Monday, May 07, 2007

Orange County Register - "Who's at risk from subprime implosion?" (5-5-07)

"They're often described as tickets to homeownership for people with damaged credit. But subprime mortgages also are reshaping entire neighborhoods. In subdivisions from Rialto to Sacramento, half or more of all home-purchase mortgages in 2005 were subprime."

North County Times - "Mortgage brokers get fatter payoff for selling riskier loans" (5-5-07)

"When mortgage brokers sign up borrowers, they have a big financial incentive to promote risky loans, according to a variety of industry experts. Over the last three years, risky loans have fueled the rise in mortgage defaults, foreclosures and bank auctions of distressed properties throughout the state, a loan industry watchdog said last week."

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