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2 Million Americans Face Losing Their Home Short
News An influential congressional committee warned yesterday that 2 million US families face losing their homes in a "tidal wave" of repossessions with an estimated cost of $71bn. The figures are far greater than those estimated by the White House and are likely to heighten concern that America is slipping into recession pushed by a housing slump. Democratic senator Charles Schumer told the committee "From New
York to California, we are headed for billions in lost wealth, property
values and tax revenues. The current tidal wave of foreclosures will soon
turn into a tsunami”.
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