There seems to be no place, however small, that hasn't been affected by the downturn in the US economy. This small seaport town of Narvik is home to only 14,000 people but it has become another victim of high-risk sub prime mortgage lending. The local council agreed to this 'loan lemon' that was sold to them by an Oslo based brokerage company, which is owned by 78 different banks including Citigroup. According to the local political opponent to the mayor the town has lost "at least 200 million Norwegian krone (approx $35million)" and public services such as schools and nursing homes are facing closure.