In Home Loans, Subprime Fades as a Dirty Word – NYTimes.com

Real Estate Blackboard

http://mobile.nytimes.com/2014/06/29/business/in-home-loans-subprime-fades-as-a-dirty-word.html?emc=edit_tnt_20140628&nlid=21559534&tntemail0=y&_r=0&referrer=

She had gone through a foreclosure after losing her job, and he was finishing his M.B.A. and had not yet found his current position. But they had managed to put together a down payment of more than $550,000, or three-quarters of the asking price for a four-bedroom house in Los Gatos, and thought they would find a bank willing to lend the rest. They didn’t.

So the Arroyos found an alternative: a subprime mortgage.

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