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'Mortgage Maze May Increase Foreclosures'

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Mortgage Maze May Increase Foreclosures

By Art C Ryter at 08/06/07 02:51

Provides the best description yet of how the subprime mortgage system works and how it affects the rate and inevitability of foreclosures in the residential real estate market. Foreclosures will rise over the next few years because investors in mortgage-backed securities have little incentive to refinance loans or help homeowners avoid foreclosure. I fail to see how not allowing homeowners to renegotiate interest rates will keep the income from these investments coming. Homeowners unlucky enough to be in subprime and adjustable rate mortgages will be those who will be filing for foreclosure and those who invested in those securities will be left with junk paper.

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