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Building wealth: A beginner's guide to securing your financial future
Test your homeownership readiness
Test your homeownership readiness
| Community Action New Mexico 400 Central Ave. SE #101 Albuquerque, NM 87102 505.217.2747 Toll Free: 1-877-272-0447 info@communityactionnewmexico.org webmaster@communityactionnewmexico.org |
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subprime lending crisis
Millions losing their
homes to foreclosure
November 27, 2007 -- It is
estimated that 7.2 million families
in the United States have
subprime mortgages. Of these
14.4%, or 1.04 million, are
currently in default. This according
to a new statistics by the Center for
Responsible Lending. In the last
ten years, the subprime loan
industry has emerged as a major,
and controversial, player in the
housing market. Under a
subprime loan, customers with
low credit ratings are offered
mortgages in return for high
interest rates. Proponents have
advocated subprime financing as
a way for low-income residents to
own their first home. But new
figures suggest the subprime
industry is having the opposite
effect.
Listen to segment
View stats
homes to foreclosure
November 27, 2007 -- It is
estimated that 7.2 million families
in the United States have
subprime mortgages. Of these
14.4%, or 1.04 million, are
currently in default. This according
to a new statistics by the Center for
Responsible Lending. In the last
ten years, the subprime loan
industry has emerged as a major,
and controversial, player in the
housing market. Under a
subprime loan, customers with
low credit ratings are offered
mortgages in return for high
interest rates. Proponents have
advocated subprime financing as
a way for low-income residents to
own their first home. But new
figures suggest the subprime
industry is having the opposite
effect.
Listen to segment
View stats
