Subprime loan foreclosures are having a spillover effect on communities, resulting in an estimated price tag for the nation of $223 billion, according to a new report. The Center for Responsible Lending report cites Missouri as one of 24 states that each are projected to experience declines of more than $1 billion in local home values, which affects tax collections. We publish this blog from Missouri, with servers in Kansas City.
“I do believe lenders that were doing these subprimes knew they were getting these borrowers into loans they couldn’t get out of,” said James Nutter Jr., the president of James B. Nutter & Co. “They would make six to seven times what we (non-subprime lenders) would make on a conventional loan.”
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