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Bust for Subprime Loans?: CRL said foreclosures could eventually cost consumers $164 billion in 'lost home equity.'.
WASHINGTON -- Almost 20% of all subprime loans funded over the past two years will wind up in foreclosure, according to a new report issued by the Center for Responsible Lending.
CRL president Mike Calhoun said that when refinancings of troubled loans are factored into the equation, one-third of all B&C loans could go bust.
According to figures compiled by National Mortgage News and the Quarterly Data Report, mortgage bankers funded $807 billion in subprime loans in 2005 and were on track to fund $750 billion in 2006.
During a press conference announcing its findings, the nonprofit chastised mortgage bankers for qualifying borrowers - especially minorities - using low teaser rates (instead of the fully indexed rate).
Analyzing six million subprime loans funded since 1998, CRL said foreclosures could eventually cost consumers $164 billion in "lost home equity." The Mortgage Bankers Association immediately criticized the group's findings, saying CRL's numbers are cumulative and ignore the potential for delinquent loans to be worked out prior to foreclosure.
"Their projections are incredibly pessimistic," said ...
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