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October 15, 2007
Rochester's Subprime Mortgages and The Trauma of Foreclosure
The New York Times has an interactive map showing the various percentages of mortgages throughout the state that are based on subprime loans. In most neighborhoods in the city of Rochester more than 50% of the mortgages are subprime and in some neighborhoods it is as high as 83%. Next August most of these mortgages will readjust again (most likely upward) putting pressure on each individual homeowner's ability to make payments on time in order to prevent foreclosure.
The Times has also put together a powerful photo essay illustrating the trauma of foreclosure.
Click on these ABI/ProQuest subject headings to read more about subprime lending, mortgages, foreclosures.
Edward Gramlich's book Subprime Mortgages: America's Latest Boom and Bust contains a "comprehensive assessment of the subprime mortgage market."
Posted to Business News Highlights