Study Shows Profound Effect of Mortgage Crisis on Older Americans

This study - put out by the AARP Public Policy Institute - explores the loan performance of older Americans based on their age, loan type and demographics.  The existing perception that older Americans are not struggling with mortgage debt as badly as other age groups is false; in fact millions of older borrowers are carrying more debt than ever before and are at risk of losing their homes.  About 3.5 million loans of people over age 50 were underwater as of December 2011, meaning they owe more than their home is worth. This report looks at results for all loans, prime and subprime, and includes factors such as race, ethnicity and income.  It gives an outlook for the future and information on current public policy programs and policy solutions.  Read the report