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Prosecutors Pressure Lenders as Foreclosures Soar

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Prosecutors Pressure Lenders as Foreclosures Soar

Business

Prosecutors Pressure Lenders as Foreclosures Soar

Prosecutors Pressure Lenders as Foreclosures Soar

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  • <iframe src="https://www.npr.org/player/embed/15067603/15067579" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

Foreclosures in the U.S. are at their highest levels in 50 years. That's in part because of subprime loans that are adjusting to very high interest rates.

President Bush and members of Congress have appealed to the mortgage industry to lower rates, and the industry says it is working with struggling homeowners. But housing advocates say the response has been paltry.

Now, the top prosecutors in 37 states are putting more direct pressure on lenders.