60 Percent of Borrowers in Northern Mariana Islands in Foreclosure


SAIPAN, Northern Mariana Islands (AP) - The U.S. credit crisis has extended far out into the Pacific territories.
Sixty percent of homeowners under a 10-year-old government-backed loan program in the U.S. Commonwealth of the Northern Mariana Islands are in default on their loans, The Marianas Variety newspaper reported, citing the Marianas Public Housing Trust and the Marianas Housing Corp.
Lawmakers say many homeowners could be forced to move into smaller homes