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The Subprime Swindle

Nation - The problems started when the housing market took off at the turn of the millennium, driven by historically low interest rates, skyrocketing sales prices and the resulting global rush to invest in the US mortgage market. Suddenly, subprime loans turned into trapdoors–increasingly exotic products through which lenders, desperate to feed the mortgage investment beast, lured people into needless debt. By 2004 subprime loans were 20 percent of home loans–and half of all home-purchase and refinance borrowers had one in 2006.

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