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'Subprime losses lead to drop in home ownership'

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Subprime losses lead to drop in home ownership

By Art C Ryter at 03/28/07 21:23

Notes that approximately 88% of the 2.4 million homeowners who face foreclosure are in trouble due to subprime refinancing rather than first time home buyers. Officials from the Center for Responsible lending have argued before congressional committees that a majority of people in forclosure, or who soon will be after interest rates adjust, are homeowners that drew equity out on their homes under the assumption that prices would always rise. Now many are seeking ways to avoid foreclosure and losing their part of the American dream.

Original source: CNN. Subprime losses lead to drop in home ownership

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