BUSINESS
07/09/2009 05:12 am ET | Updated May 25, 2011

Trust Funders Losers: Parents Pulling Their Support In Wake Of Recession

For the past five years, Ernie DiGiacomo has been able to count on parents to guarantee the $1,500 to $2,500 rents he charges for the 15 apartments he owns in Williamsburg, Brooklyn. When he called renters who had missed payments, he often heard, "My parents will send you a check."

But in the past six months, the parents are pulling back financial help, he said, and as a result, he has watched more renters move out.

Read more on New York Times