Foreclosure figures overstate crisis

The Atlanta Journal-Constitution

Published on: 10/14/07



A California company recently reported Georgia foreclosures had jumped by an alarming 75 percent from June to July, branding the state with the nation's second-highest foreclosure rate.

But there was one problem: The numbers were wrong.



RealtyTrac, one of the nation's leading sources of foreclosure statistics, reported 12,602 July foreclosure actions for…

A seasoned trade line is a line of credit that the borrower has held open in good standing for a long period of time, typically at least 2 years. A controversial practice involving seasoned trade lines, sometimes called piggybacking, uses a creditworthy borrower's accounts to improve the credit rating of an unrelated third party.

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