Subprime loans put in spotlight
Sunday, April 29th, 2007
By Chris Fitzsimon
Gathering takes on foreclosure problem
LISA HAMMERSLY MUNN
lmunn@charlotteobserver.com
In 1998, 232 Cabarrus County homeowners lost their houses in foreclosure.
Last year, the number mushroomed to 990, an eight-year jump of 327 percent, one of the biggest in the state.
Housing experts predict home losses may climb this year by another 20 percent.
County and state officials met last week to talk about rising foreclosures in Cabarrus County and across the state.
Concord and Kannapolis have been hit by job losses and plant closings, speakers noted. But many homeowners lost their houses because they were lured into high-risk, subprime mortgage loans they couldn’t realistically afford from the outset.
"We’re here to talk about how the American dream of home ownership is becoming the North Carolina nightmare of foreclosure," said Louise Mack of Prosperity Unlimited in Kannapolis. (more…)
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