A very big (and bad) housing crisis is looming. Our lovely friends in the subprime lending industry have created a freakin mess that will reach deep into the overall national economy.
US Foreclosure Rate Surges to 47%
A Foreclosure Story
I found it very interesting in the second story how the subprime lender convinced the home buyer that with an interest-only loan that her tax return each year could be used to pay her mortgage principle. These lenders had no business "approving" this woman for a loan on a $400,000 home.
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