From Boom to Bust: Helping Families Prepare for the Rise in Subprime Mortgage Foreclosures
Contributing Organization(s): Center for American Progress
Author(s)/Creator(s): Almas Sayeed
Publishing Date: 2007-03-01
Issue Areas: Economic Development; Housing and Homelessness
Ownership/Rights Info: Please consult the copyright holder before using or repurposing this information.
Alarm bells are ringing loudly on Wall Street amid rising late payments and delinquencies on subprime home mortgages across the country, which are adding further worries to an already slowing economy and labor market. The spike in foreclosures is delivering substantial losses to some home mortgage lenders, shaking investor confidence in the subprime loan market and possibly even prime home loan industry. A slumping housing market and the threat of higher mortgage payments are also raising fears that more homeowners will find themselves unable to service their mortgages or sell their homes, threatening mortgage lenders with further foreclosures and saddling homeowners with ruined credit ratings that cripple their ability to access loans in the future.
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