The economic crisis caused by Wall Street and the banks in 2008 led to a tidal wave of bank foreclosures.
According to a new report by advocacy group First Focus and the Brookings Institute, 8.3 million children in the United States are from homes or apartments that have already entered into foreclosure or are in immediate risk of foreclosure.
That means that more than one of every 10 children has experienced eviction by the banks or lives in high-risk situations.
Bank foreclosures slowed over the last few years because of charges brought by all 50 states against the country’s five largest banks for systemic and widespread foreclosure fraud. However, thanks to a skimpy settlement worked out with the Obama administration last March, the banks are enthusiastic about ramping up their practices again.
A second wave of home foreclosures is on the horizon.
Meanwhile, virtually none of those who reaped immense profits from these fraudulent operations have gone to jail or even lost their fortunes.
