Expert says some loans 'designed to fail' (Moldova.org)

U.S. lenders approved mortgages designed to fail with least 9 percent of the loans approved in 2007, a finance expert said.In the most recent year with records available, banks approved 419,000 mortgages in 2007 that were four times the annual income of the borrower, USA Today reported Wednesday.It's the continuation of loans that were clearly designed to fail, said Susan Wachter at the ...

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by Yahoo Parachute News