Quick Picks: Elderly Face Foreclosure and Bond Deal Spreads Pain
Even though the Obama administration has ramped up loan modification efforts, the Wall Street Journal reports that older borrowers with low, fixed incomes may get left out in the cold.The elderly were often victims of mortgage fraud, but many who subsist solely on Social Security or pension incomes make too little to qualify for help.
Also, Indianapolis’ water utility faces a penalty of up to $100 million after entering into risky bond deals in 2005, but the real losers appear to be city residents, who are likely to see an emergency rate increase of 17.5 percent on their water usage, reports the Indianapolis Star. The director of the Indianapolis Bond Bank, which set up the deals, says an immediate rate increase is necessary to pay the penalty.
Check out more of our roundup of the best investigative stories around the Web. Was there a story we missed? Please keep sending us your picks or include them in the comments section below.
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