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Article: Foreclosure rise blamed on subprime mortgages
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- December 1, 2002
- Author:
CopyrightCopyright 2002 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
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Foreclosure rise blamed on subprime mortgages
By MICHELE DERUS mderus@journalsentinel.com, Journal Sentinel
Sunday, December 1, 2002
Subprime mortgages played a pivotal role in Milwaukee County's
triple-digit percentage increase in housing foreclosures since the
mid-1990s, local housing experts say.
Subprime lenders' growing presence coincided with soaring
foreclosure rates here, said industry researcher Kim Terry, housing
and financial management educator at the University of Wisconsin
Extension in Milwaukee. Her research of 2000 filings showed that 54%
of foreclosure actions came from lenders making only 8% of home
loans.
Subprime loans charge high rates to borrowers who present a high ...