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PUBLISHED 4-29-07 The American dream of home ownership has turned into a nightmare for many of the nation’s families, including many in Bakersfield. The news last week was grim: • Kern County’s foreclosure rate is triple the nation’s. • Law enforcement and real estate professionals report mortgage fraud litters Bakersfield’s housing market. Greed, lax lending rules and  enforcement, fraud and buyer stupidity have caused rampant foreclosures that plague communities throughout the nation. How do we get ourselves out of this mess? • Tighten lending rules and add  criminal penalties for fraud. • Create pools of money to help first-time buyers or victims of fraud obtain new loans to prevent their homes from going into foreclosure. Both steps are necessary to stem the losses families and communities sustain when foreclosures glut the inventory of homes on the market. Low interest rates and sales hype...
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