Aug
15
2010
As their home equity erodes, borrowers resist paying
Posted by: in Home Mortgage Online, tags: Banks, Borrowers, David Streitfeld, Delinquency Rate, Excerpt, Home Equity Loans, Houses, Housing Boom, Money, New York Times, Phoenix, Trillion, Webmasterwebmaster@technorati.com wrote an interesting post today on
Here’s a quick excerpt
By David Streitfeld, New York Times Friday, August 13, 2010 PHOENIX During the great housing boom, homeowners nationwide borrowed a trillion dollars from banks, using the soaring value of their houses as security. Now the money has been spent, and struggling borrowers are unable or unwilling to pay it back. The delinquency rate on home equity loans is higher than all other types of consumer …
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