New America Media, 27 July 2009
OAKLAND, Calif.–On the morning of Monday, July 20, Tosha Alberty left her West Oakland Victorian home and headed to work. By evening, she and her family had become homeless.
Alberty has lived at the edge of the Acorn district since 2005, but she is one of many families in the region slapped with foreclosure because of subprime mortgages.
For two years, Alberty struggled financially but was still able to make her monthly scheduled payment of $2,800. But then the interest rate on her loan reset and she was facing an impossible $1,000 monthly increase.