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View Diary: How the Big Banks are Continuing to Syphon Wealth from Our Communities & Our Local Govenments (27 comments)

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  •  Sorry I misunderstood your question. (0+ / 0-)

    It's the foreclosure crisis at large that's draining revenue from the city. Underwater mortgages are a part of the the crisis. Underwater mortgages lead to foreclosures, foreclosures lead to lower property values in the neighborhood, which leads to more homeowners being underwater (which leads to more foreclosures...) as well as a loss of revenue. Does that explain it?

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