Puerto Ricans Brace For Another Disaster: Foreclosures
The foreclosure horrors add to Puerto Rico’s Dickensian experience of late. Close to 35 percent of the island remains without power after Hurricane Maria, with full restoration not expected until May. At least 100,000 people have left the island. Abandoned pets are everywhere. Government services have been slashed or hobbled. Even one major proposed solution, wiping out Puerto Rico’s debt, will take a personal cost: The bonds represent the life savings of many residents to whom the financial products were aggressively marketed without explanation of the downsides. Ultimately, the expected wave of foreclosures could prove worse than what happened in the most hard-hit areas in the U.S. mainland during the Great Recession.