A large part of the problem here? The story details a Hispanic family who don’t speak Engligh well — easy pickings for an unscrupulous mortgage broker.
Meanwhile, national problems continue to mount:
More than 2 million home loans across the country could face default because of subprime lending practices, according to the Center for Responsible Lending, a nonprofit organization in Durham, N.C.
Again, there’s the ripple effect, of real estate agents, mortgage brokers, etc. having their jobs impacted. Defaulting homeowners have their credit rates shot and can buy less on credit in the future, too.
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