People in poor, minority neighborhoods were prime targets for subprime lenders, so when that market crumbled those areas were hardest hit. A nonprofit group has plotted maps showing the disparity in New York City. Ilya Marritz walks us through it.
A recent consumer sentiment survey found optimsm about the U.S. economy at its lowest point in seven month. And the Commerce Department's bad news about the GDP has already had an effect on Wall Street.
Ohio has the highest foreclosure rate in the nation. Cleveland and its suburbs are spending millions to maintain homes that nobody wants. And come billing time, lenders are making themselves scarce. Mhari Saito reports.
Fannie Mae and Freddie Mac say they'll unveil new programs this summer to let many subprime borrowers refinance their home loans. But some in Congress say such assistance needs federal oversight. Steve Tripoli reports.
After Hurricane Katrina destroyed her Biloxi, Miss., house, Ethel Curry waited a long time for help rebuilding it. That help finally came this winter — from an unlikely source. Stephen Smith reports.
As the subprime lending market continues to struggle, mortgage bankers are pointing the finger of blame back at the news media, saying the intense coverage is making things worse.
Foreclosures are on the rise as more and more homeowners find themselves unable to refinance, stuck with mortgages they can't afford. But now a nonprofit is teaming up with two major banks to offer thousands a second chance.
Subprime lending casts a wide net. Steve Tripoli takes us through different types of subprime loans and the areas where lenders set up shop — and not just the poor communities are targeted.
Chris Farrell foresees a spring housing season with home prices headed back to 2003 levels, a market correction that's bound to lure the Federal Reserve into lowering interest rates.
Housing costs have risen so high in some cities that entire regions are out of reach for most first-time home buyers. And in those areas, it's becoming a slow drain for the economy as a whole.
