THE FORECLOSURE FIVE - New York Post: "The beneficiaries of taxpayer charity will be highly concentrated in just five states - California, Nevada, Arizona, Florida and Michigan. That is not because the subsidized homeowners are poor (Californians with $700,000 mortgages are not poor), but because they took on too much debt, often by refinancing in risky ways to 'cash out' thousands more than the original loan. Nearly all subprime loans were for refinancing, not buying a home."
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Check the table for % of mortgages underwater.
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