Central Banking

Boston Fed's subprime facts

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The Boston Federal Reserve's research into subprime mortgages has so far uncovered seven facts relating to the crisis.

The seven facts are that:

· interest-rate resets are not the main problem in the subprime market;

· higher foreclosure rates stem from falling house prices;

· prime lenders would have rejected most of the loans originated by subprime lenders;

· many recent foreclosees put little money down and had lived in their homes a short time;

· current Massachusetts' foreclosures involve

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