Mortgage defaults spread as even 'safe' borrowers falter - Sacramento News - Local and Breaking Sacramento News | Sacramento Bee: "No longer is the real estate bust simply the result of exotic, subprime loans that doubled payments and blew up in homeowners' faces. As the Sacramento economy buckles, even the safest mortgages have become part of a new wave of loan defaults, experts say."
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Fred Pilot sent this link. Now government employees are in trouble. But Obama says, "The stimulus is working. These are not the droids you are looking for."
1 comment:
This story illustrates how abusive and imprudent lending practices in the subprime mortgage market can bring down the prime market. The credit crunch and related job losses caused by the former are now fueling the latter in a unvirtuous cycle.
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