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The Lowell Sun
By:
evaz@geoffreyknox.com
On: 2008-01-25
Lowell foreclosures tripled in '07: Jim Campen, executive director of the Boston-based consumer-advocacy organization Americans for Fairness in Lending, said there are two primary factors behind the foreclosure trend:
--Falling home values. --An increasing tendency of mortgage lenders granting high-interest subprime loans -- those designed for borrowers with poor credit -- to people who could not afford them but were told they could. "A lot of people that are hanging on are not going to be able to hang on any longer," he said. |
