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Lenders in South Florida fed mortage frenzy with risky home loans
- Article from:
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The Weekly Gleaner
- Article date:
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February 28, 2008
- Author:
- Anonymous
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Copyright informationCopyright The Gleaner Company Feb 28-Mar 5, 2008. Provided by ProQuest LLC. (Hide copyright information)
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South Florida Sun-Sentinel:
SOME OF the largest subprime lenders in the United States found fertile ground in South Florida.
Familiar names, such as Countrywide, Washington Mutual and JP Morgan Chase, were among the biggest originators of subprime home loans in Broward and Palm Beach counties in 2006, according to data supplied by lenders under the Home Mortgage Disclosure Act.
To a much lesser degree, South Florida's biggest commercial banks - including Bank of America, Wachovia, SunTrust and Wells Fargo also offered the loans, which soared in popularity during the housing boom years, to borrowers with blemished credit or whose income could not be verified.
PLENTY OF BLAME
There's plenty ...