What’s going on right now in our countrywith so many homes going into foreclosure is due to outrageous loans made to almost anyone who could cause a mirror to fog up.  In different parts of the country, many lenders even committed fraud by placing higher value on homes than they were worth, simply to inflate the amount of the loan needed by the homeowner, which in turn would boost their own profits.

The fear of the U.S. subprime mortgage market have triggered a global credit crunch, playing havoc with Wall Street stock portfolios and dragging down global markets.  In case you are not familiar with the term, subprime loans are offered at higher interest rates, and usually on adjustable terms, to Americans who have poor credit rating and might otherwise be denied loans. But as interest rates have risen, so do those adjustable payments, leaving many homeowners stretched beyond their means. You or someone you know may be facing this right now.