Last week, CBS' Anthony Mason was the only reporter to cover the Senate hearings into the prospect of hundreds of thousands of homes facing foreclosure. Now ABC follows up with a series entitled The Homewreckers. Steve Osunsami (subscription required) picked up on an expose in The Charlotte Observer about North Carolina subdivisions developed for those with bad credit or insufficient income: homes were marketed for sale with a $1 down payment. There are 30 separate neighborhoods where as many as one fifth of all residents have lost their homes. "We call it the American nightmare," confessed one woman, whose equity in her home is worth negative $15,000.
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