Archive for July, 2007
It is late July as I prepare this article. So far 104 mortgage lenders have gone out of business, declared bankruptcy in hopes of starting over, or stopped subprime lending. Economics and the ripple effect tells us for every job lost we see an effect on four others. Communities feel the effects. I personally think what we are seeing, referred to as subprime, is actually a broader issue which touches prime mortgage lending and mainstream America. Some experts think otherwise, or at least that is what they tell the general public.