Make Money in Short-Sale Foreclosures: How to Bypass Owners and Buy Directly from Lenders About 2.4 million holders of subprime mortgage loans made between 1998 and 2006 will lose their properties to foreclosure, according to a report from the Center for Responsible Lending, a non-profit policy and advocacy organization for home owners.Worse, that will result in a net home ownership loss of one million households. CRL’s analysis rebutted the mortgage industry’s claims that the increase in subprime loans has opened up home ownership for millions of low income buyers. Instead, CRL contends, relatively little subprime lending is used for first-time home buying. Testifying before the House Finance Committee today, CRL’s president, Michael Calhoun, said the primary reason for the jump in foreclosures is “the abandonment of underwriting standards.”

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