CRL: Outlook Still Bleak for B&C Homeowners

The outlook for homeowners with subprime mortgages remains bleak, and concerns about foreclosures have not been exaggerated, according to the Center for Responsible Lending.The CRL said some in the mortgage industry have criticized foreclosure information provided by RealtyTrac to suggest that foreclosure concerns have been overblown. "Unfortunately, nothing could be further from the truth," the nonprofit research and policy group said. "Recent reports from business analysts, investment banks, and even mortgage lenders all confirm that Americans with subprime mortgages are losing their homes at an alarming rate." The group cited reports from Lehman Brothers, Fitch Ratings, Moody's Investors Service, and the Mortgage Bankers Association in support of its contention. The organization can be found on the Web at http://www.responsiblelending.org.