Subprime crisis Follow

Tom Dart, the sheriff of Cook County, Illinois, announced a moratorium on the eviction of tenants from foreclosed housing, stating that too many are innocent rent-paying victims with no prior notice of the pending foreclosure. As seen by Sheriff Dart, the same recklessness that was exhibited in entering into these risky mortgages is being exhibited at their termination -- with little attention being paid to the human consequences. The subprime/no document mortgages with adjustable interest that were brokered with little regard to ability to repay were later sold and repackaged so many times that financial institutions often have difficulty tracing their ownership interest.