27 Feb Foreclosure Rate of 50% Expected in Subprime Loans
The Center for Responsible Lending reported that foreclosures are expected in half of the sub-prime loans that were closed in the last quarter of 2006. Unfortunately, this prediction was actually made by one of the bond rating agencies that rated the investment vehicles used to fund many of these loans.
With similar predictions for the other subprimehome loans made in 2006 and 2007, it appears we can expect thousands of American families to lose their homes to foreclosure. As I have previously written, only congress can help prevent this catastrophe for the American middle class homeowner. The American Bankers Association is fighting congressional action in this area to no avail as one of my colleagues discusses in a recent article.
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