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06/16/07
Lender beware
Filed under: General, Mortgages
Posted by: Lillian Wong @ 6:45 pm

Until a few months ago, most Americans probably didn’t know what a subprime mortgage was. But when the mortgage market for borrowers with poor credit imploded earlier this year in a wave of foreclosures and lender bankruptcies, the failure sent shock waves through the entire mortgage industry. Now that the dust is settling, it’s clear that the vast majority of homebuyers still can get a mortgage the old-fashioned way: by verifying their income and putting money down. But there have been some changes in the mortgage business in the wake of the subprime problem.  More…

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