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Loan Modification

: Mortgage Lender Implode-o-Meter

Foreclosures are in their prime (not just subprime)

By Implode-Explode Heavy Industries

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" Banks made two major errors during the lending boom. One was passing out wonky mortgages to noncredit worthy borrowers. This caused the subprime debacle. The other was lending large amounts of money on properties selling for speculative prices. This allowed prices to rise beyond the means of the usual pool of buyers. This is the new "prime debacle"."

Full post as published by Mortgage Lender Implode-o-Meter on June 09, 2009 (boomark / email).

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