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Article: Delinquencies increase among 'subprime' loans: Credit crunch could bring extended housing slump.
- Article from:
- The Baltimore Sun (Baltimore, MD)
- Article date:
- March 15, 2007
CopyrightCOPYRIGHT 2007 The Baltimore Sun. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jamie Smith Hopkins
Mar. 15--The housing boom here and nationwide was fueled in part by easy credit -- too easy, some economists say. Now signs of financing troubles are cropping up at a time when the tenuous housing market can least afford them. Delinquencies and foreclosures are rising, particularly among "subprime" loans for borrowers with less-than-perfect credit. An increasing number of subprime lenders have admitted that they have dangerously overextended themselves, such as New Century Financial Corp., a major provider that stopped taking new loan applications last week and faces federal investigations. Maryland regulators said yesterday that ...