Foreclosures’ impact “pervasive”-Trenton mayor
The current housing crisis presents challenges for U.S. mayors that few elected officials have ever faced before. Rising foreclosures destabilize neighborhoods and families and can lead to higher crime, Douglas Palmer, Mayor of Trenton, New Jersey, told the Reuters Housing Summit on Tuesday.
Mayor Palmer, who has served Trenton since 1990, blamed “predatory lending” during the housing boom for an upturn in foreclosures. He talked about the challenges a city mayor faces when local foreclosures rise.