a report today chronicaling the severe impact of the mortgage  crisis on American citizens over the age of 50. According to the organization, "more than 1.5 million people age 50-plus have lost their homes since 2007 and at least 3.5 million more remain at risk at this most vulnerable stage of their lives." The report exposes the financial vulnerability of many older citizens, and recommended the following adjustments to existing housing policies: 

• Requiring all states to implement foreclosure mediation programs to help more homeowners stay in their homes;
• Returning vacant bank-owned properties to their proper use as homes through funding for community banks and assistance to local and state programs;
• Developing rent-to-own programs to help people buy bank-owned or vacant homes;
• Setting loan servicing standards for all servicers, not only the five big banks that in February signed a settlement with state attorney generals to rein in abuses and misconduct that have resulted in improper foreclosures;
• Expanding access to housing counseling programs.

To view the AARP's report in full, click here.