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Subprime Mortgage Crisis
The subprime mortgage crisis is foreclosures of the U.S housing market which began in late 2006 until present day. Prior to 2006, the housing market seemed to be going up for long time. Noticing this trend, borrowers think that everything was fine and refinancing will solve any future problems. In 2006-2007, the housing market moderately cooled down. Many unable to refinance because of higher interest rate of Adjustable Rate Mortgages (ARM), found themselves in a deep bind. Massive defaults and foreclosures soon followed.
By definition subprime mortgage is giving loans to borrowers who typically are not qualified because of their higher risks: income level, work status, and credit history. This also puts the borrowers into a higher rate category than the prime rate. In March 2007, the U.S value subprime mortgage is about $1.3 trillion; $7.5 million of that is bad.
There are many contributing factors that cause the subprime mortgage crisis: slump of the......
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Title: Subprime Mortgage Crisis
Approximate Word Count: 497
Approximate Pages: 2 (250 words per double-spaced page)
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