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One in Five Subprime Borrowers Said at Risk
AP
NEW YORK (Dec. 20) - Foreclosures of subprime mortgages are expected to rise sharply in the U.S. in coming months, with nearly one in five subprime borrowers at risk, a consumer advocacy group said in a new report.
The Center for Responsible Lending, which is headquartered in Durham, North Carolina, said late Tuesday that some 2.2 million subprime home loans made in recent years already have failed or will end in foreclosure.
"These foreclosures will cost homeowners as much as $164 billion," the report said.
It also said that more than 19 percent - or nearly one in five - subprime mortgages originated in the past two years will end in foreclosure.



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