'Santa Ana street struggles with subprime loans'

Santa Ana street struggles with subprime loans

By Art C Ryter at 08/14/07 01:06

Details the fate of one street in Santa Ana, California and the mess that subprime loans, mortgage refinancing, illicit brokering and other tricks of the real estate trade has made of a once decent neighborhood. Many had refinanced their mortgages in order to keep up with the payments or to take out “equity” to live a lifestyle they could not afford. Little has been done in terms of helping foreclosure victims, maybe because they are predominantly Hispanic or African-American. Property values are falling and hurting homebuyers who were in it for the short term. The only ones who seem content are longtime residents like Rafael who moved in 1988. The chef and father of four said he has nearly paid off his $177,000 mortgage. He has a low opinion of the people who loaned money to his neighbors and the neighbors who borrowed beyond their means. "I never sell. I never refinance," Zambrano said. "I don't take money out of my house to buy a car or take a vacation. I'm not stupid."

Original source: . Santa Ana street struggles with subprime loans

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