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Job Losses Push Safer Mortgages to Foreclosure

PETER S. GOODMAN and JACK HEALY The New York Times
Job Losses Push Safer Mortgages to Foreclosure - Mortgage - Foreclosure - Homeowners - Economic Crisis - United States


As job losses rise, growing numbers of American homeowners with once solid credit are falling behind on their mortgages, amplifying a wave of foreclosures.



In the latest phase of the nation’s real estate disaster, the locus of trouble has shifted from subprime loans — those extended to home buyers with troubled credit — to the far more numerous prime loans issued to those with decent financial histories.

With many economists anticipating that the unemployment rate will rise into the double digits from its current 8.9 percent, foreclosures are expected to accelerate. That could exacerbate bank losses, adding pressure to the financial system and the broader economy.


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