Sunday, February 24, 2008
A detailed look at the mortgage problems in Cleveland, Ohio
One particular quote caught my eye: "Many homeowners who were struggling with their loans were using equity from their rising house price to refinance their mortgages. With the housing boom over, and lenders tightening their standards, troubled borrowers could end up without the equity they need to refinance their loan or to sell their home and pay off their loans." Sound familiar?