Puerto Rico About To Get Hit With ANOTHER Disaster: A Foreclosure Crisis
December 30, 2017
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6:37Now PlayingPuerto Rico About To Get Hit With ANOTHER Disaster: A Foreclosure Crisis
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as posted by the channelIn this Majority Report clip, we discuss the latest disaster to hit Puerto Rico, that being a foreclosure crisis.
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---LENDERS TO PUERTO Rican homeowners have kicked foreclosures into high gear in the aftermath of Hurricane Maria, skirting local and federal borrower protections. According to attorneys and experts, lenders have ignored federal moratoria on foreclosures; placed notices of default in newspapers where they’re unlikely to be seen; sent files to homeowners in English rather than Spanish; and required residents to complete tasks that are borderline impossible without electrical power yet fully restored, among other abuses.
The foreclosure horrors add to Puerto Rico’s Dickensian experience of late. Close to 35 percent of the island remains without power after Hurricane Maria, with full restoration not expected until May. At least 100,000 people have left the island. Abandoned pets are everywhere. Government services have been slashed or hobbled. Even one major proposed solution, wiping out Puerto Rico’s debt, will take a personal cost: The bonds represent the life savings of many residents to whom the financial products were aggressively marketed without explanation of the downsides.
Ultimately, the expected wave of foreclosures could prove worse than what happened in the most hard-hit areas in the U.S. mainland during the Great Recession. According to the New York Times, roughly one-third of 425,000 Puerto Rican homeowners have fallen behind on mortgage payments, and with jobs scarce after the hurricane, that number will likely grow. In fact, the economy of the island could collapse, as the Republican tax bill imposes a 20 percent tax on offshore exports — a category that includes Puerto Rican manufacturing.---
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