The Wall Street Journal reports that banks who made home equity loans are seeing losses accumulating...and because lenders who are stuck with bad mortgages can foreclose before the home equity lender can collect, the banks find themselves stuck for the amounts they lent with nothing to collect. About 5% of home equity loans were delinquent in the fourth quarter.
Meanwhile, the CEO of Freddie Mac is quoted as saying that the problem is that too many poor people bought houses. Do you suppose anyone helped expand housing opportunities for all families, including low-income and minority families?
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