Hundreds of thousands of subprime mortgage borrowers across the country are having trouble making payments on their home loans after the initial low rates on their loans get jacked up, leading to an uptick in foreclosures and flooding markets with inventory. Many subprime borrowers find themselves in a catch-22 situation in which they are unable to afford higher payments on loans but can’t refinance because they have missed payments. more [USA Today]
The plight of subprime borrowers
March 05, 2007 12:00AM
