Borrowers with poor credit aren’t the only ones taking on subprime mortgages. More than $2.5 trillion in subprime loans were made since 2000, with 55 percent taken out by creditworthy borrowers in 2005 and 61 percent posted in 2006. Only 41 percent of all subprime loans in 2000 went to borrowers with good credit, who could have qualified for more conventional loans. Many borrowers say they were pushed into subprime loans by lenders and brokers who marketed easier and faster approvals while playing down the long-term risks.
Subprime woes trap all borrowers
December 03, 2007 12:02PM
